Archives: Estate Tax
Louis Pacella Speaks About Estate Taxes
Wealthy Clintons Use Trusts to Limit Estate Tax They Back
Bill and Hillary Clinton have long supported an estate tax to prevent the U.S. from being dominated by inherited wealth. That doesn’t mean they want to pay it. To reduce the tax pinch, the Clintons are using financial planning strategies befitting the top 1 percent of U.S. households in wealth. These moves, common among multimillionaires, …. Read More
Michael Jackson’s Estate In Dispute With IRS Over Estate Tax Bill
People with significant assets may have to consider whether the estate tax will take a portion of their finances after they pass on. The tax can be quite high, and currently applies when the estate is valued at $5.25 million or more. However, there are ways to create an estate plan that minimizes or eliminates …. Read More
Supreme Court’s Defense of Marriage Act Ruling Affects Same-Sex Estate Tax Benefits
On behalf of Louis Pacella, Attorney at Law posted in Estate Tax on Thursday, July 18, 2013 The U.S. Supreme Court recently ruled that the federal Defense of Marriage Act unconstitutional, a decision that made headlines in Los Angeles and around the world. DOMA’s defeat means that same-sex marriages performed in states that allow such unions are …. Read More
Lawmakers Seek Repeal Of Federal Estate Tax
On behalf of Louis Pacella, Attorney at Law posted in Estate Tax on Thursday, June 20, 2013 Readers of this Los Angeles estate tax blog may recall our discussion of the new federal estate tax law in our Jan. 14 and March 11 posts. The tax was set to expand significantly at the end of the year, …. Read More
Planning your gifts, investments under new estate tax
As readers in Ventura County likely heard, Congress passed a new federal estate tax as part of the so-called “fiscal cliff” deal late last year. Without the deal, the estate tax would have applied to everything over $1 million in a person’s estate. Under the new rules, the amount that is excluded is much higher: $5.25 million …. Read More
‘Fiscal cliff’ Deal Adjusts Estate Tax Rates, Exemption
Without question, the issue that has dominated America’s economic debate in the New Year has been the wide-reaching tax compromise reached by Congress and the White House in order to avert the ‘fiscal cliff’ of simultaneous tax hikes and spending cuts. The deal, which was dubbed the American Taxpayer Relief Act of 2012, made important …. Read More
Estate taxes vs Gift taxes – The fiscal cliff looms: decisions, decisions, decisions
Our California readers are no doubt aware that there is barely more than one week left and Congress and the White House have yet to agree on a plan to avoid the so-called fiscal cliff. If nothing is done, the Bush era tax cuts will revert to their previous rates and across the board cuts …. Read More
Tax planning on the edge of a cliff – what should Californians do?
Most people in California pay their taxes as they should, but few would say they enjoy paying more than they should. Even those with modest means can take advantage of some tax exemptions such as a childcare credit, or the home mortgage interest deduction. For those earning more than $250,000 as individuals or $500,000 for …. Read More