“Who is rich? He who is happy with his lot.” – Pirkei Avos (4:1) At my seminars on the New Tax Act, I told the audiences about the unprecedented estate planning opportunity over the next two years of making gifts. The Estate Tax, Gift Tax and Generation-Skipping Tax exemptions are all at $5 million. For… Read More
Caring for a parent or other relative takes both time and money. There are several tax provisions that can help you save money when providing this type of care. Additional Exemption If you are supporting an elderly parent or other qualifying person, you may be able to claim him or her on your tax return… Read More
Thank you to Atty Charles Rubin who posted about the news from the IRS on his blog: Rubin on Tax. Here is the IRS publication: click here Rubin says: Some things are fairly clear from the website information, and some things are not. As far as what is clear: a. The Form 8939 for allocating… Read More
Open publication – Free publishing – More tax
The new tax law enacted in December 2010 raised the federal estate and gift tax exemption to $5 million and extended the “Bush tax cuts” temporarily for two years – 2011 and 2012. Another much-touted feature of the new law is the “portability” of the federal estate tax exemption. “Portable” means easily carried or transferred,… Read More