Platinum Tax Offers Reports on Taxpayer Relief Act of 2012 Regarding Gift and Estate Taxes
February 13, 2013 --
Los Angeles, California (PRWEB) February 13, 2013
Many countries currently struggle with the burden of an aging population. Although the United States does not have the high levels of retirees found in Japan, Bloomberg Businessweek recently pointed out that the Baby Boomer phenomenon is long gone: The U.S. birthrate is the lowest in nearly a century, according to a study released last year by the Pew Research Center...By 2050 the United Nations estimates that 48 countries and territories out of a world total of 229 will have smaller populations than in 2010...The global elderly will have increased from 648 million to 1.9 billion. Estate settlement and probate issues are becoming an increasingly popular topic, especially in recent years with the economic struggles shared around the globe. Platinum Tax Defenders reminds those settling estates to consider the tax implications of probate, and suggests that tax resolution services may be helpful in the process of settling an estate.
The probate process, for those who have invested in the stock market or other means of financial safeguards, can involve complex issues such as gift tax, estate tax and capital gains. Morgan Stanley's assessment of the American Taxpayer Relief Act of 2012 pointed out that there are some benefits and drawbacks to taxpayers since the Act passed in January 2013. Taxpayers earning over $400,000 (or involved with a parents' estate which earned the same) must face a permanent 5% increase, from 15% to 20%, of long-term capital gains and dividend earnings. This may be difficult for those depending on a loved one's estate for long-term investment in the family small business, or for payment of long-term care for parents with disabilities or those who suffer from Alzheimer's disease. Fortunately, the exemption threshold for estate and gift taxes remains at an inflation-adjusted $5 million, rather than the projected $1 million. However, the tax rate for estates over $5 million increased from 35% to 40% - though the 'portability provision' allows the leftover portion of a deceased spouse's estate exemption to pass to the surviving spouse.
However, probate cases can have inflated asset values based on real estate, and states are allowed to separately impose an estate tax beyond the generation-skipping tax (GST). A Platinum Tax Defenders tax resolution specialist was especially concerned that taxpayers be reminded of the 'mortgage debt relief' clause that will expire in 2013: The $2 million exclusion of mortgage debt can really help people who bought more house than they needed, or got stuck with their parents' real estate bought in the boom market. Don't forget to factor property into your tax return. The IRS doesn't care that the house hasn't been re-assessed yet.
Back taxes, especially those of a parent or loved one, can be a hassle in probate cases when personal knowledge of records is lacking. Professional tax resolution with back taxes can be especially helpful when records are unclear, or a backlog of record-keeping exists due to health problems. Platinum Tax Defenders reminds taxpayers that back tax returns are due even for the deceased, and offers professional guidance on putting together prior year returns. A specialist notes, it's not impossible for the IRS to issue bank levies or property liens, even in probate cases.
Platinum Tax Defenders offers a free consultation by phone, without further obligation, so that taxpayers can be informed of their rights and possible solutions. Platinum Tax Defenders has a dedicated team of 10 professionals (including tax attorneys, CPA's and former IRS agents) with a ten-year track record of stopping bank levies and removing tax liens. Most initial consultations range from 20 to 45 minutes, in which a qualified tax resolution professional can examine the specifics of the situation and offer strategies for dealing with the IRS.
For more information from Platinum Tax Defenders on stopping property seizure and getting help with back taxes, call 1-877-668-1807 or send an email to firstname.lastname@example.org.
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