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Posts Tagged ‘tax planning’

The new tax bill contains a little-known loophole that, if you act quickly, could save a big tax bite for those who want to make substantial gifts to grandchildren.

The new tax bill contains a little-known loophole that, if you act quickly, could save a big tax bite for those who want to make substantial gifts to grandchildren. The Generation Skipping Tax (GST), in place since 1986, is a second layer of tax applied to gifts that “skip” a generation – for example, gifts made to grandchildren if the parents are still alive. The loophole in the new tax bill not only confirms a 0% GST for all of 2010 (making the law more clear) but widens that loop hole substantially, albeit temporarily, through the end of this year,…

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the Boston Globe reports the end of year holds some good news for retirement investors – thanks to new rules put into effect by the small business bill passed last month making Roth IRAs a more attractive option.

The remaining months of 2010 may prove an uneasy time for tax and financial planning – with the status of Bush-era tax cuts and the possible return of the estate tax hanging in the balance while a “lame duck” congress still has the wheel.

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