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Derek's Tax Blog

Tax Attorney Derek JensenI 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.
Written by Derek W. Jensen   
Monday, 17 December 2012 11:34
Today marks the two year anniversary of the bill that extended the Bush tax provisions for two years and raised the Federal Estate Tax and Gift Tax Exemption to $5 million.

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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Written by Derek W. Jensen   
Wednesday, 05 December 2012 09:37
I would like to bring your attention to two new resources for your Year-End Estate Tax Planning:Free Estate Planning Opportunities Webinar

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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Written by Derek W. Jensen   
Tuesday, 04 December 2012 17:23
There may be 27 calendar days left, but there are only 16 Planning Days left before the fiscal cliff!

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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Written by Derek W. Jensen   
Monday, 19 November 2012 08:57
The following was first posted on the "Surviving the Estate Tax Fiscal Cliff" on November 18th, 2012:

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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Written by Derek W. Jensen   
Friday, 16 November 2012 15:57
The following was first posted on the "Surviving the Estate Tax Fiscal Cliff" on November 13th, 2012:

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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Written by Derek W. Jensen   
Friday, 16 November 2012 07:56
The following was first posted on the "Surviving the Estate Tax Fiscal Cliff" on November 9th, 2012:

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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Written by Derek W. Jensen   
Tuesday, 01 February 2011 10:25
On December 17, 2010, President Obama signed a bill that significantly overhauled the Federal transfer taxes: estate, gift, and generation skipping. Since then I have been explaining the provisions to other professionals, clients, potential clients, and basically anyone who will listen. Some of my clients needed advice so they could make decisions before the end of December. Others are just trying to grasp the significance of the changes in their own planning.

For married couples the...

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