By: Susan M. Graham, Certified Elder Law Attorney, Senior Edge Legal, Boise, Idaho Congress surprised us by leaving the death tax free estate at $5,000,000. The federal exemption is indexed to inflation so the exemption for 2013 is set at $5,250,000. Many states, including Idaho choose to follow the federal standard, and do not have…
Traditional death tax estate planning is gone for most. Now what? The federal death tax free estate in 2013 is set at $5,000,000 or less. That means if you die as a single person owning less than $5 million, there is no death tax to pay to the IRS. Who does that impact? Not many.…
On January 1, 2013, Congress passed the American Taxpayer Relief Act to address some of the fiscal cliff issues. This new Tax Act results in significant changes in the Estate and Gift Taxes over what the law would have been had this act not been passed. The act makes the 2001 “Bush” tax cuts, as…
In April, I attended a national meeting of the American Academy of Trust, Estate and Elder Law Attorneys, a premier educational seminar for attorneys like me who do estate planning. From that experience, I want to share some important information with you. Taxes are scheduled to increase dramatically in 2013: 2012 …