INFORMATION SESSIONS with Our Attorneys
IMPORTANT INFORMATION
Attention Social Security Beneficiaries
Are you confused about the various healthcare proposals?
H.R. 3648, the Mortgage Forgiveness Debt Relief Act of 2007
Attention Social Security beneficiaries:
At what age should you begin claiming Social Security benefits?
If you’re approaching retirement, it’s the most important financial decision you’ll likely make. The Social Security Claiming Guide sorts through all the options near-retirees need to consider. Presented in an easy-to-read, colorful format, the Claiming Guide shows you where to begin, spells out how much you can get, and answers frequently asked questions about how the claiming process works. A must read for those nearing the age of 62! Source: CRR (December 209)
Get it: http://crr.bc.edu/social_security_guide
What will the federal estate tax exemption be?
How much can or should I gift?
Do I need to bother with trusts since Congress enacted “portability”?
It is important to remember that while Congress did enact changes raising the federal estate tax exemption to $5 million and allowing the exemption to be passed between spouses, this does not end the debate. These changes will sunset in 2012. Therefore if Congress fails to act, starting in January of 2013, you don’t have to be very “rich” to benefit from some estate planning to avoid the federal estate tax, which will revert to the pre-2001 tax of 55% on all estates over $1,000,000. Even without the federal estate tax, New Jersey residents are subject to a New Jersey estate tax on assets passing at death in excess of $675,000. While the rate of New Jersey estate tax is less than 10%, you can avoid or reduce this tax liability by simple estate tax planning within your wills or trusts. We can recommend flexible estate planning tools that can address most client concerns no matter what Congress does.
CHECK WITH YOUR ESTATE PLANNING ATTORNEY ON HOW THIS MAY EFFECT YOUR OWN ESTATE
What does Health Care Reform Mean For Me
Health Care Reform
by Shana Siegel, , Esq., CELA
Check out our healthcare 2010-2018 Health Care Reform Timeline (pdf).
Congress passed H.R. 3648, the "Mortgage Forgiveness Debt Relief Act of 2007" and President Bush signed it on December 20, 2007.
This bill will benefit senior home owners by providing a larger credit against capital gains taxes on the sale of the primary residence where one spouse is fairly recently deceased. Prior to the enactment of this bill, a married couple was allowed to apply each of their credits of $250,000 against the capital gains tax on the sale of their primary residence. If one spouse died before the sale, the surviving spouse could only use the deceased spouses credit if the sale of the property closed within the tax year in which the deceased spouse died. H.R. 3648 included a provision which liberalizes this tax law so that, beginning with sales on or after January 1, 2008, surviving single spouses will qualify for the $500,000 (and not just $250,000) home-sale exclusion if the sale occurs not later than 2 years after their spouse' s death and the requirements for the $500,000 exclusion were met immediately before the spouse's death. Currently, the $500,000 limit is available only if spouses file a joint return for the year of sale. WanderPolo Law, LLC can help you understand the tax laws that effect you and your loved ones. Contact us for advice prior to the sale or transfer of your home. (Please be aware that your contacting us does not establish an attorney-client relationship, and information that you send to us through this website may not be protected by the attorney-client privilege. Please DO NOT send any confidential information to us through this website.)
