On Thanksgiving when you look around the room at your loved ones, think about whether they are legally protected with an estate plan that works to protect them and minimize taxes when you were gone.
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Recent Posts
- Here Are The IRS 2017 Standard Business, Medical and Moving Mileage Rates June 20, 2017
- 2017 PENNSYLVANIA TAX AMNESTY PROGRAM May 25, 2017
- IRS Installment Agreements: 2017 User Fee Schedule and Options February 28, 2017
- A Handy Chart of 2017, 2016 and 2015 Retirement Plan & IRA Contribution Limits, Maximum Benefits, Maximum Income Subject to Social Security January 10, 2017
- IRS Warns & Updates Taxpayers of Numerous Tax Scams Nationwide: All Taxpayers, Tax and Financial Advisers Need To Read This December 15, 2016
- Do You Want To Know About Your IRS Account Balance? IRS Launches New Online Tool to Assist Taxpayers with Basic Tax Account Information December 6, 2016
- Tax Update: Governor Christie Reverses and Repeals New Law and Reinstates Pennsylvania-New Jersey Reciprocal Tax Agreement Preventing Adversely Impacting 250,000 Workers & Thousands of Employers November 1, 2016
- City of Philadelphia Department of Revenue Announces Wage Tax Reduction for July 1, 2016 July 12, 2016
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- STEVEN J. FROMM, ATTORNEY, LL.M. (TAXATION)
- Here Are The IRS 2017 Standard Business, Medical and Moving Mileage Rates
- 2017 PENNSYLVANIA TAX AMNESTY PROGRAM
- IRS Installment Agreements: 2017 User Fee Schedule and Options
- A Handy Chart of 2017, 2016 and 2015 Retirement Plan & IRA Contribution Limits, Maximum Benefits, Maximum Income Subject to Social Security
- IRS Warns & Updates Taxpayers of Numerous Tax Scams Nationwide: All Taxpayers, Tax and Financial Advisers Need To Read This
- Do You Want To Know About Your IRS Account Balance? IRS Launches New Online Tool to Assist Taxpayers with Basic Tax Account Information
- Tax Update: Governor Christie Reverses and Repeals New Law and Reinstates Pennsylvania-New Jersey Reciprocal Tax Agreement Preventing Adversely Impacting 250,000 Workers & Thousands of Employers
- City of Philadelphia Department of Revenue Announces Wage Tax Reduction for July 1, 2016
- Did You Get a Letter in the Mail from the IRS? Here is What You Need to Do
- 2016 Standard Mileage Rates for Business, Medical and Moving
- STEVEN J. FROMM, ATTORNEY, LL.M. (TAXATION)
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Nice article, i will share this with my friends
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Thanks Daniel and I hope you do share this and other post with your friends. Hope you stop by again and leave your email address for updates in the area on the top of the right hand column of this blog.
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Nice Post. Check out our post recent post about how the inflation adjustments that will occur in 2014: http://dfwtaxattorney.com/html/tax-resolution-blog.php
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Bill, thanks for stopping by and adding your post concerning adjustments to tax code limitations. Readers should note that the estate tax exemption will be $5,340,000 next year. I just had a new client come in and this adjustment put her right under the exemption amount for next year. However, she must live until January 1 to take advantage of this increased exemption.
Also note that the annual donee exclusion remains at $14,000.
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Steven – While researching an article for my blog, I discovered the depth of financial elder abuse. Some of the information came from the FBI website. I want to get involved on a pro bono basis in helping people in my community and my state avoid being victimized by family and caregivers. Even fiduciaries are guilty of this (really they are just crooks/con-men). Any suggestions as to where to begin?
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Judith, this is a real problem and as you have found out more widespread than we know. I see it and hear it from the phone calls I get from those family members who have been taken advantage of or bullied by other family members. This is one of the reasons why my article was posted and the reminder given during the holidays. Many of these abuses arise because people fail to have a will, trust, estate plan. In some cases where they do have a will they fail to get advice on choosing the appropriate executor or trustee. The family suffers accordingly.
As to where to begin, you may want to check with the AICPA and your state CPA society for groups that are involved with this problem and perhaps working with the bar associations of the state or locale. Getting the word out is so important and you are to be commended in spotting this problem and doing something about it.
Thanks for the great comment and please add your email on the right hand column subscription block so you can get tax and estate alerts when they are published.
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