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Pick and Save |
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If you just filed your 2007 tax return and are still
smarting over lost opportunities to reduce your debt to
Uncle Sam, it's time to think positive. You can change
the picture for 2008 if you incorporate tax planning
into your overall forecasting and strategy for the year
rather than relying solely on last-minute December
moves.
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Who will benefit from the 2008 economic stimulus plan? |
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The $150 billion plan - intended to help thwart the
looming recession - focuses on three groups: families,
businesses and borrowers. Following is an explanation of
the benefits each likely will experience this year,
based on their 2007 tax situation, and, possibly into
2009, after filing their 2008 taxes.
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Avoiding Real Estate Tax Revaluations |
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As a result of the passage of Proposition 13 almost
thirty years ago, real estate owners currently enjoy
paying property taxes based on the property's purchase
price, value of improvements and an annual increase of
2% over the previous years' assessed value. Owners pay
significantly lower property taxes than if their
property was valued under current market conditions.
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IRS Circular 230 disclosure: To ensure
compliance with requirements imposed by the
IRS, we inform you that any U.S. federal tax
advice contained in this document is not
intended or written to be used, and cannot
be used, for the purpose of (i) avoiding
penalties under the Internal Revenue Code or
(ii) promoting, marketing or recommending to
another party any transaction or matter that
is contained in this document.
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The Qualified Personal Residence Trust (QPRT)
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Wealth management is an important issue for those with
substantial assets to protect. Many people incorrectly
assume that their estates will escape federal estate tax
as a result of underestimating what their principal
residence will be worth when they die. Often, our homes
are our most valuable assets. The Qualified Personal
Residence Trust (QPRT) provides a means for
significantly reducing the estate tax consequences of
the family home and one vacation home. The QPRT also
provides an excellent asset protection vehicle since you
no longer own the property once the trust is
established.
The following is a summary of the benefits and
features of a Qualified Personal Residence Trust.
Read On... |
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