Tax Resolution Attorney John P. Willis Reveals Details of New Portability Tax Break For Married Couples
Tax resolution attorney John Willis, CEO and founder of IRSALLSTAR.com writes about the latest gift and estate tax break available to married couples who don’t set up trusts before death, allowing $11 million in assets to be passed on to heirs free of estate tax.
Fairhope, AL, April 25, 2016: Tax Attorney John Willis, CEO and founder of IRSALLSTAR.com, recently posted a new blog on his website entitled “Married with Millions? Look Into The New IRS “Portability” Tax Break.” Even couples without double digit millions can gain from John Willis’s latest blog.
Willis writes, “If you’re looking for a smarter, more efficient way to pass on wealth to heirs, the IRS has created it. According to The Wall Street Journal, “The Internal Revenue Service recently released final rules detailing a generous estate- and gift-tax break for married couples who don’t set up expensive trusts before death. This exemption, which is indexed for inflation, is $5.43 million per individual in 2015. This year, only a tiny fraction of estates—about 4,000—are expected to owe taxes, according the data from the Tax Policy Center, a nonpartisan group in Washington.”
According to Willis, “Originally, trusts were set up to shelter assets being passed to heirs from taxes. However, today trusts are considered “clumsy and costly”, according to the Wall Street Journal article. And, besides, with a trust you have to be willing and able to plan ahead which, apparently many wealthy people are reluctant to do.”
Willis adds, “Even those without double digit millions are well advised to look into portability, simply because it’s possible that the estate could grow to double digits down the road as assets rise in value, particularly if a surviving spouse lives on for decades.”
The entire blog can be read at: http://www.irsallstar.com/blog/married-with-millions-look-into-the-new-irs-portability-tax-break.php
ABOUT JOHN WILLIS
Mr. Willis believes strongly in supporting and representing the “underdog” and has devoted his entire professional life to protecting and defending those who need it most. As an attorney, Mr. Willis takes his role as “counselor” seriously. His knowledge, creativity and persistence are valuable assets that provide substantial benefits to his clients. He has represented individuals and businesses across the Gulf Coast for over 15 years and he brings together an abundance of skills and experience that can be of assistance to almost anyone.
ABOUT THE IRSALLSTAR TEAM
The IRSALLSTAR team has developed a winning formula to ensure that each client’s individual needs are specifically met. Upon becoming a client of Mr. Willis’ law firm, that client’s immediate needs are assessed and long-term goals are defined. Experienced professionals on the IRSALLSTAR team then assist each client in developing and implementing a custom-tailored game plan to provide both short-term and long-term relief from his or her serious tax problems. All firm clients are continually coached toward successful tax resolution and final victory over their challenges with the IRS and state taxing authorities.
To learn more about Mr. Willis and his law firm please visit http://www.IRSALLSTAR.com or call toll-free 877-254-4254.