Living trusts are a popular tools for avoiding probate in Florida. But even though probate may not be required to transfer assets, the trustee may want to probate the deceased person’s estate to deal with creditors.
Taxation of Lifetime Gifts vs. Transfers at Death
By: ; Filed Under: Estate Planning
Lifetime gifts versus transfers at death. From a tax planning perspective, should a client hold property until death or transfer it during his or her lifetime?
Estate Tax Provisions of the 2014 Budget: Is the Current Estate Tax Law Permanent?
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Since the Treasury recently released President Obama’s 2014 budget proposals, there’s been a lot of grumbling about the President’s proposed estate, gift, and generation-skipping transfer tax provisions. If enacted, these proposals would change the estate tax laws yet again.
ATRA: What the New Estate Tax Law Means to You
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President Obama signed the American Taxpayer Relief Act of 2012 (ATRA) on January 2, 2013. Whether ATRA is a “relief” to taxpayers depends on how you look at it. Things aren’t as good as they were under prior law, but they aren’t as bad as they could have been if Congress had not acted.
Explanation of President Obama’s 2014 Budget
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The Treasury recently released a general explanation of the Obama administration’s revenue proposals for 2014. In an attempt to broker a deal between Republicans and Democrats, President Obama’s proposals include both spending cuts and tax hikes.
Using an Unrecorded Pocket Deed to Avoid Probate
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Using an unrecorded pocket deed to avoid probate is almost always a bad idea. There are always better alternatives, such as a Lady Bird deed, living trust, our recorded conveyance.
How to Get Appreciated Real Estate Out of C Corporations
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When it comes to getting appreciated real estate out of a C corporation, there are no quick and easy solutions. But the tax problem usually gets worse if it is not addressed. The best time to deal with the issue is usually ten years ago; the second best time is now.
The Estate Plans of George Washington and Abraham Lincoln
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Today being President’s Day, I thought it may be fun to take a look at the estate plans of two of our most famous presidents: George Washington and Abraham Lincoln.
2013 Estate Tax Rates
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The American Taxpayer Relief Act of 2012 raised the maximum Federal estate tax rate from 35 percent to 40 percent. Here’s are the new permanent estate rates for 2013 and beyond.
Rights of Stepchildren to Assets of a Deceased Parent in Probate
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Dad dies. Stepchildren claim that stepmother is taking dad’s assets and not communicating with them. Stepmother claims that all of the marital assets passed to her as surviving spouse and the children are just bugging her. There’s conflict and confusion. Each side accuses the other of greed and ill will. Neither side understands its rights. Who gets what? Here’s a step by step guide.