The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 introduced the concept of estate tax portability between spouses. The American Taxpayer Relief Act of 2013 made estate tax portability permanent. What exactly is estate tax portability, and how can you use it to your advantage? What is Estate Tax Portability? If a husband […]
The IRS just announced the 2016 federal estate tax rate limits, which are $5.45 million for individuals and $10.9 million for married couples. This means that wealthy Americans will be able to leave up to $10.9 million to their heirs without being subject to federal estate tax rates, which top out at 40%. In addition, […]
Trusts lawyers in Orange County have the important job of helping their clients create a legacy that is compliant with a number of different laws. For the most part, these laws will vary from state to state. Some differences are minor, while others can impact the trust significantly. Someone who already has established a trust […]
What will happen to estate taxes in 2013? Right now, you may as well try to predict what the weather will be on Jan. 1 than count on new laws from a contentious Congress still debating the scenarios.
By Darlynn Morgan, Orange County Estate Tax Lawyer Finally, a tax deal is in place! To the relief of many estate planners, financial planners and concerned citizens across the United States, the controversial tax compromise was successfully passed through Congress and ultimately signed into law on Friday. This comes after an entire year of uncertainty […]
By Darlynn Morgan, Orange County Estate Tax Lawyer If ever there was a time to call your Orange County estate tax lawyer, now is that time. The tax cuts instituted by the Bush administration in 2001 and 2003 are set to expire in 2011 unless Congress does something to stop it before the end of […]
By Darlynn Morgan, Orange County Estate Tax Lawyer The talk this year about changes in the availability of Roth IRAs has raised questions from many people eligible for the benefits of these individual retirement accounts. One of the hottest topics of discussion is the advantages of a traditional IRA versus a Roth IRA, and whether […]
From the desk of Darlynn Morgan, Orange County Estate Tax Lawyer George Steinbrenner, the fiery owner of the New York Yankees, passed away on July 13. Mr. Steinbrenner became one of the most recognizable professional sports owners in America after having paid around 10 million dollars for ownership of the Yankees in 1973. While often […]