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 Estate, Tax and Business Planning                         Fall, 2012





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1200 Riverplace Blvd.

Suite 800

Jacksonville, FL 32207

ph. 904.398.0900




2215 3rd Street South

Suite 101

Jacksonville Beach, FL


ph. 904.285.8760




Now is the Time for Gift Giving!
As 2012 draws to an end, the fiscal cliff is fast approaching. The time to take advantage of the Bush era tax cuts is NOW. The estate and generation-skipping tax (GST) exclusion, provides each individual the ability to transfer up to $5.12 million in assets tax-free.  For a limited time this exclusion extends to lifetime gifts and gifts in trust covering multiple generations.  On January 1, 2013 this exclusion is scheduled to drop to $1 million. Even if Congress sees fit to increase the estate tax exclusion, which is far from certain, the gift tax and generation-skipping tax exclusions may very well drop significantly.  Any gifts not covered by the exclusion will be taxed at as much as a 55% tax rate (versus the current 35% rate).   
We are urging all clients with large estates to immediately act to take advantage of this tax-free gifting window that may not be available after December 31, 2012.  Please contact us to learn more.
You Plan for Hurricanes; Shouldn't You Also Plan your Estate?
For Florida residents, it's not if a hurricane comes, but when. For all of us, it's not if death comes, it's also when. We cannot always predict weather patterns or our futures, but we can resolve financial matters prior to the time of our death. Take the time to properly plan your estate now, rather than leaving family members, friends or the courts to bear the burden. Click here  to read the most frequently made errors in estate planning, and then contact us.
Will the impending Fiscal Cliff really impact Seniors? 

 If the situation does not change, effective January 1, individuals in the top tax bracket will see the tax rate on their dividends increase by 24.6%. Warnings to sell out of dividend paying stocks are causing uncertainties for the futures of many senior investors who have turned to these stocks for higher yields. But hold on! The majority of seniors do not report a substantial amount of dividend income on their tax returns and for those there would be very little impact if the rates do jump. Click here to read more.



Give Gifts without Getting A Return



Whether you have $5.12 million or $13,000 to spare,  be sure that you know the 'in's and out's' of the gift tax. This year, a gift of up to $13,000 per person per year will not be subject to the gift tax but a gift to your spouse or political organization can be potentially subject to tax. Click here to read more.






HIPAA Authorizations in Your Estate Plan 


HIPAA is a federal law focusing on the privacy of medical records. Its regulations stress that health care providers must take reasonable efforts to limit the disclosure of protected health information. Certain discloures allows individuals to release their medical information to third parties and also allows a designate representative who may also  authorize a release of their medical records. It is recommended to add HIPAA release provisions to every medical power of attorney and with any financial power of attorney which becomes effective only upon a physician's determination. Contact us to learn more.

Credit Card Debt after Death 


 What happens to your or your spouse's medical and card debt in the event of death? Proper planning on whether the estate is solvent or insolvent can provide the answer. Click

here  to read more.