Estate & Trust Planning
Reduce Estate Tax Burden for 2011, 2012 Decedents with Portability Election
An important new provision in estate tax law may save you or your family from paying significant gift and estate taxes. To receive these benefits, you must file an estate tax return for the decedent, even if the estate is not otherwise required to file. Each individual has a basic exclusion amount, and that amount can be transferred free of federal gift and estate taxes. The basic exclusion amount in 2011 was $5 million and, adjusted for inflation, the 2012 basic exclusion amount is $5.12 million. Under the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, individuals. Read More.
Portability Election Reduces Estate Tax Burden for 2011, 2012 Decedents
An important new provision in estate tax law may save you or your family from paying significant gift and estate taxes. To receive these benefits, you must file an estate tax return for the decedent, even if the estate is not otherwise required to file. Each individual has a basic exclusion amount, and that amount can be transferred free of federal gift and estate taxes. The basic exclusion amount in 2011 was $5 million and, adjusted for inflation, the 2012 basic exclusion amount is $5.12 million. Under the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, individuals. Read More.
CB&H Estate Administration & Income Tax Seminar (2/1, Virginia Beach)
Join CB&H on February 1, 2012 in Virginia Beach, VA as we explore the decisions required in administering estates including tax elections, distributions of assets to beneficiaries, filing of tax forms and preparation of inventories. This small investment of your time will allow you to be more informed and have a better understanding of the complications of administering estates plus helpful strategies for the completion of tax and probate forms. Key Discussion Topics: Final Individual Income Taxes Estate Inventories—preparations and deadlines Estate Accounting—preparations and deadlines Estate & Trust Income Taxes Estate & Gift Taxes Planning Ideas & Strategies Date & Time February 1, 2012 8:00 a.m. to. Read More.
CB&H Seminars: Estate Planning with the New $5 Million Exemption (Hampton Roads, 11/10)
Join us on Thursday, November 10, 2011 as we discuss “ How to Keep What You Have: Estate Tax Planning with the New $5M Exemption and Protecting Your Assets from Creditors .” For 2011 and 2012, the transfer tax exemption has been raised to $5 million. Mike Kirkman , CB&H’s Director of Estates & Trusts, and Robert Miller , an estate planning attorney with Williams Mullen, will share with you ways to take advantage of this new law while it’s still in effect. Topics to be covered include: Use it or Lose it! – Only 13 months remain The $5 million exemption and gifting implications Planning with depressed real estate Maximizing the leverage of your exemption amount LLC vs. Trust – Where to get the. Read More.
Tax Relief Act of 2010 Offers Estate and Gift Planning Opportunities
The federal estate tax was scheduled to revert to its pre-EGTRRA levels (i.e., a maximum tax rate of 55 percent and a $1 million exclusion) beginning January 1, 2011. The Tax Relief Act of 2010 (The Act) signed into law by President Obama on December 17, 2010 reinstates the estate tax for decedents that die after December 31, 2009 but before January 1, 2013 at a maximum rate of 35 percent with a $5 million exclusion. The passing of The Act brings several planning opportunities for individuals and families to consider for the next two years: 2011 and 2012. The following outlines several of the. Read More.
Bush-Era Tax Cuts Extended, Estate & Gift Tax Reinstated
On December 17, 2010, President Obama signed into law the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, or H.R. 4853 (hereafter, “the Act”). The bipartisan legislation extends for two additional years many of the so-called “Bush-era tax cuts” originally enacted under the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA). Key provisions of the new law extend the individual and capital gains/dividend tax cuts for all taxpayers through 2012, enact a payroll tax cut for 2011, provide a two-year AMT patch, establish a top estate tax rate of 35 percent with an exclusion of. Read More.