The Fiscal Cliff and the Estate Tax

Posted by on Nov 7, 2012 in Estate Planning, News | 0 comments With the re-election of President Obama and the House of Representatives remaining in the hands of the Republicans, there are some pressing issues that must be addressed.  One of which is the fiscal cliff.  The situation is this, the tax cuts that were enacted by President Bush and extended under President Obama are set to expire on December 31, 2012.  This includes income tax cuts as well as...
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WHAT HAPPENS TO YOUR DIGITAL ESTATE?

Posted by on Oct 5, 2012 in Estate Planning, News | 0 comments Digital assets can include your social media accounts, as well as your ITunes account, etc.  Many people plan for the physical assets but give little consideration to their digital assets.  Perhaps all of your photos are in digital form and uploaded to a website.  Many people would like their family to have those photos after their death.  What about your Facebook page, what happens with...
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Does California Have an Estate Tax?

Posted by on Oct 2, 2012 in Estate Planning, News | 1 comment Prior to 2004 California had what was called a “pick-up” tax.  Basically, the tax was on estates in an amount that was credited on the federal estate tax return.  However, under the Economic Growth and Tax Relief Reconciliation Act (EGTRRA), the state tax credit was phased out.  California along with many other states chose not to reform their estate tax and allowed the “decoupling” to...
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A Nevada Recluse Dies with $7 million in Gold and No Will

Posted by on Sep 20, 2012 in Estate Planning, News | 0 comments A man named Walter Samasko, Jr. died in his home about a month ago.  Nevada officials responded to the call that there was a foul smell coming from his residence.  It was then that the discovered he had died.  However, when they went to the garage they discovered something else.  There were $7 million in gold bars and coins in the garage.  According to neighbors, Walter did not trust the...
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ESTATE TAX 2013: THE RANCHER’S PERSPECTIVE

Posted by on Sep 19, 2012 in Estate Planning, News | 0 comments The National Cattleman’s Beef Association (NCBA) went to Capitol Hill to explain the burdens the estate tax places on them, and the added burden of uncertainty for the future.  As I have previously discussed, the current estate tax rates are set to expire on January 1, 2013.  The expiration would reduce the exemption amount and increase the rate structure, as high as 55%.  The NCBA went...
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ESTATE PLANNING: LIFE INSURANCE

Posted by on Sep 19, 2012 in Estate Planning, News | 0 comments Many estate plans feature life insurance.  The goal of using life insurance is two parts.  First, the death benefit can replace the lost earnings of the deceased.  Second, it can provide liquidity to an otherwise illiquid estate.  I have heard from many people say “life insurance is non-taxable”.  This is an oversimplification.  First, many people are not in a taxable estate to...
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