December 2010 | Law Firm of Jeffrey Burr

Free tax update – Be one of the first to study the new tax bill from an estate planning perspective

Posted on December 23, 2010 by Law Firm of Jeffrey Burr

$5 MILLION EXEMPTION, 35% RATES, PORTABILITY AND MORE…Congress recently passed the “Tax Relief, Unemployment Insurance Re authorization, and Job Creation Act of 2010.” The provisions in this new law will usher in an unprecedented estate, gift, and GST tax regime for 2011 and 2012. Join us for a review of the new laws and an […]

January 2011 AFRs Announced

Posted on December 22, 2010 by Law Firm of Jeffrey Burr

Looks like rates are heading back up. For the month of January 2011 the Applicable Federal Rates (AFRs) are as follows: In January the 7520 rate will be 2.4%. To go directly to the IRS’ publication, please visit the following website: http://www.irs.gov/pub/irs-drop/rr-2010-31.pdf.

On to Obama for Signing–House Passes the Tax Bill!

Posted on December 17, 2010 by Law Firm of Jeffrey Burr

HOUSE PASSES “THE TAX RELIEF, UNEMPLOYMENT INSURANCE REAUTHORIZATION, AND JOB CREATION ACT OF 2010”: WE ARE ON THE PRECIPICE OF AN UNPRECEDENTED ESTATE AND GIFT TAX REGIME Late Thursday night House Democrats joined Republicans in staving off an attempt from Liberal Democrats to amend the bill passed by the senate yesterday and usher in an […]

Senate Passes Tax Bill

Posted on December 15, 2010 by Law Firm of Jeffrey Burr

Here we go…by a vote of 81 to 19, the Senate voted today to lower the federal estate tax rate to 35 percent and to raise the applicable exemption to $5 million per person. Now onto the house where Democratic leaders are debating among themselves on how to handle the estate tax. Many of such […]

The Built-in “Bone” of the Bill

Posted on December 14, 2010 by Law Firm of Jeffrey Burr

I’m going to go out on a limb and say that the estate tax rate will ultimately reset a little higher than 35% and the exemption amount will come in lower than $5 million. Seems like the $5 million and 35% are just too good to be true (now this is just my gut). Obviously […]

The Latest on Estate Tax Legislation

Posted on December 13, 2010 by Law Firm of Jeffrey Burr

The State Column: “Rep. Chris Van Hollen: Tax compromise will pass, Estate Tax may not” – See http://bit.ly/fGxwUO The Hill: “Van Hollen: Tax deal will come to floor, but estate tax is sticking point for Dems” – See http://bit.ly/g4eYqs The Washington Times: “Democrats not pleased with deal on estate taxes” – See http://bit.ly/gZ5d1P The Wall […]

Mr. Reid Makes a Move (along with Mr. McConnell) on the Estate Tax

Posted on December 10, 2010 by Law Firm of Jeffrey Burr

Just yesterday, our Senator from Nevada (who also happens to be the Senate Majority Leader), introduced legislation to extend the Bush Tax Cuts through 2012. The bill submitted by Mr. Reid, along with Senate Minority Leader Mitch McConnell, would provide, among other tax changes, the following: The proposal would reunify the gift and estate tax […]

The Federal Estate Tax – How Much Does it Mean?

Posted on December 9, 2010 by Law Firm of Jeffrey Burr

This week, especially, there is a lot of discussion about taxes in general. Part of the discussion for the “Bush tax cuts” is the Estate and Gift Tax and the changes in rates and lifetime exemption amounts that have occurred since 2001. Although Estate taxes are exciting to the attorneys at our firm, and they […]

Another Estate Tax News Flash

Posted on December 7, 2010 by Law Firm of Jeffrey Burr

It was reported this morning by Tara Siegel Bernard of the New York Times that President Obama and Republican leaders have struck a deal that “would ultimately set an exemption of $5 million per person and a maximum tax rate on estates of 35 percent — a higher exemption and far lower rate than many […]

Recent Bill May Provide Insight on Future of Transfer Tax Law

Posted on December 6, 2010 by Law Firm of Jeffrey Burr

Although the recent amendment to H.R. 4853 appears to be dead on arrival in the Senate, this bill, as introduced by Montana Senator Max Baucus on December 2, 2010, did provide some insight as to where transfer tax laws might end up. Following is a quick summary of the bill’s points: Use of 2009 Rates […]