Michael A. Manna & Associates
Toll Free: 866-678-0459
Phone: 201-345-3018
Toll Free: 866-678-0459
Phone: 201-345-3018

Let our attorneys provide the legal help Your Family Deserves

Case Evaluation Form

December 2010 Archives

It's Never Too Early to Start Planning for the Future

The beginning of a new year is a natural time to look out and think about what the future has in store for you and your family. For those with young or newborn children, the immediate future may include lack of sleep, warming bottles, plenty of diaper changes, and little time for much else; but the long-term future needs a little attending to as well.

Passage of Tax Bill Provides Some Clarity for Estate Planning

After months of speculation on what would happen regarding the estate tax, Congress finally passed an extension of the 2001 tax cuts and provided some guidance as to the future of the estate tax. As we have discussed before, the estate tax had disappeared completely in 2010, but was scheduled to come back in 2011with higher tax rates and lower exemption levels than had been in effect in 2009.

Taking Care of Four-Legged Loved Ones Takes Careful Planning

The purpose of estate planning is to take care of those we leave behind and provide an orderly plan for carrying out our wishes. One aspect of creating that plan that many of us forget about is taking care of our pets. To some it may sound rather silly to talk about estate planning for pets, but for those who treat their dog or cat as part of the family, making sure they are properly cared for can be very important.

Giving Away Assets and Making Gifts, Part 3

In our last few posts, we discussed some methods and tools that can be used by individuals that want to pass their wealth on to others while minimizing tax consequences and protecting the value of their assets. In this post, we will conclude that discussion by talking about a few other estate planning and asset protection strategies.

Giving Away Assets and Making Gifts, Part 2

In our last post, we discussed some of the basics about making gifts as part of your estate plan. In this post, we will discuss a couple of other estate planning tools that can also be used to help you distribute and protect your assets while minimizing the tax consequences.

Strategy is Key in Giving Away Assets and Making Gifts

A large part of effective estate planning is creating a strategy that will protect your assets while allowing you to pass them on to your heirs. One of the most effective ways to accomplish these goals is to give those assets away. Of course, accomplishing your goals while giving assets away is not always as simple as mailing a check or signing over a title, it requires strategic planning.

Updating and Revising an Estate Planning Crucial

Dealing with estate planning issues is difficult for many people. Whether they feel intimidated by the perceived complexity of the matter, or they just don't want to discuss issues of death, many people will put estate planning off as long as possible. Fortunately, if you are reading this, you probably understand how important it is to make estate plans. However, what you might not realize is how important it is to keep those estate plans updated and properly implemented.

Don't Forget Your IRA Withdrawals This Year

As we approach the end of the year, it is time to make sure all of your retirement and estate planning tools are up to date and working for you. One item that may have slipped many peoples' minds is taking any required IRA withdrawal. It is important to make sure you take a withdrawal because the failure to do some could result in some harsh tax-related consequences - namely a 50% tax on the amount you were supposed to withdraw from the account.

The Year Without an Estate Tax Draws to a Close, Part II

In our last post, we discussed the estate tax and how it is scheduled to come back into existence in 2011, albeit with rates far higher than when we last saw it. In this post, we wanted to discuss a few of the tools that an individual might use to reduce the impact the estate tax may have on his or her surviving family members.

The Year Without an Estate Tax Draws to a Close

As we have previously discussed, the year of 2010 has been somewhat unusual in that the federal estate tax disappeared completely under legislation that was enacted earlier this decade and was never modified by Congress. While some have wondered if Congress might step in at the last moment and retroactively apply the tax to 2010, the odds of that happening look to be quite slim. However, as we look forward to 2011, we are forced to recognize the return of the federal estate tax.