Now that most of us have filed our income tax returns for 2009, we can put last year’s taxes behind us . . .  or can we? Each year the IRS sends millions of letters and notices to taxpayers.  If you happen to have received one of these notices, don’t panic.  For starters, many of [...]

The deadline for the $8,000 first-time and $6,500 long-time homebuyer credit expires this month.  Under the Worker, Homeownership and Business Assistance Act of 2009, signed into law on Nov. 6, 2009, an eligible taxpayer must buy, or enter into a binding Agreement of Sale on a principal residence on or before April 30, 2010. Closing [...]

In today’s economy, I am finding more clients asking advice and assistance for an elder parent or relative about to enter a nursing home.  The application and qualification process for Medicaid can be overwhelming, and the consequences for a poorly executed plan can be devastating and may be as serious as Federal criminal prosecution. Because [...]

Take the following advice very seriously.  No better time than the present for estate planning has existed in decades.  Low interest rates, depreciated assets, and estate tax rates and legislation all create an ideal planning opportunity.  However, you had better act now while interest rates remain low and before Congress enacts proposed changes to the [...]

Yesterday, by a vote of 225 to 200, the House of Representatives voted to permanently extend the Federal estate tax exemption.  Under the current rules, the first $3.5 million of an estate, or $7 million for married couples, is exempt from Federal estate taxes. Net estates over the exemption are subject to 45% tax.  However, [...]