Estate Trust & Gift
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
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
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
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
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
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
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
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
After months of uncertainty, Congress rode to the rescue in the American Taxpayer Relief Act of 2012 and made the estate tax exemption $5,000,000 adjusted for inflation from 2011. This sets the exemption amount at $5,250,000 for estates of decedents … read more
There are less than two months to go before 2012 ends. And with that may end the opportunity to give away $5,120,000 in assets tax free. Next year, the top estate and gift tax rate will be 55% and the … read more
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.
Before posting a comment on a blog post please be aware that we do not give free tax advice to non-clients by email, comment response, or phone. Thank you!
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