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Will your investment income be subject to the new 3.8% NIIT?

By Legacy Protection, LLP |

Under the health care act, starting in 2013, taxpayers with modified adjusted gross income (MAGI) over $200,000 per year ($250,000 for joint filers and $125,000 for married filing separately) may owe a new Medicare contribution tax, also referred to as the “net investment income tax” (NIIT). The tax equals 3.8% of the lesser of… Read More »

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IRS Makes More Same-Sex Couples Eligible for Federal Tax Treatment as a Married Couple

By Legacy Protection, LLP |

In response to the U.S. Supreme Court’s June decision regarding same-sex marriage, the IRS recently clarified that married same-sex couples will be treated as married for all federal tax provisions in which marriage is a factor, such as filing status, dependent exemptions and child credits, and gift and estate tax breaks. Significantly, the Supreme… Read More »

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Married Same-Sex Couples Can Now Be Treated as Married for Federal Tax Purposes Regardless of State of Residency

By Legacy Protection, LLP |

The Internal Revenue Service and the Treasury Department have ruled that legally married same-sex couples will be recognized as married for federal tax purposes even in the states that do not allow same-sex marriages. This development is the most sweeping change since the U.S. Supreme Court struck down the 1996 Defense of Marriage Act… Read More »

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Important Arizona Legislative Changes Impact Estate Planning

By Legacy Protection, LLP |

Effective September 12: Simplified probate proceedings (by using a simple affidavit) will be available for small estates with personal property valued at $75,000 or less (previously less than $50,000) and real property valued up to $100,000 (previously $75,000 or less). The Arizona legislature has now provided explicit bankruptcy protection for Section 529 plan accounts, which set… Read More »

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Is it Time for Short-Term Grantor Retained Annuity Trust?

By Legacy Protection, LLP |

Congress’s decision not to include a proposed minimum term for grantor retained annuity trusts (GRATs) in the tax legislation passed back in January — combined with low interest rates — may make it an ideal time to add short-term GRATs to your estate planning arsenal. A GRAT consists of an annuity interest, retained by… Read More »

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