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Colleen Sinclair Prosser with Founding Partners of the American Academy of Estate Planning Attorneys

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This year marks the 20th Anniversary of the American Academy of Estate Planning Attorneys.  Pictured from left to right is Robert Armstrong, J.D., President, Attorney Colleen Sinclair Prosser and Sanford M. Fisch, J.D., LL.M, Chief Financial Officer. … [Read more...] about Colleen Sinclair Prosser with Founding Partners of the American Academy of Estate Planning Attorneys

Joint Accounts and Taxes

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Recently, AARP wrote an article about titling assets jointly with another person.  The article has generated well needed dialogue about the pros and cons of joint ownership.  The reason that I hear clients telling me they want to name their child as a joint owner on the accounts is to enable access to the money when they cannot.  In other words they are doing so for convenience.  Many legal issues … [Read more...] about Joint Accounts and Taxes

2013 Estate, Gift and Capital Gains Tax Changes

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As 2012 was winding down, estate planners throughout the country waited to see how Congress and the President would handle capital gains, estate and gift tax issues. Under what is called a sunset provision, the estate tax exemption was scheduled to return to $1,000,000 on January 1, 2013, the amount set prior to the Bush Era Tax Cuts.  This would have meant that all estates in excess of … [Read more...] about 2013 Estate, Gift and Capital Gains Tax Changes

We Dodged the Fiscal Cliff – How the New Tax Bill Affects You

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Posted by Attorney Colleen Sinclair Prosser on behalf of the American Academy of Estate Planning Attorneys In case you haven’t heard, the New Year brought a new law recently signed by the President. To avoid the country from falling off the “fiscal cliff,” the “American Taxpayer Relief Act” was approved on New Year’s Day. The approval and signing of this new law may affect the future of your … [Read more...] about We Dodged the Fiscal Cliff – How the New Tax Bill Affects You

The Ins and Outs of Gifting

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Everyday I meet with families and we discuss the estate planning technique of gifting, which can be a valuable strategy to reduce estate taxes.  Gifting can be done on a limited basis or it can be done on a continuous basis as part of an overall plan to reduce estate taxes.  Either way it can be relatively easy. Most people have heard that you can give away $13,000 per year per person, but  … [Read more...] about The Ins and Outs of Gifting