Highlights of the New Estate, Gift, & GST Tax Legislation
On December 17, 2010, President Obama signed into law the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. This legislation had some surprises for those who had been following the process. In addition to extending unemployment benefits, current income tax rates (the Bush tax cuts) were extended for all taxpayers for two...
Highlights of the New Estate, Gift, & GST Tax Legislation Continue reading…The State of the Federal Estate Tax
Since 2001, when President George W. Bush signed the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) into law, we have known that the federal estate tax and generation-skipping transfer tax (GSTT) was scheduled for a one-year suspension beginning January 1, 2010, with the twist that basis adjustment at death would be limited...
The State of the Federal Estate Tax Continue reading…Transferring a Busines to Key Employees
Often, business owners who are looking to retire from their business are unaware of the many options available to them. In fact, frequently owners think the only options they have are to give the business to family members (and continue to take a salary) or sell to a third party. That's why it is important...
Transferring a Busines to Key Employees Continue reading…Business Exit Planning Using Charitable Strategies
Business owners usually have four goals when they leave their businesses: retire from the business; sell to a new owner (family members, employees, or third parties); minimize taxes and maximize profits. For those who are already charitably inclined, business exit planning using charitable tools allows them to add a fifth goal: doing good things for...
Business Exit Planning Using Charitable Strategies Continue reading…Transferring Business Interests to Family Members: Sale of Non-Voting Stock Interests to Grantor Dynasty Trusts
Most of us have at least one client who has a family-owned or closely held business interest as a major part of their estate. Typically, that client has done nothing to plan for the succession of the business. That kind of planning can be challenging because of the complex tax issues and the human element...
Transferring Business Interests to Family Members: Sale of Non-Voting Stock Interests to Grantor Dynasty Trusts Continue reading…Ten Dollars Worth of Flowers & “Portability” of the Federal Estate Tax Exemption – What does it mean?
Included is a story from an estate planning colleague, Guy Jackson, that had a profound impact on his client - and him. Ten Dollars Worth of Flowers Sometimes, the little that we have is more than we think. Sometimes, what it is we have can bring joy, healing, and understanding to others. Sometimes, we touch...
Ten Dollars Worth of Flowers & “Portability” of the Federal Estate Tax Exemption – What does it mean? Continue reading…Captive Insurance Companies -Creating Current & Recurring Revenue
This issue of The Wealth Counselor examines Captive Insurance Companies, a topic that should be of interest to all business owners with annual net profits of $500,000 or more, as well as all planners who serve them. Perhaps over-hyped at times, Captive Insurance Companies (Captives) are a legitimate planning tool that offers significant benefits to...
Captive Insurance Companies -Creating Current & Recurring Revenue Continue reading…New FDIC Insurance Rules and Limits: Are Your Clients Fully Protected?
With the rash of bank failures, your clients are likely wondering whether - and to what extent - the FDIC (Federal Deposit Insurance Corporation) insures their bank accounts. A new law increases some coverages, and new rules from the FDIC clarify how depositors can ensure maximum FDIC insurance coverage, but your clients may need to...
New FDIC Insurance Rules and Limits: Are Your Clients Fully Protected? Continue reading…Final Expense Trusts
Most Americans have never discussed what should happen when they die. There are many decisions to make, yet they have very little help in making those decisions. Estate and wealth planning professionals are in a unique position to help their clients make sure that they complete their financial planning. This issue of The Wealth Counselor...
Final Expense Trusts Continue reading…Year-End Planning Opportunities: More Than You Might Expect
With unprecedented stock market volatility, depressed real estate and business values, the banking, mortgage and automobile industry crises, and numerous negative economic indicators, many clients are wondering what planning they should do now, if any. Some may view planning as discretionary, and without education these individuals may not move forward because of their unwillingness to...
Year-End Planning Opportunities: More Than You Might Expect Continue reading…New FDIC Rules: Are You Protected?
With the rash of bank failures, you may wonder whether - and to what extent - the FDIC (Federal Deposit Insurance Corporation) will protect your bank accounts. Fortunately, new rules from the FDIC clarify how you can ensure maximum FDIC insurance coverage. You may need to modify your planning slightly to take advantage of these...
New FDIC Rules: Are You Protected? Continue reading…Planning for the New “Zero Percent” Tax Bracket
This issue of The Wealth Counselor addresses a law change that is important to all wealth planning professionals and their clients. Beginning January 1, 2008 and continuing through at least 2010, a zero tax rate may apply to long-term capital gain and dividend income that would otherwise be taxed at the regular 15% and/or 10%...
Planning for the New “Zero Percent” Tax Bracket Continue reading…