Tuesday, January 29, 2013

AFR's for February 2013

February 2013

Wednesday, January 23, 2013

A New Year: A Time to Review

As we enter 2013, it is a good time to review your estate planning so that it remains effective.   Here are some of things that you may want to consider:

·         Did you purchase any new assets or make any new investments last year?  Did you title those assets or investments in your family trust?  If not, and you need assistance, contact us.

·         Did you purchase any life insurance or establish an individual retirement account? If so, do the beneficiary designations properly reflect your estate plan?  With respect to retirement accounts, if you want to allow the IRA to “stretch” out over your beneficiaries’ life expectancies there are certain rules that must be followed to allow the planning in your trust to remain effective.  These rules can be complex.   We can meet with you to discuss these rules in more depth and let your beneficiaries receive the benefit of deferred tax-free growth.

·         Have you filled out your List Disposing of Your Tangible Personal Property?  Many people forget to fill out or update their list.  If you have a special item of jewelry that you want your granddaughter or daughter to have, you need to make sure that you write it on the on the list and sign the list.   Make sure any updated lists are sent to us so we have it with your file.

·         Have circumstances changed?  Maybe you have new children or grandchildren that may need to be named in your documents.  Maybe a named beneficiary has died or the named guardians for your minor children have divorced.  Review your estate planning documents to make sure that they still accurately reflect your desires.

·         Have you established a new business or are thinking of establishing a new business?  Your family trust should be the owner of the business.  In addition, you may want to consider they type of entity that would best meet your needs. 
If you need any assistance with any of the above items or have any other questions, please do not hesitate to contact us. 
We wish all of you a Happy and Prosperous New Year!

Tuesday, January 15, 2013

The Law Firm of JEFFREY BURR will be presenting to The How To, Can Do Club at the Anthem Center on Thursday, January 17, 2013 at 10am at Sun City Athem, 2450 Hampton Road, Las Vegas, Nevada (Delaware Room) Presenting from our firm are Jason Walker, Esq. & Corey Schmutz, Esq. Topics will be 2013 Estate Tax Law Changes: Do You Need an Update? and Guardianship: What you Need to Know.  Please RSVP to Sandy at 433-4455 if you would like to attend.

Monday, January 14, 2013

Estate Tax Certainty – the “Fiscal Cliff” is over

As I heard it described by another professional, “we bungee-jumped off the fiscal cliff last week.”  And what a wild ride it was!  As a firm, we are grateful to the many clients that heeded our advice and made taxable gifts in 2012 in preparation of the “fiscal cliff.”  Now that the dust has settled, what is the final result?

The gift and estate tax exemption amounts remain unified and unchanged at $5 million and this amount is indexed for inflation which is estimated to be $5,250,000 for 2013 (It was $5,120,000 for 2012).  The only real change to the estate tax laws was an increase of the top gift and estate tax rate from 35% to 40%.  Most planners felt fortunate that we were also able to keep “portability” of the exemption amount between married spouses.
Clients that made gifts in 2011 and 2012 did not waste time and legal fees.  Planners agree that it is/was still a good time to make taxable gifts because property and business values are lower than they were a decade ago (at least in Las Vegas).  Furthermore, a gift of property that may appreciate also moves the appreciation out of the estate of the one making the gift.  As the exemption amount continues to increase over time with the inflation adjustment, additional room will be created for people to engage in further gifts or to protect a portion of their retained taxable estate.

The nice thing about the laws that were passed on January 1, 2013, is that there were no built-in sunsets, reversions, or expiration dates.  For the first time in twelve years, things in this area of the law are settled and permanent unless Congress decides to change the law. 


Wednesday, January 9, 2013

AFR's for January 2013

The AFRs Annual Semi-annual Quarterly Monthly
are as follows
Short-term 0.21% 0.21% 0.21% 0.21%
Mid-term 0.87% 0.87% 0.87% 0.87%
Long-term 2.31% 2.30% 2.29% 2.29%