Thomas Walton Dallas’s Guides

Thomas Walton Dallas

Jackson Tax Lawyer.

Contributor Level 7
  1. The "Big Gift" Window Closing?

    Written by attorney Thomas Dallas, about 2 years ago.

    The "Big Gift" Window Closing? While it is well known that compromise legislation at the end of 2010 extending Bush-era temporary tax reductions increased the estate tax exemption to $5 million, it is less well known that the lifetime gift tax exemption was also raised to $5 m...

    2 people found this Legal Guide helpful

  2. Expatriates Get A Tax Swat Upon Exit

    Written by attorney Thomas Dallas, about 2 years ago.

    Expatriates Get A Tax Swat Upon Exit U.S. citizens or long-term residents who expatriate after June 16, 2008, are treated as having sold all their worldwide property for its fair market value the day before leaving the U.S. As far as the IRS is concerned, permanently leaving...

    2 people found this Legal Guide helpful

  3. A Graduation Gift that Keeps on Giving

    Written by attorney Thomas Dallas, about 2 years ago.

    A Graduation Gift that Keeps on Giving If you want to give a high-school or college graduate a gift with a big financial impact, go beyond writing a check. Giving the gift of investingwith individual stocks, bonds or investment accounts and even some financial planningwill hel...

    3 people found this Legal Guide helpful

  4. Estate Taxes – The Gift That Keeps on Taking

    Written by attorney Thomas Dallas, about 2 years ago.

    Estate Taxes The Gift That Keeps on Taking When you inherit money or property you shouldn't have to pay taxes. It's not subject to income tax. Plus, if there's an inheritance tax to pay, the estate or person giving it to you has already paid it or provided for its payment. A...

    2 people found this Legal Guide helpful

  5. Family Limited Partnerships – Worth Another Look (Especially This Year)?

    Written by attorney Thomas Dallas, about 2 years ago.

    Family Limited Partnerships Worth Another Look (Especially This Year)? A FAMILY limited partnership was once a rather esoteric way for wealthy families to centralize the management of real estate and various pots of money. But this is not a normal tax year. Sometimes managi...

    2 people found this Legal Guide helpful

  6. When Your Estate IS a "Work of Art"

    Written by attorney Thomas Dallas, about 2 years ago.

    When Your Estate IS a "Work of Art" For many owners of artwork or decorative collectibles, scenario planning works well for individual or a small number of items. Estate planning is a process, not a "one-and-done" event. Sometimes anticipating future curveballs in life may n...

    2 people found this Legal Guide helpful

  7. Preserve Portability with Estate Tax Filing

    Written by attorney Thomas Dallas, about 2 years ago.

    Preserve Portability with Estate Tax Filing An estate-tax return must be filed soon after the first partner's deathusually within nine monthsin order for a couple to get this new benefit. Don't lose the value of your partner's estate tax exemption by failing to file an estate...

    2 people found this Legal Guide helpful

  8. How much and how often do I need to take distributions once I reach my Required Beginning Date? Pt. 1

    Written by attorney Thomas Dallas, about 2 years ago.

    Retirement Planning: Now I am really confused. How much and how often do I need to take distributions once I reach my Required Beginning Date? Pt. 1 Let's start with how often. Once you reach your Required Beginning Date, you must withdraw a minimum amount from your IRA or Qual...

    1 person found this Legal Guide helpful

  9. How much and how often do I need to take distributions once I reach my Required Beginning Date? Pt. 2

    Written by attorney Thomas Dallas, about 2 years ago.

    Retirement Planning: Now I am really confused. How much and how often do I need to take distributions once I reach my Required Beginning Date? Pt. 2 If you postpone yourfirstRMD until the calendar year of your Required Beginning Date, you will have to take two RMDs in one taxab...

    1 person found this Legal Guide helpful

  10. Should I name my spouse or my living trust as the beneficiary of my retirement plans? Pt. 3

    Written by attorney Thomas Dallas, about 2 years ago.

    Retirement Planning: Should I name my spouse or my living trust as the beneficiary of my retirement plans? Pt. 3 So, the question becomes who do I name as the primary beneficiary and who do I name as the contingent beneficiary. In its most simplistic form you could do either of...

    1 person found this Legal Guide helpful