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Thomas Walton Dallas

Thomas Dallas’s Legal Guides

38 total

  • The "Big Gift" Window Closing?

    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...

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  • Expatriates Get A Tax Swat Upon Exit

    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...

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  • A Graduation Gift that Keeps on Giving

    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...

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  • Estate Taxes – The Gift That Keeps on Taking

    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...

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

    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...

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  • When Your Estate IS a "Work of Art"

    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...

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  • Preserve Portability with Estate Tax Filing

    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...

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

    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...

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

    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...

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

    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...

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