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Lost among all of the talk about Federal estate tax repeal, is one of the greatest opportunities that Congress has given to many of my clients in years — the uncapped Roth IRA conversion opportunity. Until 2010, a Traditional IRA could only be converted to a Roth IRA by a taxpayer with adjusted gross income of less than $100,000. However, starting this year, anyone can convert a Traditional IRA to a Roth IRA, regardless of the amount of adjusted gross income earned in the year. In analyzing the benefits of a Roth IRA conversion, I have found that most of my clients will achieve significant benefits from converting. Among the benefits achieved are:

So the day that we thought would never get here, is here. On January 1, 2010, the Federal estate tax was repealed. Yes, you heard me right. There is no longer a Federal estate tax. So let’s assume that when Bill Gates gets a look at the new Apple tablet computing device, he is so overcome with fear that he drops dead. Even though in real life he is an extremely philanthropic guy, assume that he has a will that leaves his entire fortune to his children. So the kids inherit $50,000,000,000 tax free in 2010, and the IRS receives nothing. If Bill had the same plan and died in 2009, the IRS would have received over $22,000,000,000 (all those zeroes mean we are talking about billions of dollars). If Bill dies in 2011, anything over $1,000,000 (these zeroes mean one million dollars) will be subject to Federal estate taxes at rates as high as 55%.

I would like to welcome you to my estate planning law blog. I am a Trusts and Estates Attorney practicing in Denville, New Jersey. I am a partner in the law firm of Einhorn, Barbarito, Frost & Botwinick, PC I intend to use this blog as a means of communicating important ideas and changes in the law to my clients and the general public. You should feel free to comment and/or submit questions to me and I will do my best to respond. Of course, the information contained herein is intended for informational purposes only and should not be construed as legal advice. You should seek competent legal counsel for advice on any legal matter. Anyone to whom this communication is not expressly addressed should seek advice based on their particular circumstances from their legal advisor. –

We are a society of shoppers. We have been since we were prehistoric hunters and gatherers. From the souks of the Middle East to the night markets of Asia to the malls of America, human beings come together to browse, bargain and purchase. Shopping isn’t just about the acquisition of […]