In a recent decision (Bobrow v. Commissioner, decided January 28, 2014), the U.S. Tax Court held that taxpayers may only make one tax-free IRA rollover per year, no matter how man IRA’s the taxpayer owns. The taxpayer in Bobrow had two IRAs and made a withdrawal from each of them. He re-deposited the funds within… Continue Reading
Author Archives: John
Save Taxes With a Trust
Many families have used trusts for decades to pass wealth to spouses, children and grandchildren with reduced or no estate or gift tax burden. However, today the top income tax bracket is 39.6% plus the new 3.8% surtax on investment income for high earners (total top federal income tax rate 43.4%). One such earner is… Continue Reading
Unfair Debt Collection
The Federal Fair Debt Collection Practices Act (the “Act”) prohibits unfair collection of consumer debts. The following is a summary of a few prohibited debt collection practices: Calling you before 8 a.m. or after 9 p.m. local time. Contacting you directly after you told the creditor you retained an attorney to represent you. Telling your… Continue Reading
The Good, The Bad and The Ugly: Washington’s 2014 Estate Tax
In “emergency” legislation passed last summer, Governor Inslee signed a bill that made some changes to Washington’s estate tax. Most of these changes became effective on January 1, 2014. Here are some of the more important changes: The Good – Washington’s $2 million dollar per person estate tax exemption is now indexed for inflation. This… Continue Reading
Same Sex Couples Can File Joint Bankruptcy
As most everyone knows, last year the Supreme Court struck down the Defense of Marriage Act’s prohibition of marriage for same sex couples in United States v. Windsor. That decision brings a host of federal benefits for married same sex couples. One such benefit is a married same sex couple can now file a joint… Continue Reading