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Posts Tagged ‘gift and estate tax exemption’

When Tax Exemptions Carry Over : Portability Explained

Some people will tell you that the American Taxpayer’s Relief Act of 2012 (ATRA) has made estate planning easy and foolproof for the vast majority of people, i.e. the 99%. They believe that a tool dubbed portability — I’ll explain how it works in a second — eliminated the need for complicated bypass trusts. Well, not quite. Portability, as I will show today, has its advantages. But in certain situations […]

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Navigating Exclusions and Exemptions: The Federal Gift and Estate Tax

Let’s start with a hypothetical scenario: 2014 was a good year for you, and with gas prices dropping ever lower you’ve decided to replace your energy efficient hybrid car with another, more luxurious model. Your only grandson, who is paying off college debt, drives a gas guzzling SUV. To help him save money you give him the hybrid, a 2011 model which the Kelley Blue Book values at $16,000. Next […]

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