Posts Tagged ‘trusts’

How Has the Fiscal Cliff Deal Impacted Trusts?

Monday, July 8th, 2013

If you deal with trusts, you may soon feel the effects of new higher tax rates and the Medicare surtax. Unfortunately, the fiscal cliff deal was not kind to trusts, trustees or trust beneficiaries. For 2013, a trust will pay income tax at the highest individual tax rate of 39.6 percent when taxable income is more than $11,950. An individual would not pay at this highest tax rate until taxable income exceeds $400,000. In addition, the new 3.8 percent Medicare surtax on net investment income applies to trusts if taxable income exceeds $11,950.  (more…)

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If something happens to me, what will happen with my financial matters?

Monday, May 24th, 2010

This past New Year’s Eve, I received a call from a client whose husband had been hospitalized for a couple of weeks.  He had mentioned to her that he thought a tax payment was due that day.  She did not know how to make that payment, or if it needed to be paid that day.  We worked things through, but a valuable lesson was learned that day that we are now following up on.  She realized she doesn’t know much about the family finances. (more…)

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