Federal tax law allows an unlimited transfer of property to a surviving spouse without imposing any estate tax. This is a result of the “unlimited marital deduction.” In addition to the unlimited marital deduction, Federal tax law allows every individual to transfer a specific amount tax-free at death to a beneficiary or beneficiaries other than […]
Temporary Capital Gains Tax Break Can Help Seniors
Over the next two years, seniors can take advantage of a significant capital gains tax break. From 2008 to 2010, taxpayers in the 10 and 15 percent tax brackets will pay zero percent in capital gains taxes. This means individuals in those tax brackets (the lowest two brackets) will be able to sell real esate, […]
A New Year’s Resolution
It is customary to begin the New Year by tackling first those tasks that have been put off. As the holiday season winds down, why not begin the New Year by getting your estate in order? A revocable living trust might be the estate planning tool that is right for you. A revocable living trust […]
Buffett backs Estate Tax
Billionaire Warren Buffett urged Congress to preserve the estate tax, saying that plans to repeal it would benefit a handful of the richest American families and turn the country into a “plutocracy.” Buffett, the chairman of Berkshire Hathaway and the second-richest man in America testified before the Senate Finance Committee on Nov. 14, 2007. He […]
CCRC Resident Fights Move to Increased Level of Care
An 88-year-old California widow is challenging an attempt by her continuing care retirement community (CCRC) to move her from her private apartment to an assisted living unit. If she is successful, the outcome could set a legal precedent for more than 5 million Americans living in retirement communities, CCRCs, and assisted living facilities. In 1991, […]
Things to Remember at Tax Time
April 17th is approaching and it is time to begin crossing T’s and dotting I’s in preparation for paying taxes. As tax time draws near, you want to make sure you file all the proper forms and take all deductions you’re entitled to. The following are several things to keep in mind as you prepare […]
Pet Trusts — Important Planning for Pampered Pets
Q: What is a Pet Trust? A: A pet trust is legal instrument that you can create to insure your pet receives proper care after you die or in the event of your disability. In Virginia, pet trusts are authorized by Virginia Code Section 55-544.08. Q: How Do You Create a Pet Trust? A: To […]
When Should You Take Your Social Security Benefits?
As you approach retirement, you must decide when to begin taking your Social Security benefits. You have three options: You may begin taking benefits between age 62 and your full retirement age, you can wait until your full retirement age, or you can delay benefits and take them anytime up until you reach age 70. […]
Charitable Donations From an IRA Offer New Opportunity
For those wishing to make charitable donations from their IRA accounts, dealing with the resulting tax issues just got a lot easier. In August, Congress passed, and President Bush signed, the Pension Protection Act of 2006. Touted as the most significant overhaul of the pension system in the past 30 years, one provision of the […]
Ten Reasons to Create an Estate Plan Now
Many people think that estate plans are for someone else, not them. They may rationalize that they are too young or don’t have enough money to reap the tax benefits of a plan. But as the following list makes clear, estate planning is for everyone, regardless of age or net worth. (For more information on […]
Aging Drivers and the Law
We rely heavily on cars in our society; in many places, they are the only convenient link to the outside world. Unfortunately, as people age, driving can become more difficult and more dangerous. The elderly drive less, but have more accidents per mile than younger drivers. This is partially because elderly individuals are more likely […]
Does Your Estate Plan Include Your Pets?
Have you considered your pet or pets when planning your estate? If not, you should, according to The Humane Society of the United States, the nation’s largest animal protection organization. “Since pets have shorter life spans, people don’t think to include them in their estate plans,” says Anne Culver, Director of Disaster Services for the […]
Joint Account Fails To Do Its Job
A court decision in Virginia highlights the potential dangers of relying on joint accounts for estate planning. Caine v. NationsBank, N.A. (Va. Sup. Ct., No. 002615, Sept. 14, 2001). In May 1989, Dr. Andrew A. Freier opened a joint checking account in his name and that of his daughter, Susan Freier Caine, at NationsBank. In […]
A Do-It-Yourselfer Costs Beneficiaries Money and Heartache
Here’s another story about a person who tried to create an estate plan without an attorney’s help, and ended up causing huge problems for his beneficiaries. A California man wrote his own will, in which he divvied up his real estate among two friends. He also stated that he wanted 50% of his “money” to […]
Estate Plans Should Be Reviewed Due to New Medical Privacy Rules
A new federal law on medical privacy is having a big effect on estate planning, and many people should consider reviewing their documents as a result. The law is the Health Insurance Portability and Accountability Act, or HIPAA, which went into effect last year. Many people have become familiar with HIPAA because their doctors are […]
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