Entries in the ‘Estate’ Category:
filed in Estate on Jun.08, 2010
I recently attended a breakfast during which Wesley Scott, with the Office of Chief, Estate and Gift Tax Program at the Internal Revenue Service spoke on this topic. He began his presentation by noting that he could not comment on what’s happening with the legislature because he is part of the executive branch. The IRS [...]
Tags: adjusted basis, allocation, Arizona estate trust and gift services, assets, capital loss carryovers, Casa Grande estate trust and gift services, death, deceased, Estate and Gift Tax, estate or generation skipping tax, executor, fair market value, generation skipping tax, information return, Internal Revenue Service, IRS, lifetime expemption, net operating losses, property, revocable trust, Scottsdale estate trust and gift services, Tempe estate trust and gift services, trustee
filed in Estate on Feb.18, 2010
The Economic Growth and Tax Relief Reconciliation Act of 2001 (2001 Act) repealed the estate tax and the generation-skipping transfer (GST) tax for estates of individuals dying in 2010. To comply with budgetary rules, the 2001 Act contained a so-called “sunset rule” under which the pre-2001 Act rules return after 2010 unless Congress provides otherwise [...]
Tags: 2001 Act, Arizona Estate Planning, Arizona tax, Casa Grande Estate Planning, Casa Grande Tax, death, estate planning, estate tax, exemption amount, federal tax, formula clause, generation-skipping transfer, GST, health care, heirs, income tax, inflation, local tax, professional advisor, Scottsdale Estate Planning, Scottsdale Tax, state tax, sunset rule, Tempe Estate Planning, Tempe Tax, The Economic Growth and Tax Relief Reconciliation Act of 2001, transfer tax, trusts, wills
filed in Estate on Oct.29, 2009
In 2001, as part of the Economic Growth and Tax Relief Reconciliation Act of 2001, Congress repealed the estate and generation skipping transfer tax effective for persons dying in 2010. However, after this one-year repeal the taxes are scheduled to “spring back to life” in 2011. As the law is now, estate taxes come back [...]
Tags: Arizona Estate Planning, Casa Grande Estate Planning, deceased, decendent, Economic Growth and Tax Relief Reconciliation Act of 2001, estate planning, estate tax repeal, estate taxes, exemption, generation skipping transfer tax, heir, Scottsdale Estate Planning, Tempe Estate Planning
filed in Estate on Sep.17, 2009
Even if your children are now grown with families of their own, I’ll bet that you can remember scenes of passionate sibling rivalry during their younger years. In some families the rivalry dissolves as the children age and mature, but it can all come flooding back while they divide up your estate after your death.
If [...]
Tags: Arizona Estate Planning, assets, Casa Grande Estate Planning, Casa Grande Tax, estate planning, inheritance, living will, personal property, Scottsdale Estate Planning, Scottsdale Tax, state law, tax, Tempe Estate Planning, Tempe Tax, trust, will