David Wingate in Frederick MD Frederick, MD  David Wingate in Frederick MD 301-663-9230 David Wingate in Rockville MD Rockville, MD  David Wingate in Rockville MD 240-453-0070 David Wingate in Hagerstown MD Hagerstown, MD  David Wingate in Hagerstown MD 301-360-5949
Elder Law Office of David Wingate, LLC

Posts Tagged ‘taxpayers’

Some Tax Information for 2013

Here are some changes that appear relatively certain regardless of the action Congress takes: • The personal exemption will increase, reportedly to $3,900, in 2013 from $3,800 this year. • The maximum earnings subject to the Social Security tax will increase to $113,700 in 2013 from $110,100 in 2012. • Contributions to defined contribution plans will climb to a maximum $23,000 — $17,500 in regular contributions, up from $17,000 in 2012, plus $5,500 in catch-up contributions for those 50-plus, same as in 2012. • There will be a higher threshold on medical deductions, meaning it will be harder to qualify….

Read More »

A type of trust used by the wealthy to shelter assets from estate taxes for hundreds of years, or even forever, is under fire.

As budget debates continue to escalate, yet another estate planning tool has come under fire, reports The Wall Street Journal. If you’re interested in a “Dynasty Trust” you may want to act sooner rather than later. The main objective of a Dynasty Trust is to continue for as long as possible, benefiting several succeeding generations. Usually, beneficiaries are allowed access to income only, so the trust’s principal assets remain intact to provide an income stream for future generations. Dynasty trusts have become increasingly popular since the 1986 tax overhaul and the current version of the “generation-skipping tax.” (GST). The GST…

Read More »

MENU
Close
loading...