People often ask San Diego estate planning lawyers about the taxes that must be paid when gifts are given. A common question involves reporting a cash gift as income when you are filing your tax returns. The fact is that you do not have to include cash gifts that you receive because they are not considered to be taxable income. But that does not mean that there are no taxes involved in gift giving. In truth the taxation started when your income was taxed. You may then take some of the …
TWO TRUSTS TO CONSIDER
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Taxes
Congress did it! The Bush tax cuts have been extended, which means that no one should get a tax increase come Jan 1st..In fact, if you're working, your social security withholding will be decreased (but it may take til 1/31 to see the results). Most significantly, we have the Obama tax cuts for estate taxes. The new exclusion is $5 million, and you can also give that amount away during your lifetime. Step-up basis is back, and the estates of those who died in 2010 get to choose if they want the …
Tax Update
The Obama-Republican tax deal (an extension of the Bush tax cuts) have enough votes in the Senate. Even better, it includes a $5 million estate tax exemption and 35% tax on the excess. But, like all good things, it comes to an end..this time in two years. The difference is that this time the $5 million can be gifted during life and is also free from Generation-skipping tax..the only problem is whether the House will go along...Stay posted! …
Taxes
President Obama and the Republicans agreed today to extend the Bush tax cuts for all and to set the estate tax exemption amount at $5 million. Now the Democrats have to be convinced. Extending jobless benefits is one carrot, wouldn't be surprised if the compromise reduces the exempt amount to $3.5 million... …
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