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Democratic Proposals for Revenue Raising

The proposal from the White House includes: Income surcharge for high income earners - basically a 55 surtax on Adjusted Gross Income in excess of $500,000. Repeal high-income tax cuts in 2012 as opposed to 2013. Grantor Retained Annuity Trusts (GRATs) - minimum 10 year term for these...

The More Things Change, The More They Stay The Same

On January 10 th , PricewaterhouseCoopers hosted a webinar pertaining to potential tax legislation in 2012. The panelists concluded that, despite a number of tax provisions that will expire, a huge deficit, and a continuing clamor for significant tax reform, it is unlikely there will be major...

Columnist in one of New York's Poorest Counties Sees the Estate Tax as a "Major Issue"

Hi Y'all. I'm back. Sorry for the big break in posting. I'll try to do better. In this election year, I haven't heard that much talk about the estate tax - or as the Republicans like to call it, the "Death Tax." As I've written about before, the estate tax is imposed...

Asbury Law Firm: District Court: Estate Tax Marital Deduction Triggers Unconstitutional Ruling on DOMA

In a case that began with a claim for a refund of estate taxes paid, Judge Barbara S. Jones of the Southern District of New York ruled that the Defense of Marriage Act (DOMA) is unconstitutional under the Equal Protection Clause of the 5th Amendment. Edie Windsor and Thea Spyer were a couple for over...

Ask Liza: Probate for U.S. Assets; Estate Tax for Non-Resident Aliens

Dear Liza: My brother and I are dual citizens (Japan and US). We both reside in the US. Our Japanese mother recently passed away. She had some cash/ stock/ annuities/ mutual funds in the US, and some property in Japan that we will inherit jointly, with no disputes. She has a social security number and...

Spouse vs. Charity: Estate Tax Apportionment

By John G. Farinacci, Esq. Ruskin Moscou Faltischek, P.C. We know that estate taxes are to be paid in the manner of a testator's choosing, but if the testator fails to make that choice, then estate taxes are "equitably apportioned among the persons interested in the gross tax estate."...

Ask Liza: Should We Get Married? Estate Planning for Same Sex Couples Now

By Liza Weiman Hanks | Dear Liza: My long term domestic partner of 30 years and I were registered domestic partners for a few years and then she decided she wanted to be totally financially independent of me so we terminated the agreement last year. We are still together as a couple and live five...

Dedon on Estate Planning: The President’s 2015 Budget: Limitations on Crummey Withdrawal Rights

President Obama’s $2.9 trillion budget for the 2015 fiscal year includes several tax increases, particularly on the wealthy, to pay for increased spending without increasing the deficit. One increase that will not be widely reported pertains to "Crummey" power limitations. (I am limiting...

Ask Liza: Paying Capital Gains on Appreciated Assets

Dear Liza, My father passed away in 2002 when the federal estate tax limit was $1million. At that time my mother chose to put their home in the Bypass Trust. She has now passed and the home is worth $1.4 million. Do we inherit tax free or pay taxes on the amount over $1million? It’s nice when I...

Ask Liza: Should We Create a Living Trust?

Dear Liza: We are a married couple in our early and mid 30s with a one year old son living in Southern California. I have been looking at setting up a trust and/or will for our little family but not sure what is needed in our scenario. My husband and I each own a home in our name (bought before we got...