Derek's Tax Blog
I strated this blog as a way to follow the developments in the Federal Estate Tax. However, from time to time I will post on Federal Income Tax issues, the Washington State Estate Tax, Estate Planning, Elder Law, and Business Planning. Please feel free to leave comments.
My how things have changed! Two years ago the Republicans in Congress were in control and they were able to preserve the favorable tax rates for all taxpayers. At that time the focus was on retaining the unemployment benefits and bolstering the economy.
Now President Obama has the upper hand and has recently obtained tax...
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Planning Opportunities Not to Miss in 2012A Free Estate Planning Webinar for American Families and Businesses
Recording now available! (Live event took place Friday, Nov. 16, 2012)
A once-in-a-lifetime opportunity exists through year end. Are you prepared to capture this opportunity? This webcast will help you gain a deeper understanding of why you...
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It may be too late to do anything, so what are the possible outcomes for the estate tax? As I see it, here are the three most likely outcomes for the Federal Estate Tax on January 1, 2013:
Estate Tax Exemption
Gift Tax Exemption
Maximum Rate
Current Law
$5,120,000
$5,120,000
35%
Back to 2009
$3,500,000
$1,000,000
45%
Back to 2001
$1,000,000
$1,000,000
55%
Keep Current...
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Recent news articles have made the point that it President Obama may actually be in a better position, politically, if he does not agree to extend the tax provisions of the current code before the end of the year. Publicly the President and Congressional leaders are declaring their determination to finding a solution to the Fiscal Cliff, but the President is leaving the country tomorrow for...
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It is now a full week from Election Day and we are starting to get a sense of where the players are lining up. We have also have one less week to take action and are left with 49 calendar days and 28 working days until the New Year.
You may have noticed that we had a number of posts pop into the News category this past weekend. I tend to follow the news on my cell phone and I can easily...
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If you were like many of my clients you have been waiting.
Yes, your attorney, your financial advisor, your CPA, and every news source you read has been warning you about the fiscal cliff. You are concerned about the how the fiscal cliff could impact your estate tax planning. You understand that the Federal Estate Tax Exemption may revert back to $1 million. You know that we could...
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For married couples the...
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