One of the many memorable scenes from the movie classic “Ferris Bueller’s Day Off” takes place when Ferris and his friends drop off a Ferrari in a downtown Chicago parking garage. In the scene, Cameron doesn’t trust the car’s safety with the parking attendant, who says to them somewhat indignantly, “Relax … you fellas have
IRS announces AFRs for December 2017
The Internal Revenue Service has released the Applicable Federal Rates (AFRs) for December 2017. AFRs are published monthly and represent the minimum interest rates that should be charged for family loans to avoid tax complications.
Here are the rates for December 2017:
|
|
Annual |
Semiannual |
Quarterly |
Monthly |
|
Short-term |
1.52% |
1.51% |
1.51% |
1.51% |
|
Mid-term |
2.11% |
2.10% |
2.09% |
Long-awaited tax reform bill proposal includes estate and GST tax repeal
On Nov. 2, 2017, House Republicans released their long-awaited tax reform bill called “The Tax Cuts and Jobs Act.” The bill contains sweeping changes in a variety of areas and expands upon, and in some cases changes, what was included in the “Unified Framework for Fixing Our Broken Tax Code,” released in September 2017 (discussed
It’s National Estate Planning Awareness Week: What should you remember?
October 16–22 is National Estate Planning Awareness Week. During this week, many people are reminded that estate planning involves the creation of documents such as trusts, wills, financial powers of attorney, and health care powers of attorney to allow for the handling of their financial and health care decisions during life and after death. There
Tax reform framework dedicates one line to estate tax repeal
The Trump Administration, along with the Senate Committee on Finance and the House Committee on Ways and Means, on Sept. 27, 2017, released the “Unified Framework for Fixing Our Broken Tax Code.” The framework is a consolidation of earlier proposals including the 2018 budget plan and the one-page memo previously released, as well as
Consider lifetime trusts for descendants and other beneficiaries
In many cases, determining the beneficiaries of your estate plan is simple. If your spouse survives you, your assets go to your spouse. If your spouse doesn’t survive you, your assets are split equally among your children. But choosing who will ultimately receive your assets and in what proportions is only part of the process.
IRS announces AFRs for October 2017
The Internal Revenue Service has released the Applicable Federal Rates (AFRs) for October 2017. AFRs are published monthly and represent the minimum interest rates that should be charged for family loans to avoid tax complications.
Here are the rates for October 2017:
|
|
Annual |
Semiannual |
Quarterly |
Monthly |
|
Short-term |
1.27% |
1.27% |
1.27% |
1.27% |
|
Mid-term |
1.85% |
1.84% |
1.84% |
2018 planning opportunities: BNA projects increases in annual gifting exclusion and estate/gift tax, GST tax exemptions
Bloomberg BNA has released its U.S. tax rate projections for 2018, which can be found here.
There are two very important changes expected that will impact estate planning in the coming year. BNA is projecting that the annual gift tax exclusion will rise from $14,000 to $15,000. This means individuals and married couples will
IRS releases AFRs for September 2017
The Internal Revenue Service has released the Applicable Federal Rates (AFRs) for September 2017. AFRs are published monthly and represent the minimum interest rates that should be charged for family loans to avoid tax complications.
Here are the rates for September 2017:
|
|
Annual |
Semiannual |
Quarterly |
Monthly |
|
Short-term |
1.29% |
1.29% |
1.29% |
1.29% |
|
Mid-term |
1.94% |
1.93% |
1.93% |
Veto halts Missouri attempt to create digital assets act
On July 14, 2017, Missouri Gov. Eric Greitens vetoed legislation that included a number of provisions related to estates and trusts.
Among the casualties of the veto were several provisions regarding estate and trust matters, the most significant being the Missouri Fiduciary Access to Digital Assets Act. Under this act, a user would be allowed