As Americans, we pay taxes on almost everything. The cost of a sandwich at the deli may be listed as $7.95, but it actually costs a little more than that. Your employment contract may list your annual salary as $60,000, but after the appropriate deductions are made, a smaller portion of this figure … [Read more...] about A little planning can help avoid huge losses in estate taxes
Clock ticking on gift-tax exemption for Texans
We have recently touched on the topic of gift taxes, but it warrants a longer and more detailed look for Texans who have considerable wealth and must consider asset protection. Congress has yet to pass an extension to current law, which allows individuals to give a gift of $5.12 million to an … [Read more...] about Clock ticking on gift-tax exemption for Texans
Know tax laws when planning an estate
There's no such thing as an idle retirement for those who have assets to leave to their children, grandchildren or associates. Retirement, in fact, is the time when Texans and others across the United States should solidify their estate tax planning. There are things people can do in their estate … [Read more...] about Know tax laws when planning an estate
Exclusions on estate tax set to expire
The federal estate tax exemption for Texans and all Americans in 2012 is $5.12 million for taxpayers filing as singles; up from $5 million in 2011. That exemption, however, is set to fall to $1 million in 2013, with the tax rate for estates to increase from 35 to 55 percent. Experts said that … [Read more...] about Exclusions on estate tax set to expire
Estate planners say make the most of low interest rates
October's Internal Revenue Service interest rates are lower than ever, which financial experts say creates a winning opportunity for estate planning in regards to taxes. Interest rates related to asset transfers and private loans are adjusted monthly by the IRS and have dipped to the lowest level on … [Read more...] about Estate planners say make the most of low interest rates
How the economic downturn can benefit your estate plan
Tax strategists have discovered that there is good news to be found in the nation's economic recovery. Low interest rates, an unstable stock market and IRS tax exemptions have combined to allow individuals to maximize asset gift-giving through estate tax planning. A temporary but attractive form … [Read more...] about How the economic downturn can benefit your estate plan