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Posts tagged "estate tax"

IRS currently looking into failure to report taxable gifts, P.2

In our last post, we noted that the IRS is currently in an effort to audit land-transfer records from at least 15 states for evidence of omissions of gift reporting. Failure to report gifts of real estate for gift tax purposes is, apparently, a common problem in a number of states.

New Jersey Estate Tax Considerations for 2011

The federal government recently released new federal state tax exemptions for 2011 and 2012 that benefit the wealthy more than some state legislatures  anticipated, with exemptions available up to $5 million per estate and $10 million per couple. Though these high numbers currently leave many states sitting without estate tax revenue they might have been anticipating, New Jersey is not one of these states.

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.

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.