by Arthur Geffen | Feb 11, 2014 | Estate Attorney, Estate Lawyer, Estate Planning, Estate Planning Solutions, Estate Tax
If you meet the threshold for estate taxes, think of 2014 as a landmark year in your planning. The rules surrounding exemptions and gifts have changed, and the impact could be far-reaching for your family — perhaps more so than many planners initially...
by Arthur Geffen | Jan 31, 2014 | Estate Tax
Even with the generous $5 million estate tax exemption under current law (indexed to $5.25 million for 2013 and $5.34 million for 2014), some heirs will still be walloped by the federal estate tax. When the tax applies, the rate is a flat 40%. With the...
by Arthur Geffen | Jan 7, 2014 | Estate Tax, Portability
The first deceased spouse’s unused estate tax applicable exclusion amount is generally referred to as the “deceased spouse’s unused exemption” or “DSUE” amount. This amount is used to calculate the applicable exclusion amount for the surviving spouse when...
by Arthur Geffen | Aug 23, 2013 | Audit, Estate Tax, IRS
WASHINGTON (Reuters) — The estate of pop music legend Michael Jackson is fighting the Internal Revenue Service over taxes and penalties levied on a wide range of the star’s assets, including the Neverland Ranch, his "image and likeness"...
by Arthur Geffen | Aug 20, 2013 | Estate Tax, Inheritance Tax
Depending on where you live, in spite of the fact that at the Federal Level, your estate has to be worth more than 5.25 million dollars, your state may be imposing an estate tax on your assets even though the United States does not. It pays to look into it and...
by Arthur Geffen | Aug 12, 2013 | Estate Tax
Can the IRS collect someone else’s taxes from you? In some cases yes where you end up with assets or money from that person. You may have a right to the assets or money, but the IRS trumps you. The IRS calls it transferee liability and says ‘show me the money.’...
