Skip to content

Cramer Law Center

Planning Your Family's Future

Cramer Law Center Logo
Our TeamMeet the Cramer Law Center TeamServicesLearn About the Services We OfferBlogLatest News and InformationF.A.Q'sHow do I get started? and Other Questions
(904) 448-9978

Tagged: estate tax

Estate Planning Lessons From Prince

June 2, 2016Jeffrey A. Cramer Estate Planning, Newsletter celebrity, death, Estate Planning, estate tax, family, taxes
Celebrity Estate Planning

Celebrity deaths have a way of occupying the attention of the media. In addition, of course, to his immense talents, Prince’s recent death is noteworthy for his failure to do any estate planning. What lessons can us non-celebrities learn from his choice?

Continue Reading...
Leave a comment

The “Responsible Estate Tax Act”

August 7, 2015Jeffrey A. Cramer Estate Planning, Estate Tax Law, Newsletter congress, Estate Planning, estate tax
Estate Tax Act

Senator Bernie Sanders, a presidential candidate, recently proposed a bill in Congress that he titled “The Responsible Estate Tax Act.” The Act proposes to raise the estate tax and broaden its coverage. The proposal immediately was endorsed by well-known economists such as Robert Reich and Thomas Piketty. Surprisingly, for an unabashed progressive like Senator Sanders, the Act proposes only a modest increase in the estate tax. Here is what the bill would do:

Continue Reading...
Leave a comment

WHY SHOULD I PLAN NOW THAT I’M NOT WORRIED ABOUT PAYING AN ESTATE TAX?

January 28, 2013Jeffrey A. Cramer Estate Planning, Estate Tax Law assets, disability planning, Elder Law, elder law attorney, estate, Estate Planning, Estate Planning Attorney, estate tax, executed by non-resident of Florida, financial plan, Florida estate planning, Florida Estate Plannning, Jacksonville Estate Planning, Jacksonville probate attorney, Jacksonville will

 

Continue Reading...
Leave a comment

NEW ESTATE TAX LAW – TIME TO EXHALE?

January 11, 2013Jeffrey A. Cramer Estate Planning, Estate Tax Law, Trusts, Wills $5 million dollar gift tax exemption, estate, Estate Planning, Estate Planning Attorney, estate planning lawyer, estate tax, Florida estate planning, Florida probate attorney, Florida trust lawyer, Florida will lawyer, generation skipping transfer tax, gift tax, gift tax planning, Income Tax, Jacksonville Estate Planning, Jacksonville probate attorney, Jacksonville trust, Jacksonville trust lawyer, Jacksonville will, Jacksonville will lawyer, Keywords: probate, New Florida resident, Probate

So, it appears that we did not go off the first “Fiscal Cliff” and some momentary “permanence” has been given to the Estate Tax Law. In the just passed “American Taxpayer Relief of 2012,”  Congress kept in place the 2010 estate tax law with its Five Million Dollar ($5,000,000.00) personal exemption, adjusted annually for inflation.  The only thing the lawmakers actually changed is the gift and estate tax rate, which has gone up to a top rate of forty percent (40%) from a previous maximum of thirty-five percent (35%).  The exemption amount in 2012 was 5.12 million dollars, per person.  The 2013 exemption amount is reported to be 5.22 million dollars per person.  This amount of money either can be given away during lifetime or after death; it also can be given or devised to grandchildren without occurring any additional generation skipping tax.

Continue Reading...
Leave a comment

PERSONAL REPRESENTATIVE’S PERSONAL LIABILITY FOR PAYING TAXES OWED BY THE DECEDENT

September 28, 2012September 28, 2012Jeffrey A. Cramer Probate, Uncategorized estate tax, executor, gift tax, Income Tax, personal representative, Probate

    A Personal Representative of an estate (“PR”) is personally liable for paying a decedent’s outstanding tax bills.  This would include income taxes, gift taxes or estate taxes that may be owed by the decedent at the date of his or her death.  For this reason, it is important that a Personal Representative engage a CPA, in addition to a probate attorney, for assistance in resolving potential tax issues. 

Continue Reading...
Leave a comment

PLANNING OPPORTUNITY ENDS IN 2012!

February 23, 2012February 24, 2012Jeffrey A. Cramer Estate Planning, Trusts $5 million dollar gift tax exemption, Estate Planning, Estate Planning Attorney, estate planning lawyer, estate tax, generation skipping transfer tax, gift tax, gift tax exemption, gift tax planning, GST, GSTT, tax relief, trust, Unemployment Insurance Reauthorization and Job Creation Act of 2010, will

No, we are not referring to the Mayan calendar-end of the world hysteria! Instead, we are referring to the end of the “Tax Relief Unemployment Insurance Reauthorization Job Creation Act”, which dies on December 31, 2012. That law provides unprecedented gift tax, estate tax, and generation-skipping transfer tax exemption amounts of $5,000,000 per person. (Indexed for inflation so that it is $5,120,000 this year.) If Congress fails to act to extend this law, then these $5,000,000 exemption amounts will all be reduced to $1,000,000 by automatic operation of law on January 1, 2013. Will Congress act? Who knows?

Continue Reading...
Leave a comment

GIFTING AND THE GIFT TAX

February 21, 2011Jeffrey A. Cramer Areas of Practice, Estate Planning, Probate, Trusts, Uncategorized, Wills Estate Planning, estate tax, gift, gift tax, gifting, gifts, Trusts

Many people are confused about the rules which apply to giving gifts. There is good reason to be confused. First, there are two different gift tax exclusion figures, which change frequently. Then, there is the question of basis. This newsletter will attempt to provide a basic understanding of the gift tax rules.

Continue Reading...
Leave a comment

UNCERTAINTY ABOUT ESTATE TAX: WILL IT DISAPPEAR? A history lesson.

January 21, 2011January 21, 2011Jeffrey A. Cramer Estate Planning, Probate, Trusts, Wills Estate Planning, estate tax, gift tax, Probate, Trusts

In our last newsletter, we outlined some of the highlights of the temporary extension of the estate tax that will be effective from January 1, 2011 through December 31, 2012. What will happen next? Is the estate tax likely to disappear or even remain “as is” with lower rates and a more generous personal exemption than at most any time in history? Well, let’s take a look at the history of this tax.

Continue Reading...
Leave a comment

NEW ESTATE TAX LAW: EFFECTIVE JANUARY 1, 2011 – DECEMBER 31, 2012

January 6, 2011Jeffrey A. Cramer Estate Planning, Newsletter EGTRRA, Estate Planning, estate tax, generation skipping transfer tax, gift tax, gifts, GST, GSTT

            We begin the New Year with temporary estate tax relief.  The key word is “temporary.”  Congress, at the last minute, finally has acted to modify the estate, gift and generation-skipping transfer taxes.  However, this modification of the estate, gift, and generation skipping transfer taxes will last only for two years, unless Congress passes a more permanent law.  If Congress does nothing, on January 1, 2013, the estate tax exemption will be reduced to $1,000,000.00 and the estate tax rate will increase to 55%.  Essentially, the last Congress has “punted” forward the sunset provisions of EGTRRA (the Economic Growth Tax Relief Reconciliation Act) for two years.  No one can predict what will happen then.  This newsletter will highlight the key elements of this temporary estate tax relief.

Continue Reading...
2 Comments

WHY LIFE INSURANCE IS AN IMPORTANT ESTATE PLANNING TOOL

December 30, 2010Jeffrey A. Cramer Areas of Practice, Estate Planning, Probate, Trusts, Uncategorized advisor, Estate Planning, estate tax, ILIT, insurance agent, irrevocable life insurance trust, life insurance, Probate, tax, trust

         As a Jacksonville, Florida Estate Planning Attorney, I work regularly with life insurance agents as part of the estate planning team.  Life insurance is helpful in many estate planning situations.  Some examples are:

Continue Reading...
Leave a comment

Posts navigation

← Older posts

Sign Up for our Newsletter

We respect your privacy and will never sell, rent , trade, or share your email with any other person or organization. Our Privacy Policy.

By Category

  • Areas of Practice
  • Business Succession Planning
  • Clients
  • Corporate
  • Durable Power of Attorney
  • Elder Abuse
  • Elder law
  • Estate Owned Automobiles
  • Estate Planning
  • Estate Tax Law
  • Facebook
  • Feeding Tube
  • Florida Homestead
  • General Law
  • Guardianship
  • Homestead
  • Homestead Owners
  • Homestead Property
  • Living Will
  • Medicaid Planning
  • Medicare Planning
  • Movies Relating to Estate Planning
  • Newsletter
  • Organ Donation
  • Persistent Vegetative State
  • Pet Trust
  • Probate
  • Probate Estate
  • Safe Deposit Boxes
  • Scams on the Elderly
  • Trusts
  • Twitter
  • Uncategorized
  • Wills

Ratings/Memberships

Lawyer Jeffrey Cramer | Top Attorney Estate Planning
AV Rating
National Network Of Estate Planners

Contact Us Now









captcha


Search

Locations

Jacksonville

Cramer Law Center, P.L.
4655 Salisbury Rd #100A
Jacksonville, FL 32256

Disclaimer

The hiring of a lawyer is an important decision which should not be based solely upon advertisements. Before you decide, please ask us to send you free written information about our qualifications and experience.

Read the Full Disclaimer

Proudly powered by WordPress | Theme: cramerlawcenter by Mike Palmer.