529 savings plan

Using a 529 Savings Plan in Your Estate Plan

Have you ever heard of a 529 savings plan? If so, you probably heard that it can be a great way to save for a child’s or a grandchild’s educational expenses. The name for this tax-advantaged investment vehicle comes from the Internal Revenue Code section that authorizes them. 529 savings plan provides a way for…

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Proving The Old Adage Right

“In this world nothing can be said to be certain, except death and taxes.” -Benjamin Franklin Truer words have never been spoken, and it is the intersection of these two certainties that leads to many a headache and oftentimes heartache. Working with an experienced attorney can help ensure that all the taxes owed are paid…

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Living In A Tax Deduction

You have probably heard about how Hugh Hefner sold the Playboy Mansion but retained the right to live there until he dies. And you might have read that Zsa Zsa Gabor did something similar since to her famous estate, leaving her (ninth) husband, Frédéric Prinz von Anhalt, homeless when she died. But did you know…

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Estate Planning Lessons from Joan Rivers

Many of us like to make an entrance.  But, some of us, like recently passed Joan Rivers, want to make an exit.  When referring to an exit, we mean a final exit, or a funeral.  Rivers wanted her funeral to be Hollywood affair. She wanted a flashy, star-studded event, a Valentino gown and even a…

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2013 Estate Tax & Gift Update

Once you’re worth more than a certain amount, your estate will have to pay estate taxes upon your death. Under the 2010 tax law, each spouse can transfer up to $5 million tax-free during life or at death. The tax rate for amounts transferred over the exemption was 35%. If Congress had not acted, the…

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2011 Estate and Gift Tax Update

2011 Estate Tax Update In December of 2010,  President Obama has reached a deal with Republicans on the status of the estate tax for 2011 and 2012.  The highlights of the bill include The estate tax exemption for individuals is now 5 million dollars.  This is up from 3.5 million in 2009 and $600,000 in 2000…

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Summary of Estate Tax Law 2009-2011

Federal Estate Taxes are a subject of much controversey and as of this writing in a state of flux.  In 2001, a new estate tax law was enacted with a goal of eventually eliminating the estate tax beginning in 2010. 2010 is the last year of the law and if a new law is not enacted…

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