In 2013, changes were made to estate taxes and now few people are subject to federal estate taxes. For those who die in 2016, the first $5.45 million of an individual’s estate is exempt from [...]
An estate planning tool that couples have utilized for years is the bypass trust. The trust is a long-term planning device that allows a spouse to leave property that will not be subject to [...]
An elder law attorney, also known as an elder care attorney, is familiar with the state and federal laws that impact seniors and their well-being. These attorneys are well-versed and specialize [...]
According to the Internal Revenue Code, an educational organization is an institution that “normally maintains a regular faculty and curriculum and normally has a regularly enrolled body of [...]
If you have recently received a computerized call or a call from a real person stating that you are being investigated for tax fraud and asking you to call a specific telephone number, chances [...]
This exclusion is limited to tuition. For example, the exclusion does not apply to expenses for books, room and board, or meal plans. The tuition expense exclusion applies only to enrollment to [...]
Oftentimes, grandparents will give grandchildren and other relatives financial gifts which can be subject to taxation by the IRS. One can gift up to $14,000 to a single person without the [...]
To qualify for the medical expense gift tax exclusion, one has to give the payment directly to the medical provider. For example, one can make the payment out directly to the provider or they can [...]
The Internal Revenue Code states that the medical expense gift tax exclusion applies to the transfer payments for “the diagnosis, cure, mitigation, treatment or prevention of disease, or for the [...]
A taxpayer can gift up to $14,000 to an individual each year without having to file a gift tax return. This is referred to as the “annual gift tax exclusion.” If one wants to make additional [...]
