Frequently, parents will be encouraged to give their home to their children so the government won’t take it to pay any nursing home bills.  This is usually very bad advice.  Why is this not an appropriate strategy? more…

Most long-term capital gains are taxed at 15% for 2010.  This rate is scheduled to increase to 20% in 2011.  Unfortunately, we need to say “most” because there are some exceptions as follows:

• Taxpayers in the 10% and 15% ordinary bracket―0%
• Certain depreciation recapture on real estate—25%
• Collectibles—28% more…

Recently, hedge fund manager, Julian Robertson, avoided $27 million (yes, million) in New York City taxes.  He was able to prove he was outside the city and, therefore, not a resident of the city.  How did he do this?  His assistant kept detailed records of his time. more…