Planning for Life

2 Reasons Surviving Spouses Should File Federal Estate Tax Returns: Portability and Capital Gains

Posted by Anthony Bushu on March 29, 2017

By Harry S. Margolis

With the threshold for federal estate taxes set at $5.49 million this year (it adjusts each year for inflation), very few estates have to file a federal estate tax return. In contrast, the Massachusetts threshold is $1 million, meaning that many more estates must file a Massachusetts return. For estates that fall between $1 million and $5.49 million, it can still make sense to file a federal return if the decedent left a surviving spouse.

This is for two reasons: portability and capital gains step up.

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Topics: capital gains taxes, Probate Estate Administration, estate taxes

Announcing the Creation of the Trump Policy Analysis Group Focusing on Older Americans and Individuals with Special Needs

Posted by Harry S. Margolis on December 7, 2016

Five leading elder law attorneys have created theTrump Policy Analysis Group (TPAG)[1] to consider probable changes in law that will affect older Americans and those with special needs.  Initially TPAG will focus on entitlements, public benefits, tax, special needs planning, and veterans’ benefits.

TPAG Members and Experience

Michael Gilfix of Palo Alto, California, A. Frank Johns of Greensboro, North Carolina, Harry S. Margolis of Boston, Tim Nay of Portland, Oregon, and Vincent J. Russo of Long Beach, New York, together have over 160 years experience advising individuals and families and Social Security, Medicare, Medicaid, tax, long-term care, veterans’ benefits, and special needs planning.  They are established authors, speakers, and experts and include founders and leaders of national organizations, including the National Academy of Elder Law Attorneys, addressing the needs of aging and vulnerable populations.

Following is their initial analysis.

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Topics: Medicare, social security, income taxes, capital gains taxes, estate taxes, Medicaid

What Does a Trump Presidency Mean to Estate and Long-Term Care Planning?

Posted by Harry S. Margolis on November 22, 2016

By Harry S. Margolis

The election of Donald Trump along with Republican control of both houses of Congress undoubtedly will impact tax and benefit laws that affect citizens in their personal lives and in their estate and long-term care planning. The question is how? We can't answer for certain since during his campaign the president-elect stayed away from specific policy proposals. But there's still a lot we can glean both from what he has said and from Republican policies, especially those of Speaker of the House Paul Ryan. On the domestic front, Ryan appears much more radical than Trump in many ways.

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Topics: Medicare, social security, MassHealth, capital gains taxes, capital gains, estate taxes, Medicaid

Beware Your Old Bypass Trust

Posted by Harry S. Margolis on June 7, 2016

By Harry S. Margolis

Very few people need to worry about federal estate taxes today with the threshold for taxation now at $5.45 million (in 2016) and surviving spouses permitted to add on the unused portion of their deceased spouse's credit through "portability." Yet many people have estate tax planning trusts put in place when the threshold was much lower and before portability was enacted. As recently as 2003 the threshold was $1 million and before 1998 it was just $600,000.

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Topics: trusts, Estate Planning, capital gains taxes

5 Rules You Need to Know About the Tax on Capital Gains

Posted by Harry S. Margolis on March 22, 2016

By Harry S. Margolis

There are many types of taxes out there: income, sales, real estate, estate, excise and capital gain. The tax you may be able to avoid or minimize most through planning is the tax on capital gains. Here's what you need to know to do such planning:

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Topics: income taxes, capital gains taxes

Could They Make Capital Gains Taxes Any More Complicated?

Posted by Harry S. Margolis on December 23, 2013

By Harry S. Margolis

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Topics: Estate Planning, capital gains taxes

Year End Tax Planning, More Now Than Ever

Posted by Harry S. Margolis on November 13, 2012

By Harry S. Margolis

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Topics: Estate Planning, capital gains taxes

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