Aretha Franklin died intestate. Intestacy has definite drawbacks. Read on to see what this means for her family, financially and in other ways. Aretha was the Queen of Soul, but her lack of planning caused consequences she did not consider. Aretha Franklin Died Intestate: What Does It Mean for Her Family? … [Read more...]
2015 Budget Proposal Would Impact Estate Tax
According to a recent article that is appearing on the Forbes website, the White House has just released its proposed 2015 budget. Some of the provisions are very relevant for those who are exposed to the federal estate tax and the gift tax. … [Read more...]
Can I Give Tax-Free Gifts to My Children?
You may be surprised to hear that the gifts that you give are technically taxable. The reason why you are not faced with a tax bill every time that you give someone a birthday gift is because there are exclusions. Let's take a look at these gift tax exclusions. … [Read more...]
What Do You Know About Transfer Taxes?
The goal for many is financial success. Of course, the fruition of this goal will lead to significant rewards. However, quite ironically there are potential penalties that go along with these rewards. When we are talking about penalties we are referring to federal transfer taxes. Though the powers that be would not technically define these taxes as penalties, many can't help but see it that way. … [Read more...]
How To Give Gifts Tax Free
We’ve all heard about the federal estate tax. And you’ve probably also heard that Congress passed a $5.25 million exclusion. But did you also know that there’s a federal gift tax as well? And more importantly, that the monetary gifts you give could affect how much of your estate is exempt from taxes at your death? … [Read more...]
Tax Efficient Giving: Action Required Before End of Year
You have to be ready to take action when it is necessary if you want to preserve your wealth for future generations. With this in mind you may want to take advantage of a unique opportunity that exists for the rest of this year. The federal estate tax is unified with the gift tax, and there is a combined $5.12 million lifetime exclusion. That is, there is an exemption of this amount in place for the remainder of this year. … [Read more...]
The Tax Consequences of Gifting
Oklahoma City estate planning lawyers are frequently asked questions about gifting strategies. It is logical to consider making gifts to people who are on your inheritance list while you are still alive, but you have to understand the tax consequences. First off let's look at the recipient of the gift. If you give your son a $30,000 gift during a single calendar year does he have to pay income tax on this influx of money? … [Read more...]
Tax Not Applicable to Gifts of Tuition, Medical Expenses
You may not be aware of it, but gifts that you give to others are taxable. With that said, there is a $13,000 annual exemption that allows you to make gifts totaling this amount, to any number of people, tax-free. Other than that just about all gifts are taxable. … [Read more...]
Political Discourse May Provide Estate Tax Clues
We are faced with some haziness this year when it comes to the estate tax parameters. The current lay of the land is scheduled to change radically at the end of this year if no new legislation is passed to alter the existing trajectory. However, since we are in an election year, taxes will be a topic of debate. The political discourse may provide us with some clues with regard to what we may expect from the estate tax going forward. … [Read more...]
2012 Provides Gifting Opportunity
There is an ever-changing landscape out there and things that take place on an ongoing basis could have a big impact on your legacy. With this in mind, there is a limited opportunity available during 2012 to make significant gifts in a tax-free manner before it may be too late. … [Read more...]
