Category: Taxes

Changes in Tax Law May Require Changes to Your Trust

As you may know, Congress recently made certain changes in the tax code. The $5 million exemption from estate tax (which was available for persons dying in 2011 and 2012) was made permanent, indexed for inflation. That means that individuals now can shelter $5,250,000 (2013) from any estate tax liability. Also, Surviving Spouses have the [..]

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Portability: Sharing Your Estate Tax Exemption

The last couple of years have been quite eventful for accountants and trust and estate lawyers. We began 2010 by being surprised that Congress had taken no action to address that year’s repeal of the estate tax law for decedents dying in 2010. Congress did eventually act, and on December 17, 2010, passed a tax [..]

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Food for Thought on Your Retirement

The Internal Revenue Service (IRS) has adopted rules which allow each of us to set aside part of our wages in tax deferred accounts for our retirement. Once we start withdrawing from the retirement accounts, we will pay income tax on the amount withdrawn. We may also be charge “extra” taxes depending on how much [..]

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