It is almost the start of new year, and, as I am writing this article in December 2012, the uncertainty of the “Fiscal Cliff” is far from settled. One thing is for certain: your family wealth should continue to be addressed to ensure that it is preserved from both creditors and death taxes. The “devil […]
People often ask me, what are some of the typical business owner’s concerns that I discuss with them regarding their business? In an article by Martin S. Finn, CPA, who mentioned the top ten businesses and estate planning mistakes, I was reminded of the three areas that I typically spend most of my time discussing […]
In today’s tax environment, with transfer taxes as well as income and capital gains taxes slated to rise substantially next year, planning for the terminally ill could yield large savings for surviving family members. John J. Scroggin a noted author and planning expert outlines the unique planning possibilities that arise this year in planning for […]
Family businesses statistically have only a 20% chance of being successfully transferred on to the next family generation. As I have mentioned before in other articles, the death tax owed on the death of the owner of the business is not the major factor for the loss of the business from one generation. To the […]
If you are like everyone else who has owned both stocks and real estate, the last few years have been terrible. Most individuals I have talked to have had their dreams changed. Some have been very dramatic. Younger individuals or couples have a much longer horizon to hopefully recoup their money, while the older generation […]
We are coming to the end of a two years period, through the “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010” (“2010 Act”) that a couple could have transferred up to $10 million without having to worry about their estate paying any estate taxes on the death the surviving spouse ($5 million […]
The once-in-a-lifetime opportunity to gift $5 million without gift or GST tax will close on December 31, 2012. As of January 1, 2013, the gift tax exclusion will revert to $1 million and the gift and estate tax rate will revert to 55%, unless Congress takes action. Given the extremely partisan election year politics, it […]