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Some Gift Ideas and Reminders for this Festivus Season
As the Festivus shopping season begins this Cyber Monday, I’d like to remind my readers of a few facts about gifting. First, the "annual exclusion" for 2009 is $13,000. That means any person can give any other person a minimum of $13,000 without having to worry …
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IRS Loses Major Gift Tax Valuation Case Involving Single Member LLCs
Yesterday, the Tax Court issued its decision in the case of Pierre v. Commissioner, 133 T.C. No. 2 (2009) which was a resounding defeat for the IRS. In a Federal Gift Tax matter, the IRS tried, and failed to argue that because of the check …
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Steve McNair died without a Will. The consequences could be disastrous.
In contrast to my recent postings about Michael Jackson who appears to have engaged in professional estate planning before his death, there are reports that former NFL quarterback Steve McNair died intestate, or without a will. His wife (the wife he was cheating on with the …
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Michael Jackson and the Estate Tax
I have previously written in the blog about the Estate Tax, but I’d like to revisit the subject using the real life example of the Michael Jackson estate. First, some review of the basics. The estate tax, which is often, but inaccurately called the “death tax” …
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