Last’s month’s article discussed how property tax increases are a major concern for families and business owners who want their commercial or rental properties to be transferred or passed on to their heirs. This is also true for the family residence. I will discuss some of the planning that can be done to avoid property […]
Property tax increases are a major concern for families and business owners who want their commercial or rental properties to be transferred or passed on to their heirs. This is also true for the family residence. I will discuss some of the planning that can be done to avoid property tax increases either during a […]
I recently have been involved with a couple of different families that have substantial business interest including commercial real estate. The planning for a larger estate is somewhat different than an estate that is not subject to the transfer tax system discussed below. The similarities between a larger estate and an estate not subject to […]
Since December 2002, the IRS’ regulations allows an individual or couple to transfer their home into a disregarded entity (asset protection) while still be able sell their home and utilize the capital gain exclusion ($250,000 for an individual or $500,000 for a couple) and retain all other income tax benefits. A person’s home is often […]
Buy sell provisions are very common in closely held businesses to control the transfer of shares of stock, partnership and or membership interests depending upon the business entity used by the owner(s). They typically are used to determine the value of the transferred interest based upon various types of formula clauses when a transfer occurs […]
One of the most important things that you should focus on when you meet with your accountant or CPA this tax season is to review which assets now and in the future will be the most important to both you and your family. Recently, I attended the USC Tax Institute and a nationally known speaker […]
I have been updating a married couple’s estate planning documents, which include both community property and separate property trusts. The primary reason for this review was to make certain that all of the assets that can have a stepped up in basis on the death of the first spouse could also be stepped up again […]
The American Taxpayer Relief Act of 2012 (“ATRA”) has given us a permanent set of estate, gift, and GST tax rules for the first time in more than a decade. ATRA provides that a couple can transfer up to $10.5 million without having to worry about their estate paying any estate taxes on the death […]
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 […]
Everyone has heard the old slogan about the inevitability of death and taxes. For 99.3% of the population death taxes will not be an issue for their heirs since an individual can transfer up to $5,250,000 or a couple up to $10,500,000 under the new American Taxpayer Relief Act of 2012 (“ATRA”). For the first […]