Estate Trust & Gift

Proceed with Caution When Helping Children Purchase a Home

According to The Project on Student Debt, in 2013 more than 7 in 10 college graduates carried an average student debt of $29,400. Add to that the sluggish job market that promises low starting wages and little job security, and … read more

Whose Property Is It?

The IRS filed liens against Christopher Deinlein who owed taxes to the IRS. Chris was a 1/3 beneficiary in his mother’s estate. Presumably to prevent the IRS from receiving his share of the estate’s assets, Chris disclaimed his interest in … read more

Going to the Chapel… Wedding Tax Tips

Planning that big wedding this summer? While taxes may not be high on your list of things to do before you walk down the aisle, be aware of the tax issues that come along with your marriage. Name change: The … read more

How to Select a Trustee

Clients often struggle with the task of selecting an appropriate Trustee for their trust. An excellent article by Charles Redd “The Most Disrespected Decision in Estate Planning” offers some very practical advice. Factors to take into account when selecting a … read more

Quick Access to Your IRS Transcripts

Have you ever wondered what information the IRS has on file for you? Do you need a copy of a prior tax return from the IRS to provide to a lender? Do you hate waiting on hold with the IRS … read more

IRS Allows Extension for Small Estates that Want Portability

Every U.S. person has a lifetime exclusion from federal estate and gift taxes.  The 2010 Tax Relief Act created the “deceased spousal unused exclusion amount” (DSUEA). (See separate article describing the DSUEA here.)  For a surviving spouse, the DSUEA is … read more

New Estate Planning Dilemma: Portability or a Credit Shelter Trust

The estate planning landscape radically changed when the Tax Relief Act of 2010 authorized estates of decedents dying after 2010 to elect to transfer any unused exclusion to the surviving spouse and when the act drastically raised the exclusion amount … read more

Don’t Stop ’til You Get Enough

The IRS is singing Michael Jackson’s 1979 hit “Don’t Stop ’til You Get Enough” all the way to U.S. Tax Court as they file documents claiming Michael Jackson’s estate has severely undervalued his image and music catalog on his Federal … read more

Trust Taxation in 2013 – A Potential New Paradigm

In 2013 Trusts are subject to the new 3.8% Medicare tax on net investment income (“NII”) when adjusted gross income reaches the extremely low amount of $11,950!  Compare this to the much higher threshold amounts for individuals: With the increase … read more

Exemption for Estate and Gift Tax Expected to Rise to $5,340,000 in 2014

While the IRS has not yet released the new amounts for 2014, Thomson Reuters Checkpoint has calculated that the unified 2014 estate tax exclusion for decedents dying in 2014 and the gift tax lifetime exclusion will rise to $5,340,000.  This … read more


Welcome


There is nothing more complex than the world of taxes. We know this and yet we chose careers where we face these issues everyday. We get questions day in and day out about new tax laws, forms and news items and how they affect everyday people and businesses. Well, here at Henry & Horne, LLP we have set out to do what we do best; help everyday people understand what is going on in the world of state, local, federal, estate and international taxation. We will provide these weekly posts and we encourage you to give us feedback on those posts as well as letting us know what else you would like to know more about. Welcome to "Tax Insights." We hope you find this blog informative and worthy of your time.


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