Category Archives: Tax Issues

Who Owns What? Titling Your Assets

Asset titling is a misunderstood but important part of estate planning. It is easy to believe that the so-called experts like banks, investment companies and escrow companies automatically place property into the “proper” name, but that is not always the … Continue reading

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“Death Tax” Hikes Hitting Farmers

On January 1, 2013 the individual estate tax exemption is set to fall from $5 million to $1 million, following the expiration of the Bush tax cuts. The maximum tax rate will rise from 35% to 55% of assets. If … Continue reading

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Gift Tax Audits?

There is a new reason to take the necessity of filing gift tax returns seriously.  Not only are filing returns legally required, but the IRS is in the process of major compliance crackdown, which began in California at the end … Continue reading

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The Billionaire Estate that Got Away

There are not many of us who think about estate taxes anymore. With the 2001 tax reform act, the Economic Growth and Tax Relief Reconciliation Act of 2001, the exclusion against estate tax increased from $675,000 in 2001, to $2 … Continue reading

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Discount Wars, Part I

The Family Limited Partnership (“FLP”) is often used to transfer interests to family members on a “discounted” basis, thereby lowering or sometimes even eliminating transfer taxes. The idea is to use a “discount” so that the value of the property … Continue reading

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