Tis the season to be giving, as the saying goes, but many charities are reporting new wrinkles from long time donors. With the entire tax code potentially going through some very new and very drastic changes in a few weeks, wealthier Americans, who often make large charitable donations are holding…
Congress has adjourned for the election season, without doing anything about the uncertain state of taxes, a New York Estate Lawyer reports. Without anything being done, income taxes will rise for the middle class and the wealthy. The estate tax will rise to 55% for any assets over $1 million.…
The Supreme Court in Britain gave prenuptial agreements more sway in divorce cases, bringing their laws closer to those in the United States, according a New York Estate Lawyer. A former banker made an appeal to the Supreme Court, which was dismissed, to partially disregard the agreement he signed with…
With the return of the death tax looming large, many Americans are wondering what they can do. Largely seen as a way to exploit “We hate the rich” sentiments, the estate tax isn’t thought to make much logical sense, said an New York Estate Planning Lawyer. The money was already…
It sounds ominous: the death tax. A tax on when you die. And, basically, that is what it is. Currently, the death tax is 0%. That means when you die all of your assets go to your heirs without taxation, those heirs may have to pay income taxes on the…
You work your entire life. You wake up, do the right thing, refuse to cheat, play by the rules, pay your taxes, and eventually you’ve accumulated a nice nest egg. You want to live on it for a few years but know that it will ultimately go to your children.…
No one is entirely sure what the federal estate tax rate will be next year, not even the people who set the rates, says a New York Estate Lawyer. It could be anywhere from 41% to 60%, depending upon how much the estate is worth when its owner dies –…
We tend to think of credit card debt as being a problem for younger generations but today more and more senior citizens are finding themselves saddled with incredibly high credit card debts. And this very high credit card debt is causing many senior citizens to file for bankruptcy, reports an…
Some of the wealthy elderly people in the United States feel compelled to give away what they would have normally passed on upon death, a New York Estate Lawyer reports. Congress has yet to vote upon the estate tax, which does not exist in 2010, but may come back in…
It sometimes comes as a surprise to heirs just what they’ve inherited. An estate can be a murky thing, even for people who plan them, a New York Estate Lawyer reports. A good estate plan should theoretically show everything a particular person owns, but this doesn’t always happen. The owner…