The IRS issued a notice yesterday stating that it will view virtual, or cryptocurrencies, such as Bitcoin, Altcoin and Litecoin as property and not as currency. This is presumably good news for those who have invested in Bitcoin as any transactions will be taxed at capital gains rates, although capital losses will be limited. However,… Continue Reading
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Hugg & Associates PLLC is a boutique law firm providing client-centered services to individuals and businesses. Our practice focuses on all aspects of elder law, estate planning, asset protection, business succession planning, probate and trust administration. If you are a business owner, in addition to the above services, we are experienced business, real estate, and contract law attorneys.
Only One IRA Rollover Per Year
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
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
