When many of us left for college, we vowed to never again live with our parents. We would visit, from far away. We would finish our education, get jobs, make our own money and live our own lives. With a few bumps, that’s what happened. The world is different now. The economy is just recovering.
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If there is one thing that every attorney, accountant, tax advisor and medical professional agrees on, it is that everyone should have up-to-date, fully executed estate planning documents. The reason for this uniformity of thinking? These practitioners have seen, first hand, the dire results occurring when estate planning is neglected. Here is a short description of.
One main result of the fiscal cliff crisis that enveloped the country at the tail end of 2012 was the passage of the American Taxpayer Relief Act of 2012. The law addressed many of the sun-setting estate, gift and generation-skipping tax exemption limits. Arguably, however, the most important provision of the law is the one.
We at Fox, O’Neill & Shannon are frequently asked, “How often do I need to review my estate plan?” The short answer is that you should review your existing estate plan whenever a significant life event occurs which may impact it. Examples include marriage; the birth of a first child; divorce; significant changes in your.
A gift tax is a federal tax, paid by the giver, on a statutorily defined “gift”— any direct or indirect transfer to an individual without full consideration. “Gifts” do not include tuition or medical expenses, gifts to a spouse, political organization or qualifying charity, or gifts that are less than the defined annual exclusion for.