filed in IRAs on Jun.15, 2010
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 this, it is important to know a Roth conversion takes careful planning. This includes following [...]
filed in gift on Feb.03, 2010
Each year, you can gift up to $13,000 per donee (that is the person receiving the gift), before the gift is considered taxable. Married couples can gift double this amount, $26,000 per donee. Gifts of community property are considered as made one-half by each spouse. For gifts of separate property, couples can gift split. For [...]
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In 2001, as part of the Economic Growth and Tax Relief Reconciliation Act of 2001, Congress repealed the estate and generation skipping transfer tax effective for persons dying in 2010.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 [...]