Readers in Miami-Dade, as well as in other localities throughout the U.S., may or may not be aware of the estate tax liability that may be imposed on a person’s estate before it can be disbursed to his or her beneficiaries. Legally married couples, however, are...
Estate Tax
Complex estate valuations can result in IRS problems after death
Readers in Miami-Dade are likely aware that assessing the value of a person’s assets is a large part of settling their estate after they die. Not only does the valuation process, in many cases, help to determine specific inheritance amounts, it also is the basis...
IRS demands $700 million from Michael Jackson’s estate
Readers in Miami may or may not be aware that when a person passes away, there is an estate tax imposed by the Internal Revenue Service (IRS) on any assets that he or she may have left behind. Before the estate administrator disperses any assets to the beneficiaries,...
Heirs say IRS overvaluation raised amount of estate tax owed
When a person passes away in Florida and leaves behind property and investments, family members may be responsible for paying a tax, based on the total worth of the inheritance. In such cases, the Internal Revenue Service may examine the estate and determine its value...
Florida same-sex couples can be affected by new ruling
For many years, same-sex couples have had a difficult time managing joint accounts and taking care of estate tax and other tax issues. The recent U.S. Supreme Court ruling overturning the Defense of Marriage Act (DOMA) is expected to make it easier for married...
Florida experts weigh in on irrevocable life insurance trusts
When you’re planning your estate, it’s understandable that you’re going to want to work out the best situation for your loved ones after you’re gone. This will, of course, include a plan that will keep as much of your assets as possible exempt from Florida estate tax....
Changes to federal estate tax are beneficial for most
Federal tax laws have finally stabilized into a clear deal that benefits most estate owners across the country. Under the new rules, each individual can exclude $5.25 million, including gifts, from their estate taxes this year. In addition, the new top estate tax rate...
Navigating around costly estate tax issues
Most working adults are familiar with standard tax procedures, but fewer individuals have experience in dealing with matters like the estate of a loved one who has recently passed. On the same note, many families do not fully plan for the care and distribution of...
Wealthy group supports alternative estate tax plan
The fiscal cliff is on many people's minds as the end of the year approaches. Many tax rates could be influenced by decisions made as end of the year nears. Changes to estate tax rates could impact Americans with large estates.We have discussed the potential estate...
Historic 2012 estate planning opportunities
With 2013 approaching and the prospect of a last minute estate tax compromise in Washington highly doubtful, now is the time to take advantage of soon to expire, historic estate preservation and tax savings opportunities.In a nutshell: Currently an individual can...
