In S8721, S. Amend.4753 amending H.R.4853, there is some good news with respect to the long in limbo future of federal estate and gift tax legislation for taxable years beginning after December 31, 2010.   Further, it appears that the estate and gift tax amendments are likely to pass both houses of Congress this year, though nothing is certain in the current legislative environment.

Under the proposed legislation, the amount of a decedent’s taxable estate excludable from estate tax would be $5 million.  For years beginning in 2012, the exclusion amount would be indexed for inflation.  While the provisions of the proposed legislation will sunset with the entirety of the proposed tax package, this time as of December 31, 2012, the inflation index provisions as to these provisions may be an indication that there exists some consensus that the estate and gift tax components of the current tax bill may represent appropriate long-term policy.

Continue reading “The Proposed Tax Legislation and You”

Tarley Robinson December Newsletter

Topics include:

Many HOAs have board members who are also attorneys. Attorney board members can provide valuable input as board members but have to be careful not to provide legal advice. The attorney board member’s experience and training help with identifying legal issues, framing those issues for the board, and presenting the questions with clarity to the HOA’s counsel. The attorney board member’s legal experience likewise aids attorney board members in helping the board understand the import and implications of legal advice received, and in the board’s adoption and implementation of appropriate actions in light of that counsel.

Tarley Robinson November Newsletter