» Gift Tax

Giving Your Business Away

Some business owners prefer to retain control over their businesses until they pass away. Others would rather retire and let younger family members assume ownership. There are a couple of different options to do that. Business succession planning is… Read More
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Using a Family Limited Partnership

A family limited partnership can be used to lower your tax burden and transfer wealth to future generations of your family. One reason people seek the advice of estate planning attorneys is to lower their potential estate tax burdens in a way that do… Read More
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Irrevocable Trusts May be the Answer to Tough Estate Planning Issues

The death of a loved one can create a lot of financial complexity. For families that have set up irrevocable trusts to facilitate the transfer of assets from one generation to another, the tax implications can be even more complicated. However, there… Read More
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What to Do to Reduce Estate Taxes

If you plan on leaving a sizable amount of money to your heirs, it's understandable to be concerned about estate taxes. After all, the top Federal estate tax rate of 40% could take a nasty bite out of a multi-million dollar estate, and that'… Read More
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Estate Planning for Your Works of Art

Art investors are nearly always advised not to invest in art at all, but to collect it. Buy what you like, the conventional wisdom goes, not what you expect to increase in value. But collectors still must contemplate financial matters, especially rel… Read More
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Is the Family Business a Part of Your Estate Plan?

Family business contributes to over 70 percent of global productions, but owners of them don't update their estate planning. It's estimated that over 50 percent of family business owners didn't update their estate planning documents fo… Read More
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Gift Tax Basics

    People who want to give a large amount of money to another person often have questions about how much they can give without having to pay taxes on the gift. Fortunately, the gift tax is relatively simple once you know the basics.  … Read More
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Tom Brady Versus the Gift Tax

It seems like famous athletes are winning something all time. These men and women are often already extremely wealthy, yet they often win prizes for their achievements beyond their salaries. Rest assured there are tax consequences for them.   Di… Read More
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Don’t Overlook Tax Returns for Your Gifts

You must report 2012 gifts on Form 709 even if you don’t owe tax. Among other things, that’s so the IRS will know how much of the $5.12 million ($5.25 million for 2013) tax-free amount you have used so far. April 15 is approaching fast, and the t… Read More
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A Fiscal Cliffhanger: The Federal Estate and Gift Tax is Holding On in Ann Arbor

Now that the fiscal cliff has been averted — at least temporarily – there is widespread confusion about the effect on estate planning of the 11th hour tax law passed by the Senate on New Year’s Eve, and by the House of Representatives one day l… Read More
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