As part of President Bush’s 2001 tax reform package, the amount of the estate tax exemption (credit shelter) for 2009 has risen to $3,500,000 per individual. In 2010 there will be no estate tax and in 2011 the exemption will revert to the Clinton level of $1,000,000. President Obama has indicated that he will propose ... more
Perhaps someone owes you money who at one point seemed to have a lot of assets but now has little or none. While it is possible that person because of dire financial straits legitimately had to sell off those assets, it is also conceivable that some of those assets were transferred to others for less ... more
A deed in lieu of foreclosure is the process by which a homeowner and its lender mutually agree to transfer title to the home in order to avoid a foreclosure sale. If the homeowner is in default of the mortgage and a modification agreement is neither desirable nor possible, a deed in lieu of foreclosure ... more
The limits on deferring income through contributions to retirement accounts have been increased for 2009 as follows: ************************Below 50 *******Age 50 and above********* IRA Contributions ————$5,000 ——-$6,000 Simple IRA Contributions -$11,500 ——-$14,000 401(k) Contributions ——–$16,500 ——$22,000 403(b) Contributions ——-$16,500 ——$22,000 457 Contributions———– $16,500 ——$22,000 In addition, the maximum deferral for Defined Contribution Plans and SEP/IRAs ... more
In recognition of the significant decrease in the total value of many retirement accounts, Congress has suspended Required Minimum Distribution (RMD) from retirement plans for 2009. Normally, individuals, upon reaching age 70½, are required to withdraw annually from their retirement accounts an amount which approximates the total value of the retirement account divided by the ... more