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Home » Tax

Tax

Can You Gift Money Each Year to Your Children Tax-Free?

June 15, 2016 by Stephen A. Mendel, Estate Planning Attorney

One common goal of estate planning, aside from deciding who will receive your estate assets when you die, is tax avoidance. Failing to consider the impact of gift and estate taxes on your estate plan can be catastrophic considering the fact that estates are taxed at a 40 percent tax rate. For anyone with a moderate to large estate a significant portion of the estate can be lost to taxes without careful planning. One estate planning tool that is frequently overlooked is the annual gift tax … [Read more...] about Can You Gift Money Each Year to Your Children Tax-Free?

Filed Under: Tax Tagged With: gift money to children, tax-free

Can You Gift Money Each Year to Your Children Tax-Free?

June 8, 2016 by Stephen A. Mendel, Estate Planning Attorney

One common goal of estate planning, aside from deciding who will receive your estate assets when you die, is tax avoidance. Failing to consider the impact of gift and estate taxes on your estate plan can be catastrophic considering the fact that estates are taxed at a 40 percent tax rate. For anyone with a moderate to large estate a significant portion of the estate can be lost to taxes without careful planning. One estate planning tool that is frequently overlooked is the annual gift tax … [Read more...] about Can You Gift Money Each Year to Your Children Tax-Free?

Filed Under: Tax Tagged With: gift money to children, tax-free

Don’t Get Cute With the IRS

March 19, 2014 by Stephen A. Mendel, Estate Planning Attorney

People often try to get a little bit too cute in ways to avoid taxes. This is true whether they are paying taxes now or whether they are trying to avoid taxes on their estates after they die. Unfortunately, the IRS does not give bonus points for looks. Trying to be cute, will result in trouble. No one wants trouble with the IRS, so talk to your estate attorney about making sure you do things right. One recent example of not doing things the right way is what happened to former Yankees pitcher … [Read more...] about Don’t Get Cute With the IRS

Filed Under: Tax Tagged With: estate attorney, estate plan, Estate Planning, estate planning attorney, estates, financial planning, heirs and beneficiaries, probate

Amending Your Parents’ Estate Plans

July 24, 2013 by Stephen A. Mendel, Estate Planning Attorney

Many wealthy people wish they could amend their parents' estate plans after their parents pass away. Few know that they can. What often happens is that a wealthy person's parents will leave a large estate to someone who does not need it. The estate will be subject to the estate tax. The wealthy person who inherited the estate will then just keep the assets and leave them to his or her own children eventually. The same assets will be subject to the estate tax again. The way around this double … [Read more...] about Amending Your Parents’ Estate Plans

Filed Under: Tax Tagged With: assets, disclaimer, estate plan, Estate Planning, estate planning attorney, estate tax, inheritance

New IRS Regulations on Charitable Bequests

March 13, 2013 by Stephen A. Mendel, Estate Planning Attorney

New IRS regulations make leaving money to charity in a Will or Trust a little bit more complicated. The Will or Trust now needs to detail the source of the money that is to be used for charitable purposes. To qualify as non-taxable, that income source must have an independent economic effect, which basically means that the contribution cannot merely be to avoid paying income tax on the money. The reason for the new rule is because of Charitable Lead Trusts. These are instruments that people … [Read more...] about New IRS Regulations on Charitable Bequests

Filed Under: Tax, Wills and Trusts Tagged With: beneficiaries, charitable lead trust, estate plan, Estate Planning, estate planning attorney, financial planning, trusts, will, wills & trusts

The Estate Tax Again

December 26, 2012 by Stephen A. Mendel, Estate Planning Attorney

In their first Presidential debate, Mitt Romney and President Obama spent a lot of time talking about taxes. However, neither one of them mentioned anything about the estate tax and the looming problem with the exemption limit. That was disappointing as it is a big, hidden issue for a lot of middle class families. Moderate senators, John McCain and Ben Nelson have both  stated that they do not expect any fix to the estate tax issue this year because the political parties are simply too far … [Read more...] about The Estate Tax Again

Filed Under: Tax Tagged With: estate tax

Changes to the Estate Tax

November 21, 2012 by Stephen A. Mendel, Estate Planning Attorney

Estate planning attorneys everywhere are trying to let everyone know that the lifetime estate tax exemption of $5.12 million is scheduled to decrease at the beginning of 2013. Under normal circumstances, attorneys would be urging you to contact your congressmen and congresswomen to ask them to vote to keep the current limit. You can try that. However, the reality is that in the current political climate it is unlikely to have any affect, especially in an election year. This time, the wisest … [Read more...] about Changes to the Estate Tax

Filed Under: Tax Tagged With: Estate, estate plan, Estate Planning, estate planning attorney, gift tax. estate tax, lifetime estate tax exemption

Romney’s Estate and Investment Tax Proposals

October 3, 2012 by Stephen A. Mendel, Estate Planning Attorney

We have talked previously about the uncertainty concerning the estate tax at the end of 2012. It gets even more uncertain because it is a Presidential election year and the two candidates have different proposals on estate and investment taxes. Today, we will look at the Republican candidate's proposals. The biggest change under Romney's tax plan is the complete elimination of the estate tax. He also proposes dramatic changes to investment tax rates. Under the Romney plan, anyone with an income … [Read more...] about Romney’s Estate and Investment Tax Proposals

Filed Under: Tax Tagged With: estate tax

Obama’s Estate and Investment Tax Proposals

September 26, 2012 by Stephen A. Mendel, Estate Planning Attorney

In our last post, we discussed what Mitt Romney proposes to do about the estate tax and taxes on investments if he is elected President. Of course, President Obama also has his own proposals and they include some changes from the current laws, so we should look at what he proposes to change. For the estate tax, President Obama proposes a return to the 2009 rules. These set the estate tax exemption at $3.5 million and the estate tax rate at 45%. This is an increase in the estate tax from 2012 … [Read more...] about Obama’s Estate and Investment Tax Proposals

Filed Under: Tax Tagged With: estate tax

Your Federal Income Tax Duties as a Personal Representative: Part 3 of 3

February 3, 2012 by Stephen A. Mendel, Estate Planning Attorney

As you know from the previous blog, a personal representative may also be responsible for filing a decedent’s final individual income tax return or Internal Revenue Service (IRS) Form 1040. You will also have to make sure you file an IRS Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return. As the personal representative appointed to administer an estate, you must also file a federal income tax return on the estate’s behalf. The estate’s gross income includes everything … [Read more...] about Your Federal Income Tax Duties as a Personal Representative: Part 3 of 3

Filed Under: Financial Planning, Tax Tagged With: Estate Planning, estate planning attorney, estate tax, estate taxes, executor, financial planning

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