Thursday, February 28, 2013

How do I take advantage of the 5M gift tax exemption that expires at the end of the year?

Q. I own a few rental properties and have a respectable investment portfolio, but there is no way I am gifting everything to my kids now. I don't trust them.
I have asked 4 "professionals" and they all have a different answer for me.

A. This will help you definitely. In fact, it is exactly for people like you that we talk about this on our website. The gift tax expemption drops from $5M to $1M Jan.1, 2013, so if your total assets are worth more then that you will want to take advantage it this year. Watch the video here: http://press-releases.ultratrust.com/irs-giving-away-trillions-to-heirs-of-millionaires.html

You definitely don't want to gift things to your kids espcially if they are not mature enough to make difficult financial decisions. You should create an irrevocable trust for the benefit of you and your children. Your CPA will help you file a gift tax return and elect to use your gift exemption so there is no gift taxes. This will help you also avoid probate court and avoid estate taxes. Typically if strucutred correctly, it could also help you avoid a lawsuit and minimize your odds of an audit.

Can someone please translate this into cantonese chinese?
Q. I need to write a letter in traditional chinese, so I was wondering if anyone would be willing to help. The letter goes as is:
Thank you so much for all the generous gifts. Everything was so thoughtful, and really touched my heart. I truly always feel so grateful and blessed to receive your unconditional generosity and kindness. And thank you always for your concerns over my health. Even with the change of seasons, I hope everything is going very well for you! I really miss you a lot, and hope we can meet again soon one day, as I always welcome you to visit me in California! I wish you health and happiness always. Thank you.

A. é常æè¬ä½ çææè±åç禮åãä¸å齿¯é£éº¼å¨å°ï¼çç徿åæçå¿ãæçç總æ¯è¦ºå¾å¤ªæè¬åç¥ç¦ä½ ç¡æ¢ä»¶çæ·æ¨ååè¯ãæè¬ä½ ç¸½æ¯å°ä½ çéæ³¨æçå¥åº·ãé¨èå­£ç¯çè®åï¼æå¸æä¸åé½é²è¡å¾é常é å©ï¼çºä½ ï¼æçç徿³å¿µä½ äºå¾å¤ï¼å¸ææåå¯ä»¥åè¦é¢ä¸ä¹çä¸å¤©ï¼å çºæé¨ææ­¡è¿ä½ ä¾æ¢ææå¨å å·ï¼æç¥ä½ å¥åº·åå¹¸ç¦æ°¸é ãè¬è¬ã

Edit: not all the text gets her. Look http://bit.ly/YBwSkM

How do I tighten a loose knob on my blue yeti usb mic?
Q. I received a blue yeti usb mic as an early Christmas gift. Everything works wonderfully, but the problem is that the mute button is very loose. If I grip the button with my fingers it will come off, thats how loose it is. The button also surves around left to right with no effort and that's also how I know it's loose. Can anyone tell me how to fix it? Is it normal for the button to come off? Or should I just take the mic back

A. send it back dude




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