Generally, Section 6501(a) of the Internal Revenue Code provides that the IRS may only make an assessment of tax within 3 years of the filing of a return. Where no return is filed, however, the IRS is not constrained by the 3 year limitations period and can assess a tax at any time. The IRS [...]
We previously posted on planning strategies that work really well in this current low interest rate environment. In that post, we discussed the grantor retained annuity trust (“GRAT”). In summation, a GRAT pays an annuity to the grantor for a specified term of years (the “retained interest”) with the balance at the end of the [...]
Last year was a unique year for estate planners. The estate, gift and generation-skipping transfer (GST) tax exemptions were at $5,120,000, which were (at that time) the highest levels in history. These record exemptions were scheduled to expire at midnight on December 31, 2012 and revert back to gift and estate tax exemptions of $1,000,000 [...]
Dean Mead’s Estate & Succession Planning department kicked-off the 2013 Estate Planning Seminar Series with a timely presentation on March 13 in front of nearly 90 attendees at the Orange County Bar Association in Orlando. The presentation featured Dean Mead attorneys, Lauren Detzel, Matt Ahearn, David Akins and Brian Malec. The program was titled: “Estate Planning [...]
The American Taxpayer Relief Act of 2012 (ATRA) ends a tectonic shift in estate planning that began many years ago with the 2001 Bush tax cuts. ATRA now provides every taxpayer with a $5 million estate tax exemption, adjusted annually (since 2011) for increases in the cost of living, and a top estate tax rate [...]
Reed Bloodworth Authors Article “A Separate Writing: Devising Tangible Personal Property Outside a Will”
As far back as you can remember, you shared your father’s passion for cars. You spent countless hours with him restoring old, collectable muscle cars and those are some of your most precious memories. Your father always told you that he was leaving his 1966 Corvette to you after he passed and your step-mother knew [...]
Dean Mead tax attorney Brad Gould recently published an article in the St. Lucie News Tribune regarding how the American Taxpayer Relief Act of 2012 provides a degree of certainty to small business owners.
Last night, the House of Representatives passed the American Taxpayer Relief Act of 2012 (H.R. 8) without amendment. The Senate passed the bill on December 31, 2012. The bill will become law once it is signed by President Obama. For a brief overview of the bill, please see our earlier discussion here.