Estate and Gift Tax Laws: New Rules - Dec. 2011RobertWBaird
The document summarizes new rules for estate and gift taxes under legislation passed in December 2010. It outlines increases to the estate and gift tax exemption amounts to $5 million per person and $10 million per married couple. The top tax rate was lowered to 35%. Executors can elect to apply the new rules retroactively for those who died in 2010. Other changes include reunifying the estate and gift tax systems, and allowing portability of unused exemptions between spouses. However, the changes only apply through 2012 unless extended by Congress.
The document discusses Illinois' severely underfunded state pension systems. It notes that the total unfunded liability is $85.5 billion as of June 30, 2010, and the funded ratio is only 38.3%. Several reform proposals are mentioned, including offering employees a choice between remaining in the current defined benefit plan or choosing a lower-cost defined contribution plan, with the goal of reducing costs and unfunded liabilities over time.
The document outlines several changes to Kentucky's tax code for 2007:
- The standard deduction is $2,050
- The Family Size Tax Credit provides benefits to individuals and families making up to 133% of the federal poverty level, ranging from $10,210 for a single person to $20,650 for a family of four or more.
- Modified gross income is defined as federal adjusted gross income adjusted to include certain municipal bond interest and pension distributions.
We debunk several common myths about the national debt. Like deficits are falling; there is no harm in waiting; deficit reduction will harm the most vulnerable; and the debt can be fixed by cutting waste, fraud or foreign aid.
Potential Tax & Financial Planning Impact of Repealing the Health Care ActSarah Cuddy
Repealing the Affordable Care Act would trigger changes to both the tax code and health insurance landscape. It would eliminate taxes that fund Medicare as well as penalties for not having insurance. The medical expense deduction and health savings account rules would also change. Repeal would mean states no longer have to run health exchanges and insurers could again deny coverage for pre-existing conditions until replacements are enacted.
The document compares the financial considerations of renting versus buying a home. Key factors in the decision include location, anticipated length of stay, and budget. Buying a home offers tax benefits like deducting mortgage interest and property taxes. It also allows building equity over time as the home appreciates in value. However, buying requires a larger initial investment for a down payment and closing costs. The document uses an example in Centreville, VA to show how buying could save over $16,000 per year compared to renting after accounting for tax benefits and home appreciation. It provides resources for calculating the rent vs buy analysis and describes various loan programs like FHA that offer lower down payment options.
The document discusses key factors to consider when deciding whether to rent or buy a home, such as location, budget, and timeline. It outlines some benefits of owning a home like anticipated appreciation, tax deductions, equity building, and pride of ownership. Conversely, it notes disadvantages of renting like being subject to a landlord's rules and potential rent increases. As an example, it calculates that buying a $280k home with a mortgage would effectively cost $185 per month less than renting, after accounting for tax savings and appreciation. Overall, the document provides an overview of financial considerations and resources for determining whether renting or buying makes most sense.
ISSUE: Cap the Taxpayer Burden - RBA NYS Economic Survival guideUnshackle Upstate
New York residents pay the second highest tax burden in the nation, with state and local taxes over 40% higher than Pennsylvania and over 75% higher than North Carolina. Local property taxes are especially burdensome, fueling the highest per-pupil K-12 education costs in the US. Governor-elect Cuomo has proposed capping state spending growth at 2% annually, imposing a property tax cap, and freezing all other taxes to relieve New York taxpayers and get state finances under control. Without comprehensive tax and spending reforms, high taxes and out-of-control spending will continue to burden New York residents.
Estate and Gift Tax Laws: New Rules - Dec. 2011RobertWBaird
The document summarizes new rules for estate and gift taxes under legislation passed in December 2010. It outlines increases to the estate and gift tax exemption amounts to $5 million per person and $10 million per married couple. The top tax rate was lowered to 35%. Executors can elect to apply the new rules retroactively for those who died in 2010. Other changes include reunifying the estate and gift tax systems, and allowing portability of unused exemptions between spouses. However, the changes only apply through 2012 unless extended by Congress.
The document discusses Illinois' severely underfunded state pension systems. It notes that the total unfunded liability is $85.5 billion as of June 30, 2010, and the funded ratio is only 38.3%. Several reform proposals are mentioned, including offering employees a choice between remaining in the current defined benefit plan or choosing a lower-cost defined contribution plan, with the goal of reducing costs and unfunded liabilities over time.
The document outlines several changes to Kentucky's tax code for 2007:
- The standard deduction is $2,050
- The Family Size Tax Credit provides benefits to individuals and families making up to 133% of the federal poverty level, ranging from $10,210 for a single person to $20,650 for a family of four or more.
- Modified gross income is defined as federal adjusted gross income adjusted to include certain municipal bond interest and pension distributions.
We debunk several common myths about the national debt. Like deficits are falling; there is no harm in waiting; deficit reduction will harm the most vulnerable; and the debt can be fixed by cutting waste, fraud or foreign aid.
Potential Tax & Financial Planning Impact of Repealing the Health Care ActSarah Cuddy
Repealing the Affordable Care Act would trigger changes to both the tax code and health insurance landscape. It would eliminate taxes that fund Medicare as well as penalties for not having insurance. The medical expense deduction and health savings account rules would also change. Repeal would mean states no longer have to run health exchanges and insurers could again deny coverage for pre-existing conditions until replacements are enacted.
The document compares the financial considerations of renting versus buying a home. Key factors in the decision include location, anticipated length of stay, and budget. Buying a home offers tax benefits like deducting mortgage interest and property taxes. It also allows building equity over time as the home appreciates in value. However, buying requires a larger initial investment for a down payment and closing costs. The document uses an example in Centreville, VA to show how buying could save over $16,000 per year compared to renting after accounting for tax benefits and home appreciation. It provides resources for calculating the rent vs buy analysis and describes various loan programs like FHA that offer lower down payment options.
The document discusses key factors to consider when deciding whether to rent or buy a home, such as location, budget, and timeline. It outlines some benefits of owning a home like anticipated appreciation, tax deductions, equity building, and pride of ownership. Conversely, it notes disadvantages of renting like being subject to a landlord's rules and potential rent increases. As an example, it calculates that buying a $280k home with a mortgage would effectively cost $185 per month less than renting, after accounting for tax savings and appreciation. Overall, the document provides an overview of financial considerations and resources for determining whether renting or buying makes most sense.
ISSUE: Cap the Taxpayer Burden - RBA NYS Economic Survival guideUnshackle Upstate
New York residents pay the second highest tax burden in the nation, with state and local taxes over 40% higher than Pennsylvania and over 75% higher than North Carolina. Local property taxes are especially burdensome, fueling the highest per-pupil K-12 education costs in the US. Governor-elect Cuomo has proposed capping state spending growth at 2% annually, imposing a property tax cap, and freezing all other taxes to relieve New York taxpayers and get state finances under control. Without comprehensive tax and spending reforms, high taxes and out-of-control spending will continue to burden New York residents.
The document provides information on various types of loans available from the Virginia Housing Development Authority (VHDA) for first-time homebuyers. It outlines the basic qualifications, including a maximum income of $97,500 for 1-2 persons or $112,950 for 3+ persons. The process involves three stages: preparation where applicants develop a spending plan and gather documents; pre-approval where credit is checked and an application is submitted; and approval where the loan is finalized if qualified. Key factors reviewed include credit score, loan-to-value ratio, and debt-to-income ratio.
How Policy Review is integrated into the Estate Planning needs of a client. Three Case Studies show how a review of in-force policies is matched to the clients current needs which have changed since the policy was first purchased a number of year ago.
Jan Copley - Red & Blue States Gatheringguestfb519d6
The document discusses community property laws in the United States. It begins with a pop quiz about which states have community property laws and what percentage of the population these states cover. It then provides definitions and examples of separate property and community property earned during marriage. The document discusses how community property laws affect divorce and inheritance, and considers how these laws interact with issues like retirement benefits, insurance policies, domestic partnerships, and same-sex marriage.
This document is an advertisement for David DeCoste's campaign for state representative. It summarizes his positions as being in favor of tax cuts, increased local funding for education, and reforms to immigration and housing laws, while opposed to pensions and perks for elected officials. It encourages voting for David DeCoste on November 4th to have him fighting on your behalf at the state house.
The latest official budget and economic forecast for the next decade from the nonpartisan Congressional Budget Office (CBO), shows national debt rising well past historical norms and warns of serious consequences. Here are the key figures and what they mean.
Reform Repercussions on North Dakota Health Careurcgop
Blue Cross Blue Shield of North Dakota (BCBSND) has several concerns about a potential public option in health reform legislation:
1) A public option paying Medicare rates would be devastating for North Dakota hospitals and providers since Medicare reimbursement rates in the state are already among the lowest in the country.
2) While a public option with negotiated rates claims to negotiate with providers, BCBSND doubts how much influence small North Dakota providers would have given the size of the public option.
3) Proposed mechanisms for states to "opt out" of a public option or trigger one are unclear and may not actually give states meaningful control.
The document discusses the economic consequences of government stimulus and growing debt levels. It argues that Obama's stimulus plans increased dependence on government and debt without creating many jobs. Growing debt obligations from programs like Social Security and Medicare will cause total US debt to increase dramatically in coming decades to over 300% of GDP by 2050. Repaying this debt will require tax increases that will significantly reduce the quality of life for Americans.
Once again, the federal government is running up against the statutory debt limit, which has major implications for the national debt and the U.S. economy. Here’s a basic overview of this critical issue.
What is the Unlimited Marital Estate Tax Deduction in OhioBarry H Zimmer
In this paper, we will look at the unlimited marital estate tax deduction, but we should first explain some things about the federal estate tax from an overview. Learn more about unlimited marital estate tax deduction in Ohio in this presentation.
The letter requests that Governor Inslee convene representatives from housing providers to provide advice on designing a rent relief distribution program for funds allocated by recent federal legislation. The program should pay full unpaid rent and utility bills for affected households, consider current income for eligibility, pay at least 90% of funds directly to housing providers, limit third parties, use existing lender relationships, make direct electronic payments, allow future rent/utility payments if COVID impacts continue, and modify eviction bans to allow eviction of tenants who can pay but aren't. It emphasizes that the law requires payment to housing providers, and state and local governments must work quickly with property owners to ensure resources reach those most in need.
The document summarizes common myths about the national debt and provides facts to address each myth in 1-3 concise sentences. It discusses that while deficits are smaller than during the recession, the debt will still grow substantially without action. It also notes that the longer action is delayed, the greater cuts or tax increases will need to be. Additionally, gradual deficit reduction can help the economy rather than hurt it, and past plans have protected vulnerable groups. The debt issues also cannot be solved solely by cutting waste, taxing wealthier Americans more, or relying on economic growth alone.
$25 billion will be allocated for rental assistance from 2021 through September 2022 for households impacted by Covid-19. The CDC eviction ban will end on January 31, 2021. State and local governments will distribute funds to households making less than 80% of the area median income who are at risk of homelessness or have experienced financial hardship or unemployment due to Covid-19. Housing providers will be paid on behalf of eligible renters unless they refuse payment. Renters or providers can apply for assistance on the renter's behalf if they cosign the application.
The mounting national debt is getting harder for Congress to ignore and lawmakers are turning to us for advice. Committee for a Responsible Federal Budget (CRFB) co-chair Mitch Daniels, Campaign to Fix the Debt co-chair Judd Gregg, and Fix the Debt steering committee and CRFB board member Alice Rivlin testified before the Joint Economic Committee of Congress on the national debt on September 8.
The document discusses the federal estate tax lien that arises upon death and is valid for 10 years. It explains that the commitment to insure may note a potential federal estate tax due if the decedent's estate was within the last 10 years and 30 days. It provides details on how the net value of an estate is calculated for determining if it exceeds the unified credit or basic exclusion amount for that year, below which no federal estate tax would be due. A table of exclusion amounts from 2006 to 2016 is also included.
Seniors who are at least 62 years of age can now obtain a reverse mortgage to purchase a new home, though they will receive 10% less equity than before October 2009 due to decreased home prices. Reverse mortgages allow seniors to use the equity in their homes to receive lump-sum payments, periodic checks, or a line of credit while continuing to live in their homes. When the homeowner dies or moves, the lender is repaid from the sale of the home. The maximum reverse mortgage has increased to $625,000 and origination fees are capped at $6,000.
Andrew has been helping high net individuals with financial planning since 1996. In his career he has been named one of the top 100 financial planners in the United States and he is a 4 Year Winner from Five Star Professionals.
Extension of Tax Cuts, Estate Changes Highlight Final Bill of 2010RobertWBaird
The Tax Relief, Unemployment Insurance Reauthorization and Jobs Creation Act of 2010 extended several expiring tax provisions, including extending the 2001 and 2003 tax cuts through 2012. It also increased the estate tax exemption to $5 million per individual for 2011-2012, reduced the top estate tax rate to 35%, and made the exemption portable between spouses. Additionally, it reduced the employee portion of the payroll tax from 6.2% to 4.2% for 2011 and extended Alternative Minimum Tax relief for 2010-2011.
Highlights of the Final Tax Cuts and Jobs ActSarah Cuddy
The combined tax reform bill includes plans to lower tax rates on individuals and businesses and change many deductions. Those hoping for tax simplification, however, may be disappointed.
The document discusses tax planning strategies in light of upcoming tax increases and steps business owners can take to reduce their audit risk. It summarizes upcoming changes to individual income tax rates, capital gains tax rates, the payroll tax holiday expiration, provisions of the Affordable Care Act, and the American Taxpayer Relief Act of 2012. It stresses the importance of maintaining thorough financial records supported by source documents to substantiate tax filings and withstand potential audits. Business owners should organize records by year and transaction type and retain them for the applicable statute of limitations.
The American Taxpayer Relief Act of 2012:
1) Allowed Bush-era tax rates to expire for individuals earning over $400,000 and families over $450,000, raising their tax rate to 39.6%;
2) Permanently patched the AMT by increasing exemption amounts; and
3) Provided for a maximum 40% estate tax and $5 million exemption.
It effectively raised taxes for all by not extending a payroll tax cut and delayed mandatory spending cuts. Congress will revisit tax and spending policies when addressing the debt limit in February, with entitlement reforms and the "chained CPI" likely to be controversial topics.
The document provides information on various types of loans available from the Virginia Housing Development Authority (VHDA) for first-time homebuyers. It outlines the basic qualifications, including a maximum income of $97,500 for 1-2 persons or $112,950 for 3+ persons. The process involves three stages: preparation where applicants develop a spending plan and gather documents; pre-approval where credit is checked and an application is submitted; and approval where the loan is finalized if qualified. Key factors reviewed include credit score, loan-to-value ratio, and debt-to-income ratio.
How Policy Review is integrated into the Estate Planning needs of a client. Three Case Studies show how a review of in-force policies is matched to the clients current needs which have changed since the policy was first purchased a number of year ago.
Jan Copley - Red & Blue States Gatheringguestfb519d6
The document discusses community property laws in the United States. It begins with a pop quiz about which states have community property laws and what percentage of the population these states cover. It then provides definitions and examples of separate property and community property earned during marriage. The document discusses how community property laws affect divorce and inheritance, and considers how these laws interact with issues like retirement benefits, insurance policies, domestic partnerships, and same-sex marriage.
This document is an advertisement for David DeCoste's campaign for state representative. It summarizes his positions as being in favor of tax cuts, increased local funding for education, and reforms to immigration and housing laws, while opposed to pensions and perks for elected officials. It encourages voting for David DeCoste on November 4th to have him fighting on your behalf at the state house.
The latest official budget and economic forecast for the next decade from the nonpartisan Congressional Budget Office (CBO), shows national debt rising well past historical norms and warns of serious consequences. Here are the key figures and what they mean.
Reform Repercussions on North Dakota Health Careurcgop
Blue Cross Blue Shield of North Dakota (BCBSND) has several concerns about a potential public option in health reform legislation:
1) A public option paying Medicare rates would be devastating for North Dakota hospitals and providers since Medicare reimbursement rates in the state are already among the lowest in the country.
2) While a public option with negotiated rates claims to negotiate with providers, BCBSND doubts how much influence small North Dakota providers would have given the size of the public option.
3) Proposed mechanisms for states to "opt out" of a public option or trigger one are unclear and may not actually give states meaningful control.
The document discusses the economic consequences of government stimulus and growing debt levels. It argues that Obama's stimulus plans increased dependence on government and debt without creating many jobs. Growing debt obligations from programs like Social Security and Medicare will cause total US debt to increase dramatically in coming decades to over 300% of GDP by 2050. Repaying this debt will require tax increases that will significantly reduce the quality of life for Americans.
Once again, the federal government is running up against the statutory debt limit, which has major implications for the national debt and the U.S. economy. Here’s a basic overview of this critical issue.
What is the Unlimited Marital Estate Tax Deduction in OhioBarry H Zimmer
In this paper, we will look at the unlimited marital estate tax deduction, but we should first explain some things about the federal estate tax from an overview. Learn more about unlimited marital estate tax deduction in Ohio in this presentation.
The letter requests that Governor Inslee convene representatives from housing providers to provide advice on designing a rent relief distribution program for funds allocated by recent federal legislation. The program should pay full unpaid rent and utility bills for affected households, consider current income for eligibility, pay at least 90% of funds directly to housing providers, limit third parties, use existing lender relationships, make direct electronic payments, allow future rent/utility payments if COVID impacts continue, and modify eviction bans to allow eviction of tenants who can pay but aren't. It emphasizes that the law requires payment to housing providers, and state and local governments must work quickly with property owners to ensure resources reach those most in need.
The document summarizes common myths about the national debt and provides facts to address each myth in 1-3 concise sentences. It discusses that while deficits are smaller than during the recession, the debt will still grow substantially without action. It also notes that the longer action is delayed, the greater cuts or tax increases will need to be. Additionally, gradual deficit reduction can help the economy rather than hurt it, and past plans have protected vulnerable groups. The debt issues also cannot be solved solely by cutting waste, taxing wealthier Americans more, or relying on economic growth alone.
$25 billion will be allocated for rental assistance from 2021 through September 2022 for households impacted by Covid-19. The CDC eviction ban will end on January 31, 2021. State and local governments will distribute funds to households making less than 80% of the area median income who are at risk of homelessness or have experienced financial hardship or unemployment due to Covid-19. Housing providers will be paid on behalf of eligible renters unless they refuse payment. Renters or providers can apply for assistance on the renter's behalf if they cosign the application.
The mounting national debt is getting harder for Congress to ignore and lawmakers are turning to us for advice. Committee for a Responsible Federal Budget (CRFB) co-chair Mitch Daniels, Campaign to Fix the Debt co-chair Judd Gregg, and Fix the Debt steering committee and CRFB board member Alice Rivlin testified before the Joint Economic Committee of Congress on the national debt on September 8.
The document discusses the federal estate tax lien that arises upon death and is valid for 10 years. It explains that the commitment to insure may note a potential federal estate tax due if the decedent's estate was within the last 10 years and 30 days. It provides details on how the net value of an estate is calculated for determining if it exceeds the unified credit or basic exclusion amount for that year, below which no federal estate tax would be due. A table of exclusion amounts from 2006 to 2016 is also included.
Seniors who are at least 62 years of age can now obtain a reverse mortgage to purchase a new home, though they will receive 10% less equity than before October 2009 due to decreased home prices. Reverse mortgages allow seniors to use the equity in their homes to receive lump-sum payments, periodic checks, or a line of credit while continuing to live in their homes. When the homeowner dies or moves, the lender is repaid from the sale of the home. The maximum reverse mortgage has increased to $625,000 and origination fees are capped at $6,000.
Andrew has been helping high net individuals with financial planning since 1996. In his career he has been named one of the top 100 financial planners in the United States and he is a 4 Year Winner from Five Star Professionals.
Extension of Tax Cuts, Estate Changes Highlight Final Bill of 2010RobertWBaird
The Tax Relief, Unemployment Insurance Reauthorization and Jobs Creation Act of 2010 extended several expiring tax provisions, including extending the 2001 and 2003 tax cuts through 2012. It also increased the estate tax exemption to $5 million per individual for 2011-2012, reduced the top estate tax rate to 35%, and made the exemption portable between spouses. Additionally, it reduced the employee portion of the payroll tax from 6.2% to 4.2% for 2011 and extended Alternative Minimum Tax relief for 2010-2011.
Highlights of the Final Tax Cuts and Jobs ActSarah Cuddy
The combined tax reform bill includes plans to lower tax rates on individuals and businesses and change many deductions. Those hoping for tax simplification, however, may be disappointed.
The document discusses tax planning strategies in light of upcoming tax increases and steps business owners can take to reduce their audit risk. It summarizes upcoming changes to individual income tax rates, capital gains tax rates, the payroll tax holiday expiration, provisions of the Affordable Care Act, and the American Taxpayer Relief Act of 2012. It stresses the importance of maintaining thorough financial records supported by source documents to substantiate tax filings and withstand potential audits. Business owners should organize records by year and transaction type and retain them for the applicable statute of limitations.
The American Taxpayer Relief Act of 2012:
1) Allowed Bush-era tax rates to expire for individuals earning over $400,000 and families over $450,000, raising their tax rate to 39.6%;
2) Permanently patched the AMT by increasing exemption amounts; and
3) Provided for a maximum 40% estate tax and $5 million exemption.
It effectively raised taxes for all by not extending a payroll tax cut and delayed mandatory spending cuts. Congress will revisit tax and spending policies when addressing the debt limit in February, with entitlement reforms and the "chained CPI" likely to be controversial topics.
Detailed information on the 2010 tax relief act including the benefits for individuals and businesses - provided by Carmel CPA Firm - Hayashi & Wayland.
This newsletter from Cedar Point Financial Services provides information on upcoming interest rate hikes and how they could impact various financial products. It discusses how adjustable rate mortgages, credit cards, and variable rate student loans may be affected if interest rates rise. The newsletter recommends ways for readers to protect themselves, such as refinancing a mortgage, paying down credit card debt, and reviewing student loan terms. It also provides two articles on estate tax reform possibilities and the connection between health and personal finances.
The document provides 30 key points summarizing changes to the new US tax law. Some major changes include doubling the standard deduction, increasing the child tax credit, capping the state and local tax deduction at $10,000, lowering the corporate tax rate to 21%, and eliminating some itemized deductions for moving expenses, tax preparation, and alimony payments. The new law also expands tax breaks for education expenses and increases exemption amounts for the alternative minimum tax and estate tax.
Congress passed legislation to avoid the fiscal cliff by increasing taxes for some high-income individuals and preventing scheduled tax increases and spending cuts. The legislation permanently extends many individual and business tax provisions and temporarily extends others. It also increases estate, gift, and GST tax rates while keeping exemption amounts intact.
This document summarizes the major tax legislation passed in 2010 and how it affects individuals and businesses. Key points include:
- The Tax Relief Act of 2010 extended the Bush-era tax cuts through 2012, keeping income tax rates at 2010 levels.
- It maintained the 15% capital gains and dividend tax rates and increased estate tax exemptions to $5 million through 2012.
- Business provisions like bonus depreciation deductions and R&D tax credits were also extended through 2011.
- The Social Security payroll tax was reduced to 4.2% for employees for 2011 only. Medicare taxes increased for high-income individuals starting in 2013.
- Incentives like section 179 expensing were increased
What is the "fiscal cliff"? It's the term being used by many to describe the unique combination of tax
increases and spending cuts scheduled to go into effect on January 1, 2013.
Attached is an excellent, easy to read newsletter summarizing the important changes, legislative extensions, and issues relating to your individual tax return for 2009 and beyond. Please read it well before 12/31 as there are items that need to be considered or acted upon before the end of this year to take full advantage of the legislation. It’s the best one I’ve come across. Its current and includes some commentary, planning suggestions, and even some health care issues as they relate to your taxes.
I will later post a copy of year end letters for both businesses and individuals that my clients receive.
If you should have any questions at this time on any of these items, please contact me anytime.
Thanks
Wally Wleklinski
The new estate tax rules and your estate planForman Bay LLC
The new estate tax rules under the 2010 Tax Act significantly increased the gift and estate tax exemption amount to $5 million indexed for inflation in 2012 ($5.12 million). This allows married couples to transfer up to $10.24 million gift and estate tax-free. Additionally, the deceased spouse's unused exemption can be transferred or "ported" to the surviving spouse. However, these changes are only temporary and are set to expire after 2012 absent further legislation. Estate plans will need to be reviewed to ensure they still carry out the original intentions under the new higher exemption amounts.
The new estate tax rules under the 2010 Tax Act provide a larger exemption amount of $5 million indexed for inflation in 2012 to $5.12 million. This allows married couples to transfer up to $10.24 million gift and estate tax free. Additionally, any unused exemption of a deceased spouse can be transferred to the surviving spouse. However, these changes are only temporary and set to expire after 2012 absent further legislation. Estate planners should review plans to ensure client intentions are still met and consider wealth transfer strategies like gifting up to the increased exemption amount while it lasts.
The document summarizes the new estate tax rules under the 2010 Tax Act and how they may impact estate planning. Key points include:
- The estate tax exemption has increased to $5.12 million per person and is portable between spouses. This allows married couples to transfer up to $10.24 million tax-free.
- Existing estate plans using credit shelter trusts may no longer achieve their objectives due to the higher exemption amount. Plans will need to be reviewed.
- The higher exemption provides an opportunity for significant gift giving in 2012 to reduce the overall estate and take advantage of gift tax exclusion. However, the changes are only temporary and rules are set to revert in 2013 absent new legislation.
The new estate tax rules under the 2010 Tax Act provide a larger exemption amount of $5 million indexed for inflation in 2012 to $5.12 million. This allows married couples to transfer up to $10.24 million gift and estate tax free. Additionally, any unused exemption of a deceased spouse can be transferred to the surviving spouse. However, these changes are only temporary and set to expire after 2012 absent further legislation. Estate planners should review plans to ensure client intentions are still met and consider additional wealth transfer strategies like gifting up to the increased exemption amount while it lasts.
The document summarizes the key estate tax law changes under the 2010 Tax Act and their implications for estate planning. Specifically, it notes that the estate and gift tax exemption has increased to $5.12 million per person and this exemption is now portable between spouses. This allows married couples to transfer up to $10.24 million without taxes. However, these changes are only temporary and will expire after 2012 without further legislation. The document recommends reviewing estate plans and considering wealth transfer strategies like gifting before the end of 2012 to take advantage of the higher exemptions.
The new estate tax rules under the 2010 Tax Act provide a larger exemption amount of $5 million indexed for inflation in 2012 to $5.12 million. This allows married couples to transfer up to $10.24 million gift and estate tax free. Additionally, any unused exemption of a deceased spouse can be transferred to the surviving spouse. However, these changes are only temporary and set to expire after 2012 absent further legislation. Estate planners should review plans to ensure client intentions are still met and consider additional wealth transfer strategies like gifting up to the increased exemption amount while it lasts.
The new estate tax rules and your estate planDamon Roberts
The document summarizes the major changes to estate tax laws under the 2010 Tax Act and how those changes may impact estate planning. Key points include: the estate tax exemption has increased to $5.12 million per person and is portable between spouses; the increased exemption allows married couples to transfer up to $10.24 million gift and estate tax-free; and the changes provide an opportunity for increased gifting to reduce estate size and transfer wealth to heirs while avoiding taxes. However, the changes are temporary and scheduled to expire after 2012 absent further legislation.
The document summarizes the new estate tax rules under the 2010 Tax Act and how they may impact estate planning. Key points include:
- The estate tax exemption has increased to $5.12 million per person and is portable between spouses. This allows married couples to transfer up to $10.24 million tax-free.
- Existing estate plans using credit shelter trusts may no longer achieve their objectives due to the higher exemption amount. Plans will need to be reviewed.
- The higher exemption provides an opportunity for significant gift giving in 2012 to reduce the overall estate and take advantage of gift tax exclusion.
The document summarizes the key estate tax law changes under the 2010 Tax Act and their implications for estate planning. Specifically, it notes that the estate and gift tax exemption has increased to $5.12 million per person and this exemption is now portable between spouses. This allows married couples to transfer up to $10.24 million without taxes. However, these changes are only temporary and will expire after 2012 without further legislation. The document recommends reviewing estate plans and considering wealth transfer strategies like gifting before the end of 2012.
Similar to NAR: Real Estate Provisions in Fiscal Cliff Bil (20)
🏡 Attention Sellers in Feeding Hills, MA 01030! 🏡 This is your real estate ma...Lesley Lambert
🏡 Attention Sellers in Feeding Hills, MA 01030! 🏡
📅 June 2023 Market Update 📅
✨ Lesley Lambert, REALTOR® at Park Square Realty, here to provide you with the latest market trends! ✨
📊 Currently, Feeding Hills has a 1.07 Months Supply of Inventory, indicating a strong seller's market. This means your home could sell quickly! 🏠
📉 Over the last 12 months, Months Supply of Inventory has decreased by an impressive -45.13%. This suggests a high demand for homes in the area. 📈
💰 The List to Sold Price percentage is at a remarkable 103.9%. This indicates that homes in Feeding Hills are selling close to or even above their list price. 💲
⏰ The median days on market is just 15 days, which means properties are selling fast! ⚡️
💵 The median sold price in Feeding Hills is currently $385,000. This shows a strong and stable market for sellers. 💪
🔍 If you're considering selling your home, now is a fantastic time to take advantage of these market conditions. Contact me, Lesley Lambert, your trusted REALTOR®, to discuss how to maximize the value of your home in this competitive market. 📞413-575-3611
🌟 Don't miss out on this opportunity! Let's work together to make your real estate goals a reality. 🌟
#FeedingHillsRealEstate #MarketUpdate #SellersMarket #LesleyLambertRealtor #ParkSquareRealty
Real Estate Market Trends for Southwick, MA July 2023 by Lesley Lambert, Sout...Lesley Lambert
🏡📈📊 Exciting Real Estate Market Update in Southwick, MA! 📊📈🏡
👉 Hello Sellers! Lesley Lambert, REALTOR® from Park Square Realty here, bringing you the latest market trends in Southwick, MA. Stay informed, make the right moves, and maximize your selling potential! Let's dive in! 👇
📅 Date: June 2023
🔎 Did you know? Currently, Southwick, MA has a low inventory with only 1.57 Months Supply of Inventory. But wait, there's more! Over the last 12 months, Months Supply of Inventory has experienced a significant decrease of -35.66%! This means the market is heating up, creating more opportunities for sellers like you! 🔥
💲💯 Speaking of opportunities, the List to Sold Price percentage is a remarkable 100.6%! This indicates that homes in Southwick are selling close to or even above the listing price. It's an excellent time to maximize your investment and get the most out of your property! 💰💪
⏳ On average, homes in Southwick are spending just 22 days on the market before being sold. This median days on market indicator highlights the high demand and fast-paced nature of the current real estate scene. Act swiftly, and let's get your home sold in no time! 🚀⌛
📈💵 Lastly, the Median Sold Price in Southwick is $537,950. This figure represents the midpoint of all home sales in the area. Keep in mind that every property is unique, and factors like location, size, and condition can influence the final sale price. Let's work together to determine the best value for your home! 💼💰
🤝💼 Ready to make a move? Whether you're upsizing, downsizing, or simply looking for a change, I'm here to guide you through the dynamic Southwick, MA real estate market. Contact me, Lesley Lambert, your trusted REALTOR®, at Park Square Realty, and let's discuss your selling goals today! 📞🗝️
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Here are some statistics from the end of July 2022 on the status of the real estate market in Westfield, Massachusetts 01085. Provided by Lesley Lambert, Westfield REALTOR with Park Square Realty. 413-575-3611
www.westernmahomes.net
5 Ways to Write a Winning Offer in Today’s Real Estate Market in Western Mass...Lesley Lambert
Fortunately, if you’re a buyer struggling to find a home in Western Massachusetts, I have some good news. While it’s true that higher mortgage rates can decrease your purchasing budget, there are additional ways to compete in a hot market.
For the last number of decades, the real estate market has been broken down into seasons with spring reigning as the best time to sell a home. Traditionally, that’s how it’s been. But there’s a big shift happening now.
Recent years have seen that seasonality blur as more and more people decide to buy or sell a home no matter what time of year it is.
What we do know is that while we’ll probably see more homes hit the market this spring, supply is still too low to keep up with demand.
So, even if more homes do come on the market compared to previous months, there are plenty of willing and ready buyers waiting on the sidelines to scoop them up.
Full story at: www.westernmahomes.net
Southwick, MA 01077 Real Estate Market Report | November 2021 | Lesley Lamber...Lesley Lambert
The document provides a real estate market report for Southwick, Massachusetts in November 2021. It includes statistics on estimated home values such as the median value of $355k, percent changes in value over various time periods, sales price data with a median of $400k for the past six months. It also gives information on new and pending listings including median listing prices.
Could Rising Home Prices in Western Massachusetts Impact Your Net Worth?Lesley Lambert
Could Rising Home Prices in Western Massachusetts Impact Your Net Worth?
Read this and request a copy of the worksheet to determine the impact of Western MA real estate prices on your personal net worth.
www.westernmahomes.net
Lesley Lambert, Western MA REALTOR with Park Square Realty
413-575-3611
Open House at Stoney Hill Condominiums - 419 Southwick Rd, C10, condo for saleLesley Lambert
Visit the beautiful grounds of Stoney Hill Condominiums and tour this condominium for sale at 419 Southwick Road, C10, Westfield, MA. Open Sunday August 11, 2019 from 1-2:30pm. Represented by Westfield REALTOR, Lesley Lambert with Park Square Realty 413-575-3611
Westfield, MA 01085 Real Estate Market Report March 2018Lesley Lambert
Lesley Lambert, Westfield REALTOR with Park Square Realty offers this real estate market report for March 2018. Learn what is happening in Westfield's real estate market. Prepared by Lesley Lambert, Westfield REALTOR.
Southwick, MA 01077 Real Estate Market Report by Lesley Lambert, Southwick RE...Lesley Lambert
Get the updated information on the real estate market in Southwick, MA 01077 prepared by Southwick REALTOR, Lesley Lambert with Park Square Realty.
www.westernmahomes.net
Do you want to pay your landlord's mortgage or your OWN?
Did you know that you could possibly own a home for less than you are paying in rent?
It is TRUE and I can help!
Lesley Lambert, Western MA REALTOR with Park Square Realty
413-575-3611
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Top 5 Home Design Trends of 2017 in Western MA and beyond!Lesley Lambert
The current trends are all about utilizing rich color, maximizing texture and creating comfortable interiors you can’t wait to relax in. Use these trends to get inspired to makeover your home’s interiors and create spaces you love that also appeal to your personal style. Remember, if you plan to sell in the next few years, you may want to avoid doing anything dramatic and instead incorporate small changes that would appeal to buyers.
www.westernmahomes.net
#westernma #westernmass #realestate #design #renovations #lesleylambert #parksquarerealty #homeimprovements
Southwick, MA 01077 - NEIGHBORHOOD REPORT - May 2017Lesley Lambert
Get the current housing statistics, sales history, population information, economic statistics. quality of life and more on the town of Southwick, MA 01077
www.westernmahomes.net
#southwick #westernma #westernmass #realestate
Westfield, MA 01077 NEIGHBORHOOD REPORT May 2017Lesley Lambert
Get the current housing statistics, sales history, population information, economic statistics. quality of life and more on the City of Westfield, MA 01085
www.westernmahomes.net
#westfield #westernma #westernmass #realestate
Stoney Hill Condominiums, Westfield MA Active Listings April 2017Lesley Lambert
As of April 14, 2017 there are five condominiums available for sale in Stoney Hill Condominiums at 419 Southwick Rd, Westfield, MA 01085. The units range in style: one ranch style, three Cape style townhouses and one Gambrel style townhouse.
#stoneyhill #condominiums #westernma #westfield #realestate #forsale
Westfield, MA 01085 Real Estate Market Report January / February 2017Lesley Lambert
The document provides a real estate market report for Westfield, MA for January/February 2017. It includes data on median home sales prices, housing inventory, and demographic information for the area. Charts show trends in home values, sales, listings, and other housing and economic data for the neighborhood. The report also provides details on 20 newly listed properties on the market.
459 Springdale Rd, Westfield, MA 01085 Open HouseLesley Lambert
First chance to view this great new home for sale in Westfield, MA is at the open house January 21 1-2:30pm. Hosted by Lesley Lambert, Westfield REALTOR with Park Square Realty.
459Springdale.TheBestListing.com
#westfield #westernma #realestate
Mid Year Real Estate Market Report - Westfield, MA 01085 Lesley Lambert
Are you curious about the real estate market in Westfield, MA 01085? Lesley Lambert, Western MA REALTOR with Park Square Realty in Westfield has compiled a mid year real estate market report for the residents of Westfield, MA.
If you are considering making a real estate move in Westfield, let Lesley assist you! She is the top agent at the Park Square Realty Westfield office and a 28 year real estate professional!
www.westernmahomes.net #westfield #westernma #realestate
Horse lovers, take note! Acreage, house, garage & barn for sale! 109 Sackett ...Lesley Lambert
109 Sackett Road, Westfield, MA 01085 is a house filled with updates and upgrades set on 6.3 acres of level land with an oversized 2 car garage & loft and a beautiful barn.
www.westernmahomes.net
#westernma #realestate #westfield #horseproperty
As the festive season approaches, there are several compelling reasons why this is the best time to consider buying property in Indore.
Indore, often called the "Mini Mumbai" of India, has witnessed remarkable growth in recent years, making it an attractive destination for property investment.
With its booming economy, well-planned infrastructure, and cultural diversity, Indore has become a hub for real estate development. As the festive season approaches, there are several compelling reasons why this is the best time to consider buying property in Indore.
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Homes in Cumbria Presentation to assist youAskXX.com
Comprehensive Description of Homes in Cumbria Presentation
The "Homes in Cumbria" presentation provides an in-depth look at the real estate market in Cumbria, covering a wide range of topics relevant to prospective buyers and sellers. The presentation aims to explore various types of properties, property values, popular areas, and amenities, as well as offer guidance on selling properties and address frequently asked questions.
Welcome to Property in Cumbria
The introduction sets the stage by highlighting Cumbria's natural beauty and diverse property market. It outlines the main topics to be covered: property types, values, areas, amenities, FAQs, and tips for selling properties.
Presentation Overview
This section provides an overview of the entire presentation, detailing what the audience can expect. It introduces the types of properties available, property values in different areas, answers to common questions, and tips on selling property in Cumbria.
Property Types
Cumbria offers a wide range of property types, each catering to different preferences and lifestyles. This section dives into the specifics of each type:
Houses: Ranging from traditional cottages to modern mansions, houses in Cumbria come in various architectural styles including Tudor, Gothic, Victorian, and Arts and Crafts.
Flats: Ideal for those seeking low-maintenance living, flats range from compact studio flats to luxurious apartments with high-end amenities.
Bungalows: Single-story living spaces that are particularly suited for easy access and mobility, available in styles such as California, Craftsman, and English bungalows.
Farms: Offering a unique country living experience, farms in Cumbria range from smallholdings to large estates, with types including dairy farms, sheep farms, and crop farms.
Houses
This section provides a detailed look at the different types of houses in Cumbria:
Traditional Cottages: Often dating back to the 18th and 19th centuries, these homes feature stone or brick exteriors and thatched or slate roofs.
Modern Mansions: These houses boast large windows, open floor plans, and amenities like swimming pools and home theaters.
Architectural Designs: A variety of architectural styles are highlighted, each with unique features and characteristics.
Flats
Flats are a popular choice for those looking for convenience and low-maintenance living. This section covers:
Studio Flats: Compact and designed for simple living, ideal for young professionals and single individuals.
One-Bedroom Flats: Suitable for couples and small families, offering more space than studio flats.
Luxury Flats: High-end living spaces with premium amenities such as swimming pools, gyms, and concierge services.
Bungalows
Bungalows are explored in detail, highlighting their appeal for those seeking single-story living. Types of bungalows discussed include California bungalows, Craftsman bungalows, and English bungalows, each with distinctive design elements.
Here we will discuss the real estate investment checklist that will help you make an informed decision when investing in Indore.
Real estate investment is a popular way to grow your wealth and secure your financial future. It involves buying, owning, and managing a property for the purpose of generating income or appreciation.
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1. NAR Issue Brief
Real Estate Provisions in “Fiscal Cliff” Bill
On January 1, 2013 the Senate and House passed H.R. 8, legislation to avert the “fiscal cliff,” the bill will be
signed by President Barack Obama on January 2, 2013.
Below are a summary of real estate related provisions in the bill.
Real Estate Tax Extenders
Mortgage Cancellation Relief is extended for one year to January 1, 2014
Deduction for Mortgage Insurance Premiums for filers making below $110,000 is extended
through 2013 and made retroactive to cover 2012
Leasehold Improvements: the 15 year straight-line cost recovery for qualified leasehold
improvements on commercial properties is extended through 2013 and made retroactive to cover
2012.
Energy Efficiency Tax Credit: the 10% tax credit (up to $500) for homeowners for energy
efficiency improvements to existing homes is extended through 2013 and made retroactive to
cover 2012.
Return of the “Pease” limitations on itemized deductions for high income filers
Under the agreement so called “Pease Limitations” that reduce the value of itemized deductions are
permanently repealed for most taxpayers but will be reinstituted for high income filers.
“Pease” limitations will only apply to individuals earning more than $250,000 and joint filers earning above
$300,000. The thresholds are indexed for inflation so will rise over time.
Under the formula, filers gradually lose the value of their total itemized deductions up to a total of a 20%
reduction.
First enacted in 1990, and named for the Ohio Congressman Don Pease who came up with the idea, the
limitations continued throughout the Clinton years. The limitations were gradually phased out starting in
2003 and were completely eliminated in 2010-2012. NAR has never had an official position on Pease
limitations. The reinstitution of these limits has far less impact on the mortgage interest deduction than a
hard dollar deduction cap, percentage deduction cap, or reduction of the amount of MID that can be
claimed.
Capital Gains
Capital Gains rate stays at 15% for those the top rate of $400,000 individual and $450,000 joint
return. After that, any gains above those amounts will be taxed at 20%. The 250/500k exclusion for sale of
principle residence remains in place.
Estate Tax
The first $5 million dollars in individual estates and $10 million for family estates are now exempted from
the estate tax. After that the rate will be 40 percent, up from 35 percent. The exemption amounts are
indexed for inflation.