Annual Exclusion Gift Amount Increases in 2013
The tax law allows all individuals to make gifts to other persons on an annual basis free of gift tax and without the requirement to file a gift tax return. These gifts are known as annual exclusion gifts. In 2012, the annual exclusion gift limit is $13,000 for each gift made to a person. This.. read more →
Court Takes A Step Towards Marriage Equality
On October 18, 2012, the Second Circuit Court of Appeals issued its decision in Estate of Spyer, Docket No. 12-2335-35-cv(L), ruling that the federal Defense Against Marriage Act (“DOMA”) is unconstitutional as it violates the Constitution’s Equal Protection Clause. In Estate of Spyer, the surviving spouse of a married same-sex couple was denied the benefit.. read more →
Can You Litigation-Proof Your Estate Plan?
As Benjamin Franklin, one of our country’s founding fathers, wisely stated, “[n]othing is certain except death and taxes.” Except as noted by Mr. Franklin, there are no guarantees in our lives, especially when it comes to the issue of whether you can make your estate plan “litigation proof.” In the area of trusts and estates.. read more →
Disguising Title to Real Estate
All deeds and other documents relating to real estate filed with the county recorder’s office in the county where the real estate is located are public records and anyone may access them. Although this fact is not a concern to most people, some people, particularly those in the entertainment industry, relish their privacy and do.. read more →
Leaving a Life Estate in the House to the Boyfriend
Estate planning for unmarried couples, whether they are of the opposite sex or the same sex, is challenging from a tax perspective. Upon the death of the first partner to die (we will call this person the “deceased partner”), his or her estate is not entitled to the benefit of the unlimited marital deduction from.. read more →
Even the Cat Lady Needs to Get a Receipt from the Charity
Under Internal Revenue Code Section 170, a person who volunteers services to a charitable organization is not entitled to deduct the value of those services on his or her income tax return. However, if the person volunteering for the charity incurs expenses in rendering those services, the unreimbursed expenses are deductible up to $250 without.. read more →
Avoiding Capital Gains Taxes By Borrowing A Charity’s Tax Exemption
It is important to be mindful of opportunities to minimize taxes and retain your hard earned money and assets for you and your family rather than sharing those assets with Uncle Sam. One such opportunity arises when you have appreciated capital assets (such as stock, mutual funds, bonds, real estate or collectibles) that you wish.. read more →
Charitable Giving Through a Donor Advised Fund or a Private Foundation
There are an abundant number of reasons why people make charitable gifts, which include supporting an important cause (such as ending world hunger, saving the environment, supporting the arts, providing help to those in need), teaching younger generations to make the world a better place, and obtaining a charitable income tax deduction. Once the decision.. read more →
Is a Private Foundation the Right Choice for You?
Many wealthy philanthropic people establish private family foundations in order to make a positive impact on the community, to educate their children and future generations about the importance of giving back to the community to make the world a better place, and to obtain charitable income, gift and estate tax deductions. You may have seen.. read more →
Donor Advised Funds
Donor Advised Funds (DAFs) make charitable giving simple for everyone. What is a DAF? A DAF is a cost effective charitable vehicle that allows a donor to make charitable gifts to multiple charities over a period of time with little administrative responsibility while reaping the benefit of maximum charitable income tax deductions. A DAF is a.. read more →