Reviewing Your Estate Plan is One Resolution You'll Want to Keep in 2012
New Year's resolutions typically center around improving physical, emotional and financial well-being. Among your resolutions should be a review of your personal planning documents to make certain that they are still effective under current law and still meet your personal goals. Many significant changes to the estate, gift and generation-skipping transfer tax laws took effect in 2010 and 2011, and some are scheduled to disappear in 2013 without further action by Congress, making this year a prime time to consider updating your estate planning documents.
â¢The federal estate, gift and generation skipping transfer tax exemption is $5,120,000 for 2012. In 2013, the exemption is scheduled to return to $1,000,000. Many estate plans take full advantage of the federal exemption by directing that assets valued in the amount of the exemption pass directly to your children or to a credit shelter trust under which your spouse has limited access. The significant increase in the federal credit may cause you to reconsider your options.
â¢The increased exemption in 2012 gives many individuals an unprecedented opportunity to make large gifts to save on estate taxes. You may wish to consider your gift tax planning options...
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Reviewing Your Estate Plan is One Resolution You'll Want to Keep in 2012 Probate, Trust and Personal Planning Practice Group January 2012 New Year's resolutions typically center around improving physical, emotional and financial well-being.Rhode Island Health Insurance Tax Incentive - News
Despite the rise in the federal estate tax exemption many state estate taxes are imposed on estates with assets valued at less than the federal exemption. Although there is no state estate tax in Florida, both Rhode Island and Massachusetts impose
Woonsocket, Central Falls, and Johnston owe 61 percent, 58 percent, and 47 percent, respectively, of their property taxes to their retirement systems. Overall, one out of every four dollars in local property taxes collected in Rhode Island should be
Called the Working Poor Tax Credit Program, taxpayers can receive a dollar-for dollar tax credit of donations to organizations that serve the poor. The new law would have prohibited organizations that provide, pay for, promote, provide coverage of or
Washington allows patients to grow their own marijuana and keep a 60-day supply, which it defines as up to 24 ounces. Patients and designated health-care providers can keep "collective gardens." Rhode Island allows patients to grow up to 12 plants and
like the Rhode Island Business Group on Health, HRM-RI, SHRM, WELCOA, and the Rhode Island Business Healthcare Advisory Council, and participates in the Lieutenant Governor's Health Benefits Exchange work group of the Health Care Reform Commission.
LegalNewsline | Labor Dept. awards funds for N.C. health insurance
WASHINGTON - The U.S. Department of Labor (DOL) has provided a $2 million National Emergency Grant supplemental award providing an estimated 1,175 additional jobless workers in North Carolina with partial premium payments for health insurance coverage.
North Carolina qualified for the funds that were available from the economic stimulus passed by Congress in the American Recovery and Reinvestment Act.
The state has received a total of $6.2 million awarded to date. The number of jobless workers served to 5,375.
"Health insurance is an important benefit for millions of American workers and their families," said Secretary of Labor Hilda L. Solis. "These additional funds will ensure that these North Carolinians keep their health insurance while they search for new jobs."
The funds will be awarded to the North Carolina's Division of Employment and Training. It will be used to make payments for unemployed individuals who are receiving Trade Adjustment Assistance benefits and are eligible for the Health Coverage Tax Credit. These are "gap filler" payments.
This funding covers up to three months or approximately the same amount of time the Internal Revenue Service can enroll the workers in the Health Coverage Tax Credit program. Through the credit, eligible individuals can receive 72.5 percent of premium costs for qualified health insurance programs.
National Emergency Grants are part of the secretary of labor's discretionary fund and are awarded based on a state's ability to meet specific guidelines.