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Please Click HerePosted on November 23, 2010 by Mark D. Munson
December 2010 may be one of the best times to use a grantor retained annuity trust (or “GRAT”) to transfer assets to children and grandchildren free of gift taxes. The reason is that based on current tax rules, it is assumed that assets transferred to a GRAT in December 2010 will yield an annual return […]
Posted on July 21, 2010 by Mark D. Munson
On May 12, 2010, Governor Doyle signed the Uniform Power of Attorney for Finances and Property Act (the Act), which becomes effective on September 1, 2010. Under the Act, the laws in Wisconsin that address durable powers of attorney for finances and property will be significantly different from, and more comprehensive than, the current laws. […]
Posted on June 29, 2010 by Mark J. Bradley
A number of bills have been introduced in the U.S. Congress to deal with the estate tax situation that we described in a previous legal update. See “Questions and Answers Concerning Status of Federal Estate Tax”, December 2009. Last week Senator Bernard Sanders introduced yet one more piece of estate tax reform legislation. In what […]
Posted on February 2, 2010 by Mark J. Bradley
We previously announced that there is currently no federal estate or generation-skipping transfer tax in effect in the United States. The federal gift tax, however, is still in effect. The burning question is whether Congress this year will (i) extend the law that was in effect at the end of 2009, (ii) make repeal of […]
Posted on January 20, 2010 by Mark J. Bradley
We want to alert you to some important changes in the federal estate, gift and generation-skipping transfer (GST) tax laws that went into effect on January 1. In 2001, Congress passed a law that gradually increased the amount that persons could transfer at death free of estate and GST taxes. The amount grew to $3.5 […]
Posted on January 13, 2010 by Ruder Ware Alumni
Social Security Administration Releases Key Figures for 2011 The Social Security Administration (“SSA”) recently released key figures for 2011 that will affect all elderly and disabled individuals who receive program benefits, including social security benefits, supplemental security benefits, and Medicare benefits. This notice summarizes these changes and their impact on various benefits. Social Security Retirement […]
Posted on January 13, 2010 by Ruder Ware Alumni
The Social Security Administration (“SSA”) recently released key figures for 2010 that will affect all elderly and disabled individuals who receive program benefits, including social security benefits, supplemental security income benefits, and Medicare benefits. This notice summarizes the changes and their impact on various benefits. Social Security Retirement As many seniors already know, there will […]
Posted on December 29, 2009 by Mark J. Bradley
In 2001, Congress made changes to the federal estate, gift, and generation-skipping transfer tax laws. To satisfy a procedural requirement in the Senate, the 2001 law contained a “sunset” provision, meaning that it would expire at the end of ten years, at which time the provisions of the law in effect in 2001 would be […]
Posted on December 7, 2009 by Mark J. Bradley
Last week, by a vote of 225 to 200, a permanent extension of the 2009 federal estate tax law was passed – by the House of Representatives. We want to caution our clients that what was passed is NOT the end of the story – but only the beginning of the end of the story. […]
Posted on April 21, 2009 by Melissa S. Kampmann
If your assets, including life insurance proceeds and retirement assets, are close to or worth more than $3,500,000, you have very attractive estate planning opportunities because of the rare convergence of the following three events: Depressed asset values; Historically low interest rates; and The potential for a limited time frame to continue receiving valuation discounts […]