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Derek's Tax Blog

Tax Attorney Derek JensenI strated this blog as a way to follow the developments in the Federal Estate Tax. However, from time to time I will post on Federal Income Tax issues, the Washington State Estate Tax, Estate Planning, Elder Law, and Business Planning. Please feel free to leave comments.
Written by Derek W. Jensen   
Thursday, 09 December 2010 04:56
"This message today is very simple: That in the form that it was negotiated, it is not acceptable to the House Democratic caucus. It's as simple as that," said Democratic Congressman Chris Van Hollen. House Democrats defy Obama on tax cut bill – CNN Political Ticker - CNN.com Blogs

It has been a hectic few days since the tax compromise was announced Monday afternoon. With nearly everyone having something in the bill to complain about, it now appears that the lame duck session...

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Written by Derek W. Jensen   
Monday, 06 December 2010 11:45
President Obama and Republicans have apparently come to terms on extending the Bush era tax cuts and believe it or not that deal includes the estate tax. The Federal Estate Tax would still return next year, but instead of coming back with a top rate of 55% and an exemption of $1 million, it would return with a top rate of 35% and an exemption of $5 million - for the next two years. See:  Obama Announces Estate Tax Deal With Republicans: 35% Tax Rate And $5 Million Exemption, For Two...

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Written by Derek W. Jensen   
Friday, 03 December 2010 09:06
A review of the new tax legislation introduced in the Senate Thursday reveals that it includes a gift tax trap. 2010 is a wacky year for estate planning. In addition to repeal of the Federal Estate Tax, the absence of Generation Skipping Transfer Tax and the 35% gift-tax rate makes 2010 a particularly good year to make gifts, especially gifts to grandchildren.

Tax Proposal Clouds Year-End Gifts - WSJ.com

Advisors have been trumpeting this all year, but many clients have been...

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Written by Derek W. Jensen   
Friday, 03 December 2010 08:38
President Obama's deficit commission failed to reach consensus on a resolution for our national debt problem. Well the commission did pass the recommendation of the co-chairmen, they were unable to garner enough votes to officially send the proposal to congress. The voting of the House and Senate members on the commission could foretell the outcome of this type of legislation when congress addresses it next year. Read the article here: Politics | 11 of 18 debt panelists vote for tough...

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Written by Derek W. Jensen   
Friday, 03 December 2010 08:28

Yes, they do lock up tax protesters and tax cheats! This article provides a good reminder that tax crimes can result in actual jail time. As our Federal Income Tax rates increase over the next few years, some people will be tempted by schemes that sound to good to be true. Always consult with a credible tax professional before you getting involved.

If You Want To Join Wesley Snipes In Prison, Try These Tax Moves - Forbes.com

 
 
 
Written by Derek W. Jensen   
Friday, 03 December 2010 02:41
Following up on the House Tax Bill that was passed yesterday, Senate Democrats Introduced a Tax Cut Bill that, unlike the House version, includes a provision on the Estate Tax.

The main substance of both of these bill are extend the Bush era tax rates for families earning $250,000 and less per year and individuals making $200,000 and less.

The Senate version of the bill includes a provision to create a permanent estate tax at the 2009 rates and exemption levels. If passed, it would be the...

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Written by Derek W. Jensen   
Tuesday, 23 November 2010 06:19
The upcoming issue of Forbes contains an article that describes some of the basic estate planning documents and cost estimates for hiring an attorney to prepare them. How To Do Estate Planning On The Cheap - Forbes.com Deborah Jacobs does a good job of advocating for the use of an attorney over do-it-yourself software and websites, but she misses a key point. Successful estate plans must address the issues that the clients are concerned about. Too often people believe that a one-size fits all...

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