by Joel Roettger | Dec 19, 2017 | Estate Planning, Tax
The 7520 rate for January 2018 will be 2.6%. A chart showing historical rates since 2008 is here. Source: Rev. Rul. 2018-1 (pdf) Posted by Joel D. Roettger, JD, LLM, EPLS
by Joel Roettger | Dec 18, 2017 | Estate Planning, Tax
If the Tax Cuts and Jobs Act passes, the number of estates subject to the death tax is about to get even smaller, at least temporarily. Generally speaking, the Basic Exclusion Amount is the aggregate amount a taxpayer may transfer, during life and/or at death, to...
by Joel Roettger | Dec 16, 2017 | Tax
Don’t bother. The Tax Cuts and Jobs Act generally eliminates the deductions for state and local property taxes, income taxes, and sales taxes. Starting in 2018, an individual will only be able to deduct these items if they are paid or accrued in carrying on a...
by Joel Roettger | Dec 16, 2017 | Estate Planning, Retirement Assets, Tax
The rules will change–and not for the better–in 2018, assuming the Tax Cuts and Job Act passes. Under current law, a contribution to a Roth IRA can be re-characterized as a contribution to traditional IRA and vice versa. This is accomplished by making a...
by Joel Roettger | Dec 14, 2017 | Estate Planning, Probate
Is a contract to make a will enforceable under Tennessee law? Yes. Tennessee specifically authorizes contracts to: Make a will or devise, Not to revoke a will or devise, and To die intestate However, such contracts can only be established by: Provisions of a will...
