WASHINGTON — For tax year 2014, the Internal Revenue Service has announced annual inflation adjustments for more than 40 tax provisions, including the tax rate schedules, and other tax changes. Revenue Procedure 2013-35 provides details about these annual adjustments. The tax items for tax year 2014 of greatest interest to most taxpayers include the following dollar amounts. Read More . . .
This is the seventh of a multi-part series by Attorney Lisa L. Halbert about the reasons for estate planning and the need to periodically review your existing estate plan. Read More . . .
Lisa L. Halbert, Trust & Estate Attorney
Bacon Wilson, P.C., Northampton, MA
Choosing people (agents) to make your medical and financial decisions under a health care proxy and durable power of attorney are important considerations. It is imperative to choose someone you trust and someone who knows you well enough to be able to “stand in your shoes” and make decisions that you would make. Remember, your agent should be making decisions based upon how you would act, not how they would act personally. Read More . . .
Todd Ratner, Trust & Estate Attorney
Bacon Wilson, P.C., Springfield, MA
Ninety percent of family inheritance is often lost within just three generations, according to the Wall Street Journal (Lost Inheritance). By the end of the second generation — to be clear, that’s after your children have passed away — you can expect 70% to be gone.
This bodes particularly ill for the massive wealth transfer of the baby boomers, who are set to inherit $7.6 trillion — equivalent to the GDP of China — over their lifetimes, mostly in their later years. Read More . . .
Randy Fisher, Trust & Estate Attorney
Fisher Law Office, Annapolis, Maryland
Estate Planning For The 99%
Deborah L. Jacobs - forbes.com (01/19/2014)
Estate Planning Opportunities For Same-Sex Couples UPDATE – IRS Adopts State Of Celebration Rule
Robert Stern & Stephanie Sanderson-Braem - metrocorpcounsel.com (01/24/2014)
The problem with probate
Robert Schwartz - TCpalm (01/23/2014)
How a CRT Can Help Defer and Reduce the Impact of ATRA
Stephen C. Hartnett - aaepa.com (01/22/2014)
Ron Aucutt’s "Top Ten" Estate Planning and Estate Tax Developments of 2013
Ronald D. Aucutt - Mondaq (01/02/2014)
What will become of your forest land when you are gone?
Zoe Hoyle - Agri-View (01/01/2014)