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Taxation
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 ...
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 ...
If an individual transferred his or her IRA directly into an irrevocable grantor income only trust, and waited for 60 months to pass, the individual could apply and be eligible for Medicaid benefits without any of the trust corpus being subject to a Medicaid spend-down. Of course, with the individual being entitled to receive all of the income distributions from the trust, as may be required by the minimum distributions regulations of the Internal Revenue Code ("IRC"), the individual wou ...
Whenever a caregiver agreement is utilized in a Florida Medicaid or VA Planning case, there are always questions regarding income taxes. When, and to what extent, does the care recipient get to deduct the payment or payments? When, and to what extent, does the caregiver child have to recognize taxable compensation or income?
Section 61(a) of the Internal Revenue Code ("IRC") defines "gross income" as compensation for services... Thus, it is clear that when a caregiver child ...
With November being Long-Term Care Awareness Month, and many elder law attorneys working on their personal year-end tax planning, now is an excellent time to discuss the favorable tax treatment of long-term care insurance ("LTCI") premiums.
The Internal Revenue Code categorizes LTCI contracts as either qualified or non-qualified. In order to be qualified and receive favorable federal income-tax treatment of premiums, a LTCI contract must meet all of the following criteria:
It can ...
When replacing a life or annuity contract, the client has several options, including simply surrendering the old contract and purchasing a new one. Under 1035 of the Internal Revenue Code, the owner of a life insurance, endowment, or annuity contract is allowed, under certain circumstances, to effect a like-kind exchange. If all the rules are followed, the gain in the original policy will not be taxed at the time of the exchange. a 1035 exchange can be a particularly useful app ...
The income taxation of annuity contracts is governed by Section 72 of the Internal Revenue Code ("IRC"). In the 1980s, as a result of the tax simplification and reform measures, the code section went through extensive revisions. The legislation was intended to encourage the use of tax-deferred annuity contracts as long-term retirement savings vehicles. As such, the legislation altered the manner in which amounts withdrawn from a tax-deferred annuity are taxed, and imposed ...
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