With recent changes in the Federal estate tax laws, including a current exemption amount of $5,430,000 and portability of the unused exemption of the most recently deceased spouse, many families have bypass trusts that aren't tax efficient. An alternative is to modify the bypass trust to include a general power of appointment in favor of the creditors of the surviving spouse.
How does your title for your assets affect your income taxes?
This week's interview on Financial Insider Weekly is with attorney William Mahan, of counsel Gates, Eisenhart, Dawson. Our interview subject is "Tax considerations of title".
Most estates won’t have carryover basis for 2010
As a result of the reinstatement of the federal estate tax for 2010 by the Unemployment Insurance Reauthorization and Job Creation Act of 2010 (HR 4853), passed by Congress on December 16, carryover basis won't apply to most estates of decedents who died during 2010.