Congress Makes 5 Million Dollar Estate Tax Exemption Permanent

Congress worked through the Holidays to avert the looming fiscal cliff.  The result was the American Taxpayer Relief Act (“ATRA” for short). The impact on Estate & Gift Taxes was a permanent increase in the lifetime exemption to 5 million dollars.  Furthermore, the exemption is indexed for inflation, so the effective exemption for 2013 is […]

Estate Tax Exemption To Drop To 1 Mil At End Of Year

As Yogi Berra once said, “it’s déjà vu all over again.”  Just like the end of 2010, the tax relief act is due to sunset at the end of this year.  What is known as the “fiscal cliff.”  This will mean a drop in the estate tax exemption for U.S. Citizens and Residents from 5 million […]

Top 5 Reasons To Not Plan Your Estate

An unofficial tribute to David Letterman’s top 10 lists, and my feeble attempt at humor. Top 5 Reasons To Not Plan Your Estate 3% of everything I own sounds like a fair fee to pay a lawyer. I really want my family to understand the intricacies of probate law. Rather than have one lawyer plan […]

New Law for Florida Powers of Attorney

The Florida Statutes regarding Powers of Attorney were amended as of October of last year.  While Powers of Attorney executed prior to this change remain in effect, there is a concern about the manner in which financial institutions will continue to honor older Powers of Attorney. By law third parties are required to accept these older Powers of Attorney, […]

Gift Tax Alive In 2010

The estate tax may have been repealed in 2010, but the gift tax is still in full effect. The gift tax works in conjunction with the estate tax to limit wealth transfer between non-spouses. To understand how that affects you, let’s review how the gift tax works. With certain exceptions, everyone has an annual exclusion […]