The Internal Revenue Service has released the Applicable Federal Rates (AFRs) for August 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 August 2017:
|
|
Annual |
Semiannual |
Quarterly |
Monthly |
|
Short-term |
1.29% |
1.29% |
1.29% |
1.29% |
|
Mid-term |
1.95% |
1.94% |
1.94% |
Many people may think they have the option to leave their spouse nothing when they die, but almost every state has what is commonly called an “elective share” statute. These statutes work to protect a surviving spouse from being cut out of a deceased spouse’s estate plan, permitting the disinherited spouse to elect to take
The Internal Revenue Service has released the Applicable Federal Rates (AFRs) for July 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 July 2017:
|
|
Annual |
Semiannual |
Quarterly |
Monthly |
|
Short-term |
1.22% |
1.22% |
1.22% |
1.22% |
|
Mid-term |
1.89% |
1.88% |
1.88% |
Have you ever donated money to a good cause, such as emergency health care for an injured person or assistance for someone who has unexpectedly lost a loved one? Have you used a website such as GoFundMe to make your donation? Or even better, have you created, or considered creating, a campaign on such a
On May 23, 2017, the Trump administration released its fiscal year 2018 budget, titled “A New Foundation for American Greatness.” In it, the administration provides another glimpse at its intentions regarding the future of the estate tax.
In the section titled “How to Make Things Right: New Policies for Jobs and Growth and New Spending
The Internal Revenue Service has released the Applicable Federal Rates (AFRs) for June 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 June 2017:
|
|
Annual |
Semiannual |
Quarterly |
Monthly |
|
Short-term |
1.18% |
1.18% |
1.18% |
1.18% |
|
Mid-term |
1.96% |
1.95% |
1.95% |
As one gets older and less able – or even willing – to deal with financial responsibilities, it is common to turn to others to help take care of your finances. The most comprehensive tool to use in such a case would be a financial durable power of attorney, in which you, as principal, name
On April 24, 2017, Missouri launched MO ABLE, the state’s Achieving a Better Life Experience disability savings program. Missourians with disabilities may now open an ABLE account to save and invest, tax-free, without jeopardizing federal needs-based benefits such as SSI and Medicaid. For more information about the ABLE Act, which Congress passed in December 2014
Along with the recent talk of health care and income tax reform, there has been much discussion of repealing “death” taxes or estate taxes (see our earlier post regarding that topic here). We are yet to find out if there is enough political support to make that happen or how transferring wealth at death
The Internal Revenue Service has released the Applicable Federal Rates (AFRs) for May 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 May 2017:
|
|
Annual |
Semiannual |
Quarterly |
Monthly |
|
Short-term |
1.15% |
1.15% |
1.15% |
1.15% |
|
Mid-term |
2.04% |
2.03% |
2.02% |