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- July, 2010 (3)
- June, 2010 (3)
- May, 2010 (3)
- April, 2010 (2)
- March, 2010 (5)
- February, 2010 (4)
- January, 2010 (6)
- December, 2009 (6)
- November, 2009 (7)
- October, 2009 (6)
- September, 2009 (5)
- August, 2009 (5)
- July, 2009 (6)
- June, 2009 (7)
- May, 2009 (5)
- April, 2009 (2)
- March, 2009 (5)
- February, 2009 (3)
- January, 2009 (4)
- December, 2008 (2)
- October, 2008 (5)
- September, 2008 (5)
- August, 2008 (2)
- July, 2008 (3)
- June, 2008 (1)
- May, 2008 (1)
- April, 2008 (3)
- March, 2008 (5)
- February, 2008 (2)
- January, 2008 (2)
- December, 2007 (1)
- November, 2007 (2)
- October, 2007 (1)
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Taxation
As we all know, the Worker, Retiree, and Employment Recovery Act of 2008 ("WRERA") temporarily suspended required minimum distributions ("RMDs") in 2009. Thus, many taxpayers chose not to take a RMD in 2009. However, in 2010, the RMD is back, and taxpayers required to take a distribution for 2010 must take it by the end of the year.
Assuming that a taxpayer did not take a RMD in 2009 as a result of WRERA, does the taxpayer have to calculate the 2010 RMD in a different manner? ...
According to a recent article in the New York Times, as a result of a Congressional lapse, the descendants of the 74th wealthiest person in the world were able to receive his entire estate, free of any federal estate tax.
Dan L. Duncan, a Texas natural gas tycoon, died in March of 2010. Had his life ended in 2009, his estate, estimated a $9 billion, would have been subject to a federal estate tax of at least 45%. In 2011, the rate would be even higher - 55%. Instead, b ...
In my practice of advising elder law attorneys regarding their clients' Medicaid and VA needs, if a case involves a trust and the need to accumulate income - no annual distributions, I typically recommend using a non-qualified fixed annuity as the investment vehicle.
The primary reasons why I make such a recommendation are that a fixed annuity offers safety of principal, a guaranteed return over a guaranteed period, and income tax deferral. Unlike a variable annuity which is s ...
Most taxpayers will never need private letter ruling from the Internal Revenue Service ("IRS"). However, for those taxpayers who have a tax issue that is unclear and might involve a significant amount of tax, before the taxpayer takes the intended action, it makes perfect sense for him or her to request an IRS private letter ruling.
For those not familiar with an IRS private letter ruling, it is a request to the IRS to rule on a particular tax issue for a particular set of facts.& ...
If you represent the super-wealthy, who have long-standing family businesses that may never be sold, a death in 2010 could bring unprecedented tax relief. Why is that? When the Economic Growth and Tax Relief Reconciliation Act was passed in 2001, it contained a provision that eliminated estate taxes for 2010, and only 2010. No one thought that Congress would just forget about it. But, they did!
Thus, if Robert Smith, the sole owner of a $50 Million national food chain, ...
Contrary to a handful of states' Medicaid rules, which consider a Medicaid applicant's and/or the community spouse's Individual Retirement Account ("IRA") strictly as income if he or she is receiving the Required Minimum Distribution ("RMD"), the Veterans Administration ("VA") considers an IRA to be a countable resource and the RMD to be countable income. In order to meet the asset and income limitations of the VA, exchanging the IRA for a tax-qualified immediate annuity will conver ...
In Florida, Personal Services Contracts ("PSK"), which are also referred to as Caregiver Agreements, are widely used as a spend-down tool for Medicaid and/or VA benefits planning.
The PSK generally serves four purposes:
It reduces an applicant's countable resources to an acceptable level, which entitles the applicant to receive benefits;
It outlines the duties and obligations of the parties;
It establishes the compensation that will be paid to the caregiver; and
It dicta ...
Many of the "Ask Dale" inquiries that I have received throughout the past week have been regarding the requirement of the beneficiary designations on Medicaid Compliant Annuities consisting of tax-qualified investments. At one time it was a federal rule that a state Medicaid agency was not required to be made a remainderman on annuities holding tax-qualified funds; however, this is no longer the case.
Most post-Deficit Reduction Act of 2005 ("DRA") states have dictated their own re ...
In 2010, there are slight changes to the personal and trust tax brackets. The following chart shows the projected tax brackets for married couples filing jointly, single filers, estates, and trusts.
An "irrevocable trust' can offer a grantor lifetime control over his or her assets of the trust is established with the following provisions:
All taxable income shall be disbursed to the grantor;
The grantor shall have the right to direct how the trust assets are held or reinvested; and
The grantor shall have a limited power of appointment over the final distributions of the trust; this power shall be in favor of a limited class of beneficiaries, consisting of the grantor's ch ...
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