Monday, January 30, 2012
Thursday, January 26, 2012
Wednesday, January 25, 2012
If the gift tax exemption reverts to $1 million in 2013, as slated, some commentators opine that the IRS will attempt to collect gift taxes on gifts in excess of $1 million made when the exemption amount was $5 million. I do not see how the government can do this either legally or practically.
2012 is a great year to incorporate gifting into an estate plan. The gift tax exemption amount is $5 million, interest rates are low, and asset values are depressed. In 2013, while interest rates are supposed to remain low, the gift tax exemption amount is supposed to revert to $1 million.
Monday, January 16, 2012
The estate of Australia's 4th wealthiest man prevailed in a claim filed by his mistress, a former Penthouse Pet, for support and $5 million. The court found that the absence of a written agreement was one of the big factors against her claim.