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Uncertainty Looms in Estate Planning: Taking Advantage of Expiring Estate and Gift Tax Exemptions

Uncertainty Looms in Estate Planning: Taking Advantage of Expiring Estate and Gift Tax Exemptions

In 2010, Congress acted to increase the estate and gift tax exemptions to $5 million for individuals ($10 million for married couples) through the end of 2012. Congress also lowered the maximum estate and gift tax rate to 35% for the same length of time. As this […]

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Keeping Your Estate Planning Up To Date

Keeping Your Estate Planning Up To Date

General George S. Patton once said “…one does not plan and then try to make circumstances fit those plans. One tries to make plans fit the circumstances.” A simple interpretation of this quote is that it often takes more than one initial plan in order for the […]

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Estate Planning – If You Do Not Have It, You Should

Estate Planning – If You Do Not Have It, You Should

Studies have consistently shown that over 1/2 of Americans do not have a will.* Considering that a will is a pivotal component for an adequate estate plan, it is likely that over 1/2 of Americans lack other important aspects of an estate plan, such as a living […]

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Life Insurance in Estate Planning

Life Insurance in Estate Planning

We are all aware of one of the most basic purposes for obtaining life insurance–to provide families, relatives, and/or close friends with financial support in the event that a person passes away. However, life insurance also serves other important purposes and can be used in a variety […]

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Tax Law Changes Provide Big Opportunity For Estate and Gift Planning

Tax Law Changes Provide Big Opportunity For Estate and Gift Planning

The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 has opened a window of opportunity to avoid significant estate and gift taxes for 2011 and 2012. The Act, signed on December 17, 2010, has significantly increased the exemptions and decreased the maximum tax rates […]

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Form 709 Gift Tax Return Deadline Approaching

Form 709 Gift Tax Return Deadline Approaching

With the uncertainty of the fiscal cliff in 2012, many people accelerated their gifting to take advantage of the favorable gift tax rates and exemptions. Although the actual gifting has already taken place, the gifting process must be completed by filing a Form 709 Gift Tax Return, […]

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Estate Planning-Allowing for a Step-up in the Basis of an Asset

Estate Planning-Allowing for a Step-up in the Basis of an Asset

We have all heard the adage, “It’s not always what you say, but how you say it.” In estate planning, this principle can reworded as, “It’s not always what you give, but how you give it.” As you consider the assets you will give to others and […]

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