ESTATE TAX REPEAL AND CHANGE IN STEP-UP AT DEATH ‘BASIS’ RULES: THESE CHANGES AFFECT EVERYONE’S ESTATE PLAN
In 2001 we informed all of our clients about the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) signed by President George W. Bush. Since then we have watched as time has marched on with incremental changes in the estate tax area. However, we always believed that we would never get to January 1, 2010 and the complete repeal of the estate tax as we have known it for the last generation. Well, guess what? We, and all of the rest of the estate tax planning community, were wrong! What a mess Congress has created! We now find ...
Death of the Estate Tax Greatly Exaggerated
The estate tax can be a disaster for small businesses and high worth individuals. For businesses, when a primary owner dies and the government puts its hand out for 45% of the total value of that person’s estate, the result is often that the small business is forced to sell to outsiders just to pay the tax. For high worth individuals, a life’s worth of hard earned wealth goes to Uncle Sam. As you may know, however, the Estate Tax is scheduled to “lapse” in 2010. In other words, the exemption to the tax, currently $3.5 million per individual with a ...
Software Piracy: What Businesses Don’t Know That Could Hurt Them…
Software Piracy Could Force Your Business to Walk the Plank Are you completely sure that you have the proper licenses for every piece of software used on every computer at your office? Is it possible that an employee is operating pirated software on an office computer? A software license audit can come from out of the blue and do serious financial and reputational damage to a company. Rick Quinlivan knows how to prevent your business from running into software licensing problems and the serious issues that can result, including criminal penalties and hefty fines of up to $150,000. Ironically, while most people ...
Doctors Work Hard for What They Earn; Planning Ahead Can Preserve that Wealth
These are uncertain economic times that we live in. In times like these, many who believed their wealth was secure learn all too late that it was not. Whether it be creditors, the government or an estranged spouse, there are many ways for someone to lose what they’ve worked hard to earn and doctors are no exception. In fact, doctors face some unique and complex challenges to protecting their wealth. They are taxed at a higher rate. They face a high risk of malpractice and other lawsuit liability. They face a high cost of living. They deal more and more ...
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