While each of us is feeling the impacts of an economic slowdown in different ways, for shareholders of a C corporation, this could be a great time to participate in tax planning for the future. In general, many assets that may be held by C corporations, such as real property…
The gift tax annual exclusion has been increased from $12,000 to $13,000 per donee. The annual exclusion for gifts to non-citizen spouses has been increased from $128,000 to $133,000. In addition, the estate and generation-skipping transfer tax exclusions are increasing from $2 million to $3.5 million. However, the lifetime gift…
On October 3rd, the Emergency Economic Stabilization Act of 2008 was signed into law. This law is more commonly known as the “bailout bill” and its main purpose is to provide the Federal Government with authority to purchase and insure certain types of troubled assets. While the bailout bill received…
Getting started as a trustee means familiarizing yourself with your new responsibilities. Carrying out these responsibilities throughout the trust administration is the key to reducing your risk of serving as a trustee. In Florida, a trustee is governed by the terms of the trust agreement, the provisions of Florida law,…
Losing property to a creditor can be painful. Paying income tax as a result of such loss adds insult to the injury. Fortunately, foreclosures and short sales do not always create income tax obligations. Even when tax is otherwise due, it is sometimes possible to reduce the tax owed through…