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 … [Read more...]
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 … [Read more...]
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 … [Read more...]
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 … [Read more...]
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 … [Read more...]
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 … [Read more...]
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 … [Read more...]
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 … [Read more...]
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 … [Read more...]
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 … [Read more...]