Are Credit Shelter Trusts Obsolete? No.

by | Aug 12, 2013 | Articles

One of the more interesting debates in estate planning circles these days surrounds so-called credit shelter trusts. These are trusts set up as a way to preserve the full amount of estate tax exemption between a husband and wife. So, for example, when the tax rules...

Audit Mismatch and Taxpayers Fund IRS’ Learning Curve

by | Aug 7, 2013 | Articles

Usually I do not feel sorry for the Internal Revenue Service (IRS), but this time I do.  The IRS has instituted a new matching program to reconcile the cost basis on 1099s.  A client of mine had an audit where the IRS’ reason for calling the audit was due to the fact...

Simpler College Funding

by | Jul 29, 2013 | Articles

Many Americans make contributions to Section 529 plans to help their children or (more often) their grandchildren pay for their college education.  The average balance in these plans today is a record $17,174 according to The College Savings Plans Network, and the...

As Detroit Goes…

by | Jul 28, 2013 | Articles

You’ve probably read that the city of Detroit has filed for bankruptcy protection. If you’re like most Americans, you assumed that this is because the city has been declining, economically for decades. And indeed it’s true that America’s 18th...

Congress’ Revenge!

by | Jul 23, 2013 | Articles

There is an old saying that revenge is a dish best served cold. Well, we are now witnessing the effects of the IRS scandal concerning conservative groups (read Republican). The House has proposed to cut the IRS budget by 5% rather than raising it as it has in past...

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