Estate and Gift tax Exemption Rules

The new $5,000,000 Exemption US Estate and Gift Tax Rules have attracted the attention of many families who have wealth and residency opportunities both in and outside of the United States.

• The basic income, estate, and gift tax rules that apply to US citizens, green card holders, non-permanent residents, and business and real estate owners.
• The basic income tax, capital gains tax, and inheritance tax rules that apply to UK residents, domiciliaries, and non-domiciliaries.
• The advantages and disadvantages of receiving permanent residency or citizenship in the US
• The advantages of non-domiciled status in the UK.
• Opportunities and challenges for married couples where one spouse has U.S. citizenship and the other does not, including marital deduction and gift splitting strategies with particular reference to UK spouses.
• Transfers that can trigger US gift tax and how to avoid them.
• UK inheritance tax and lifetime gifts — dovetailing the US and UK positions.
• Why many families are considering transferring their wealth and citizenship to the United States to enjoy reduced death taxes, and why others are not.
• The US/UK treaty – application and limitations.
• Common impact of UK, French and German Treaties.
• Issues for civil law clients.
• Planning strategies for the international family.

• Understand the provisions of the new US estate and gift tax rules and their application to inbound investors.
• Understand the application of the US income tax, capital gains tax, and inheritance tax.
• Maximize tax planning for international families with both US and UK contacts.

Excerps Came From the BNA association Website.

test

here is another test please

Bringing everything into focus

So remember yesterday when Igave then analogies of driving home after quitting your job. You had a focus or purpose; it was to go home to your family. So what is the purpose of Starting you own business.

Ok Now answer this >>>>>> is it a goal or desire to have your own business. What is the difference?

A goal is something you can accomplish on your own. You make the effort, plans and decisions to see the final result.

A desire is the end result with the help of others in conjunction with your goal.

Example: a marriage. Many people when they get married have a goal to have a long lasting marriage. Can you do this by your self?  NO! you need the help of your spouse. However being a good wife or husband is a goal. You have control of that part of the marriage which in turn gets you to the desire.

PUT YOUR IDEAS GOALS AND DESIRES INTO FOCUS,

( before you begin to work on your business plan)

What is your desire?

What Is your Goals?

Where do you want to be in 1 year?

5 years and 10 years?

Take some time to really think this thru. Take it from me I did this all backwards and recreating your business focus after 10 years is a real pain in the a@#.

My desire is to have a successful business consulting firm, specializing in QuickBooks reorganization /forensic research, and accounting back office procedures.

My goal is to secure the education needed. Getting my Enrolled agent license and business certifications to achieve the above desire.

WHAT IS YOUR OVERALL PURPOSE

As with your personal life your business life has 8 areas in which success is determined. Many people just jump into the meat of the business and forget the foundations And Foundations is the strong hold of everything. Would you step on a deck that had a pour foundation? How a bout  a relationship with no secure foundation. or go to the top of a building that you knew the foundation was week.

So if the answer is no to these questions, why would you start a business with a weak foundation:

• Intellectual
• physical
• Emotional
• Financial
• Social
• Spiritual
• Family
• Career

I bet you are saying to your self what is she talking about. I thought we are starting a business not self improvement.

Let me tell you from experience Starting and running a business is YOU……You have to figure out how ever aspect of your life will come into play with your business goals and desires.

Now take a good look at the list above. Take 8 pieces of paper and make two columns on each. Lable one personal and the other column Business.

Make a short statement for each category.

I will explain later this exercise.

Do it Trust me you will see the benefits very soon.

Ok now that you have had a month to track you’re spending…… How did you do?
Well let me tell you I am so shocked at how much I spend both on my personal budget and my business budget. Can you believe how many 9.99 and 10.99 a month charges I am getting… And to tell you the truth, I can’t remember the most of them.
So what do you do now? Well, First of all take all those misc charges and cancel them…. Then instead of forgetting about those charges move them to a Liability you have I.e a credit card, Line of credit or savings account. You already had this money spent use it to your advantage put it to something that will help you get your to your goal of Financial independence.
Now that you have figured out where your money is going let’s prioritize. I like to work Backwards.
1) How much is coming In?
2) Take 10% off this number and put into a savings account.
1. Use this money as a cushion when the economy is lacking and you need cash flow.

3) Identify fixed cost: (business necessities)
4) What are the fluctuating costs?
2. Example dining with clients, Office Supplies, or Postage.

What do you have left? In most cases a negative number. So what do you do? Start with the Fluctuating Cost. See if you can lower them, get rid of them or manipulate them to relieve some of the burden on your budget.
Next take a look at the Loans and credit cards. I am going to take a page from my favorite guy Bob Ramsey’s Financial Makeover. Use the Snow ball theory.
1. First contact each creditor
a. See if they can lower your interest
b. Work out a payment plan
2. Next List all in descending order with lowest balance first.
3. Pay as much as you can to them and minimum to others
4. As you pay the first one off roll the first payment into the next adding the big payment to the minimum and continue until debts are done.
Finally find a way to bring in more money.
So now your turn Let’s see what you can do. Let us know.

Savings homework

In an effort to assist small business succeeding in this tough economy, I am going it give you some home work to think about this weekend.

Being a small business myself and having been hit with the bad economy and loss of clients, I have had to re evaluate my business and business future. As with my indivudual finances I am going to have to buckle down on the business

No writing I just want you to go outside sit in your favorite spot and THINK. Only Think.

Where Do you want your business to be in 1 5 and 1o year?

In my current situation where am I over spending?

Answer this from the Heart You KNOW where you have spent and where you can save.

What simple things can I start on Monday?

This is it for this weekend.

Hi Everyone i am just now becoming connected. Please visit me at

web: www.aabsinc.com

Facebook: and Twitter

and skype

Reverse testing

Hi Everyone i am just now becoming connected. Please visit me at

web: www.aabsinc.com

Facebook: and Twitter

and skype

Please come visit AABS’s new web site. We have Financial Calculators, Interactive news reports and calendars as well as my new blog

DEAL

Working At Home-Outsourcing

Have you been working at home and found you don?t have enough time to do what you set out to do. Have you tried Out sourcing? It is a great way to help other at home businesses. YOu need something they need the business and referrals ITs the American Way.

In Tim Ferriss Book the 4 hour Work week he uses the Word DEAL
Define- Define your problem areas and your needs
Elimate- TIME MANAGEMENT Elimate work or chores you don?t want to do or don?t have the knowledge or time to do
Automation- Automate where you can
Liberation.- Or in my terms Live, Live for what you really set out to do.

If you are ready for outsourcing here are a few sites to consider:

Need a:
Assistant try http://www.hiremymom.com/
Accountant/bookkeeper try Automated Accounting And Bookkeeping Service
Image consultant try http://www.adistinctiveimage.com/
Mailing use kinkos or Mailboxes ect.
Legal try Legal Zoom or Nolo

Wow what a nice start to becomeing a successful business and have the image of a big time company.

Good Luck