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
“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
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
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