by Arthur Geffen | Jun 5, 2012 | Gift Tax
Meanwhile, trust and estate lawyers are pondering a separate issue: The high tax cost of Mellon’s generosity. The government contended that Mellon, using a North Carolina interior decorator as a go-between, sent $725,000 to Hunter on Edwards’ behalf. We figure...
by Arthur Geffen | Apr 30, 2012 | Estate Tax, Gift Tax, Income Tax, Tax, Tax Planning
Congress has invented a new extreme sport: Skating on the edge of a $7 trillion fiscal cliff. That’s the magnitude of tax increases and spending cuts that will start to hit the economy on Jan. 1, 2013, unless Congress acts. And how Congress navigates that...
by Arthur Geffen | Jan 10, 2012 | Estate Tax, Gift Tax, Gifts
The recent stock market decline has depressed asset values. Interest rates used in various sophisticated estate planning techniques are at historic lows. And until the end of this year it’s possible to give away up to $5.12 million per person ($10.24 million...
by Arthur Geffen | Dec 27, 2011 | Gift Tax, Gifts
Did you get any exciting gifts this holiday season? What’s not so exciting are the tax implications that may come with them. We often get questions about those implications this time of year so let’s take a look at some of the most common tax myths about gifts:...
by Arthur Geffen | Sep 19, 2011 | Audit, Gift Tax, IRS
The IRS is digging up property-transfer records in many states and checking to see if corresponding gift-tax returns have been filed. Making a gift of property to heirs has become far more popular since housing values began declining in 2006, because lower...
by Arthur Geffen | Jun 27, 2011 | Estate Planning, Estate Planning Solutions, Estate Tax, Generation Skipping Tax, Gift Tax
According to CCH, a leader in tax and accounting services and software, here’s how things will change at the end of 2012 unless, of course, Congress tinkers with the rules again: 2011-2012 2013-? Maximum Tax Rate 35% on excess over $5 million Phases in starting...
