On April 16th, 2015 the U.S. House of Representatives voted overwhelmingly to repeal the federal estate tax. Is this the death knell for the death tax? Probably not this year. But if there is a Republican President after the 2016 election, and the Republicans control the U.S. House and Senate, there may very well be a repeal of the estate tax. The interesting thing to see is what other changes may be enacted if that is the case. For example, in 2010 when there was no estate tax, there was a limit on the amount of assets that would receive a “step-up” in basis. This kind of idea has been pushed by President Obama who would like to see the basis step-up limited to $3,500,000 per person; and is certainly in the consciousness of many of those who do not want to see the estate tax abolished. We will have to wait and see, but there is little doubt that there will be tax law changes in the future, just as there have been in the past. It is important to review your estate plan with your attorney to ensure that what you drafted many years ago, still is the best plan for you.
Estate Planning for Fido and Fluffy
By Shawn Rader
In a recent article, the New York Post interviewed a woman who has set up an inheritance for her dog, Bella Mia, with an inheritance of jewelry, a six figure trust fund and a million dollar house in Port St. Lucie. (Shades of Leona Helmsley!)
IRS Releases 2015 Annual Inflation Adjustments for Estate and Gift Tax Exclusions
By: Jason Palmisano
The Internal Revenue Service has released the exclusion amounts related to estate and gift taxes for 2015:
Why should you have a will?
Julie Frey talks on the Lowndes YouTube Channel about the importance of having a will. Julie goes over the following questions:
When Should You Make A Will? Julie Answers Question on FOX News
By: Julie Frey
Today, I was given the opportunity to appear on Fox 35 News Good Day Orlando and answer commonly asked questions about wills in an interview with Ryan Elijah. Fox reported that although it’s essential to legally protect your loved ones and even your assets, it turns out that 64% of us don’t have a Will. That is a shocking number because if we don’t create a Will, our families will be the ones to suffer. I tell my clients that as soon as they own anything, such as a bank account, a house, a car, they should create a Will. I have witnessed situations where a person did not create a Will in time and it left the family in disarray, which we helped to sort out. I have also seen situations where a person drafted their own Will through a form but did it incorrectly, so the Will was invalid, and the intended beneficiaries did not inherit the assets. In one case, the assets went to the State of Florida. To watch the video, click here. Thanks Fox 35 News for covering such an important topic!