On the IRS.gov website, the IRS announced that for estate tax returns (Form 706) filed on or after June 1, 2015, estate tax closing letters will be issued only upon request by the taxpayer. Historically, the IRS’s “Frequently Asked Questions … read more
Is there a possibility the current estate tax will be repealed? This is a debate we have heard over and over again over the past several years, and as we head into the race for the White House, we are … read more
Have children around the age of 18? There is one thing you are probably unaware of that could save you thousands of dollars and a headache. Once individuals reach the age of majority—18 in most states—their parents are no longer … 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
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 IRA is often overlooked when individuals meet with an attorney for estate planning. Perhaps this is because the IRA owners fill out the beneficiary designation form themselves and they believe they are capable of completing it on their own. … read more
Are you eligible? This is the first hurdle when considering whether to convert your IRA to a Roth IRA. Before 2010, Roth conversions were limited to those individuals with modified adjusted gross income of $100,000 or less. In 2010, the … read more
Are you a third year law student currently going through the interview process for a position after law school? The interview process can be time consuming, and nerve- wracking at times. During fall semester when I was finishing up my … read more
It is a special year for Individual Retirement Accounts (IRAs). In 2010 any individual, regardless of their income level, can elect to convert a regular IRA to a Roth IRA. While many people are contemplating whether or not to do … read more
The Economic Growth and Tax Relief Reconciliation Act of 2001 (2001 Act) repealed the estate tax and the generation-skipping transfer (GST) tax for estates of individuals dying in 2010.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 … 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 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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