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International Charitable Giving
April 26th, 2013
One of the most notable trends in philanthropy, according to the 2012 Giving USA Study of charitable giving, is that international giving has steadily grown despite a tumultuous economy. Thinking about going global with your charitable giving? When i…
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Creating a Thorough Living Will
April 25th, 2013
Even if a copy of your living will ends up at the hospital with you — that's hardly guaranteed — doctors routinely don't know how to interpret them. They may still leave friends and family confused about what you want. End-of-li…
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Categories: Estate Planning
Living Overseas Comes with a Taxing Price
April 24th, 2013
So how should Americans working abroad or with a financial life in two countries manage their finances? Traveling abroad can be exhilarating enough, but living abroad comes with a whole other level of excitement … and even some hitches if you aren…
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Business Succession -- It’s Never Too Early to Plan Your Exit
April 23rd, 2013
There are myriad ways to begin the exit process from your business without giving up management control. [Here] are some ideas to structure for an eventual departure, without having to hand over the keys to the business right now. Business succ…
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Virtual Asset Protection in an Online World
April 22nd, 2013
Google on Wednesday became one of the first major Internet companies to put control of data after death directly into the hands of its users. Technology has changed the way we view assets, as we now have virtual assets to protect in addition to our t…
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Don’t Forget About Estate Taxes at the State Level
April 19th, 2013
Although the new $5.25 million exemption shields the vast majority of estates from federal taxes, state estate taxes are alive and well. Currently, 21 states and the District of Columbia impose some type of death tax, and most kick in at a level much…
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Obama’s Proposed Budget Goes after IRAs
April 18th, 2013
The proposal is being spun as a way to prevent wealthy private-equity executives from amassing huge IRAs—like Mitt Romney’s, once estimated to be worth as much as $100 million. But it would also curb the savings ability of self-employed professio…
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Categories: Estate Planning
IRA Asset Protection Amount Raised as of April 1, 2013
April 17th, 2013
Under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), the first $1 million of IRA and Roth IRA funds are protected (or exempt) in bankruptcy. This amount is reviewed every three years and increased as needed. For example…
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Categories: Uncategorized
Uptick in IRS Audits of Estate Tax Returns
April 16th, 2013
The IRS' focus on estate tax returns resulted in the collection of $1.1 million more in additional tax revenue for the 2011 tax year. Nobody wants to hear from the IRS …and I mean nobody. Typically the IRS would only contact you for an audit,…
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Categories: Taxes
Passing On the Family Home to the Next Generation
April 15th, 2013
There are nearly half a dozen ways to give a home to your child. And a couple are tax-free. You’re probably well aware that for many families, the family home is the single most important estate asset. Can you imagine your kids having to part with…
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Categories: Uncategorized
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