Estate and Tax Planning READING ROOM

Estate Planning and Tax Planning
Reading Room

Visitors to the waiting room at our office in Matawan, New Jersey are invited to browse a three-ring notebook containing articles on estate and tax planning topics, clipped from newpapers and magazines. This page is an online version of that notebook. We include links to current articles that are freely available on the Web.

The linked pages are not part of the De Maio & De Maio Web site, and they do not necessarily reflect the views of De Maio & De Maio. Some articles are posted only for a short time. Please report any expired links to webmaster@demaio.com. Use the "Back" button on your browser to return to this page.

This page is updated frequently. Check back often.

Charitable Strings - Forbes, January 7, 2002 - By Ashlea Ebeling and Matthew Swibel.
- "Amid year-end estate and tax planning, there are two lessons here: Your estate may have legal recourse if a charity misuses your gift. And it's best to protect your legacy when first making the gift."
Coping With a Tax That Has Nine Lives - New York Times, June 24, 2001. By David Cay Johnston.
- "Experts on all sides of the debate agree that the new tax law will have to be modified, and some contend that it is so unworkable that it might have to be undone."
The Planners Pounce on the Tax Cut - New York Times, June 17, 2001.
- "Almost anybody who has a will needs to have it rewritten with a different set of
  distribution rules applying for each year between now and 2011," said Ken Kies,
  chairman of the federal tax policy group of PricewaterhouseCoopers in Washington.
The Tax Bill Up Close: Some Facts, Some Tips - New York Times, June 3, 2001. By David Cay Johnston.
- "These changes make for a nightmare for people trying to plan. The worst mistake would be to assume the estate tax will not be owed if one lives
  long enough."
Bush's Tax Shuffle - New York Times, June 1, 2001. By Floyd Norris.
- "Then there is the provision that ought to be named for Dr. Jack Kevorkian. In 2011
  the estate tax comes back to current levels. So if you are very rich and want to be
  nice to your heirs, it would be better to commit suicide in 2010 than to wait to die in
  2011."
Advanced degree needed to calculate new college tax benefits - San Francisco Chronicle, May 29, 2001
- "Some of the new and existing tax breaks are mutually exclusive, and most will add to the record-keeping and tax-filing burden. So parents should take care to maximize their benefits, and make sure the savings are worth the hassle."
Tax Bill Expands Limits on Retirement Savings - New York Times, May 28, 2001. By David Cay Johnston.
- "The greatest effect of the bill is to raise the maximum that can be contributed to an individual retirement account to $5,000 from the $2,000 limit in effect since 1981."

Tune Up Your Estate Now - Forbes, May 14, 2001. By Victoria Murphy.
- "With the future of the death tax uncertain, it's tempting to delay estate planning. Tempting, but potentially dangerous."
Options dream turns to nightmare - CNET News.com, April 16, 2001.
- "Because of the relatively obscure AMT, tech workers who exercised options to buy stock in 2000 but didn't sell them that year have to pay taxes in 2001 on the shares' value on the date they were purchased--even if the stock has since plummeted..."
Focus on Farms Masks Estate Tax Confusion - New York Times, April 8, 2001. By David Cay Johnston
- "...[O]ne of the leading advocates for repeal of estate taxes, the American Farm Bureau Federation, said it could not cite a single example of a farm lost because of estate taxes."
A Few Nice Words About IRS on Way to Leavenworth - Miami Herald, April 1, 2001. Dave Barry's annual jab at the tax man.
- "...on the VERY MORNING that I was going to write this column, an amazing coincidence occurred..."
The Death Tax and the Will to Live - Washington Post, March 25, 2001.
- ...death rates were slightly lower in the two-week period before a tax cut went into effect than they were in the two-week period after a cut -- an indication that some people "will themselves to survive a bit longer if it will enrich their heirs,"
529: Advanced College Savings Plans for Families - New York Times, March 18, 2001.
- "529 investors can now increasingly customize their asset allocations, and even put money into mutual funds not offered by the plans' managers."

The Gift of Good Recordkeeping - New York Times, February 25, 2001.
- "This man, who didn't finish high school, who didn't even own a calculator, had his finances in perfect order. All his files were clearly labeled; nearly everything was easily found. The first thing I saw when I opened the drawer was a handwritten list of where all the important documents were filed.
Some Want to Keep the 'Death Tax' Alive - Washington Post, February 18, 2001.
- "'We will accomplish something this year,' said Sen. Jon Kyl (R-Ariz.), one of the leaders in the fight. But he said the precise form was still uncertain and the opposition was becoming better organized."
Things to Consider with the Proposed Repeal of the Death Tax - Savannah Morning News, February 17, 2001.
- "Moreover, just because the death tax in its current form may go away, it doesn't necessarily mean that it will stay gone forever."
Dozens of Rich Americans Join in Fight to Retain the Estate Tax - New York Times, February 14, 2001. That's right -- to retain the estate tax.
- Mr. Buffett said repealing the estate tax "would be a terrible mistake," the equivalent of "choosing the 2020 Olympic team by picking the eldest sons of the gold-medal winners in the 2000 Olympics."

Defense of Estate Tax is a Sham - Kansas City Star, February 16, 2001. By Jerry Heaster.
IRS Cracks Down on Sham Trusts - Chicago Sun-Times, February 13, 2001.
- "Despite the warning, the IRS alert said, taxpayers need not worry about establishing trusts that have legitimate purposes, including those used for estate planning, to make charitable contributions and to protect minors and the mentally impaired."
A Bush Aide Faults Plan to Repeal Estate Tax - New York Times, February 10, 2001.
- "...John J. DiIulio Jr., director of the new White House Office of Faith-Based and Community Initiatives, says repeal could undercut another administration priority: encouraging private contributions to charities, religious and nonreligious alike, that help the poor."
Death and Taxes: Repeal of the Estate Tax Seems Like a Sure Thing - ABC News, February 5, 2001.
- " Even if Bush's larger package gets derailed, congressional observers say, the stand-alone estate tax measure will almost certainly go through."

Anna Nicole Smith Gets Her Day in Probate Court - New York Times, February 2, 2001.
- "Ms. Smith will return to the stand on Feb. 12. And her husband's estate appears likely be tied up in courts in California and Texas for some time to come."
Some Experts Questioning Bush Plan on Estate Taxes - New York Times, January 29, 2001. By David Cay Johnston.
- "...unless Congress writes conditions into the legislation, estate tax lawyers and other experts say, the real savings to those taxpayers — and the consequent drain on government treasuries — could be vastly greater."
Tax Cut Plan Would Drain Money from States - Houston Chronicle, January 25, 2001.
- " Thirty-five states rely solely on the federal estate tax to calculate the death taxes paid to their governments, so if the federal tax were eliminated, their tax would also be lost.

Mutual Fund Giants Are Now Competing for Charitable Donors, Too - New York Times, January 21, 2001
- "These new donor-advised funds are unquestionably a boon to the financial institutions that sponsor them, but there are lingering concerns about how they affect the nature of philanthropy — and the future of the community foundations and other traditional charities that have long sponsored similar funds."
Who's Making I.R.A.'s Retiree-Friendly? The I.R.S. - New York Times, January 21, 2001.
- "Financial advisers hail the move as the most significant tax change for many people in more than a decade."
Minimal Rules for Minimum Distributions - Kiplinger.com, January 17, 2001. Includes a link to a calculator for figuring lifetime minimum distributions.
- "It's not often that we get a chance to praise the Internal Revenue Service. But the people we love to hate this time of year just did a good thing."
Tapping Your IRA Early - Kiplinger's Personal Finance, February, 2001
- "Normally, if you withdraw funds from a traditional IRA before you're 59½ years old, you're hit with a 10% penalty -- on top of having to pay income tax on the money in your top tax bracket. But there is a way to crack your retirement nest egg while dodging that penalty..."
Tax-Law Shift Gives Investors Tricky Choice on Asset Sales - New York Times, January 3, 2001. By Floyd Norris. Explains the newly effective rules on capital gains rates.
- "The unusual tax situation stems from Congress's decision to change the capital gains tax law to give an additional break on assets held for at least five years."

The High Price of Estate-Tax Cheating - New York Times, December 17, 2000. By David Cay Johnston.
- "Cheating on estate taxes, which are paid by some of the wealthiest Americans — roughly 2 percent of the population — has become even more common than cheating on individual income taxes, according to a new study by the Internal Revenue Service."
State's College Tax Savings Plan Shifts to Allow More Investments - New York Times, December 17, 2000. New York's Qualified State Tuition Program gets a facelift.
- "Once the money is invested, it cannot be shifted among the funds. To get the tax breaks, which can amount to thousands of dollars over time, participants in the program must give up control over how their money is invested."

Sieze the Day on a Roth IRA? - Washington Post, November 12, 2000. By Albert Crenshaw. Stock market declines make conversion to a Roth IRA worth a second look for many.

"With stocks well down from their highs, and in many cases still heading south, IRA holders, especially those who have not had their accounts a long time, may find that the gains they would be forced to recognize in a conversion are a lot smaller than they used to be."

Shifting Rules Add Luster to Trusts - New York Times, October 29, 2000.
- "There is an alternative, though, for those who are concerned about their financial legacies to distant descendants. Called a "dynasty trust," it provides — as most trusts do — substantial tax savings for the person setting it up."

A New Thorn in Divorces: Who Gets the Miles? - New York Times, October 29, 2000.
- "Mr. Petersen recommended that miles be covered in wills. "In large estates that might be contested, you definitely need to point out where you want your miles to go," he said."
College Savings 101 - Forbes, October 30, 2000. By Janet Novack.
- "Section 529 plans also get favored treatment when it comes to gift and estate taxes. A couple can put up to $100,000 at one time in each child's account without having to worry about estate, gift or generation-skipping taxes. That makes these plans an ideal way for grandparents to help pay for education."
It's Never Too Early - Forbes, October 30, 2000. By Janet Novack.
- "More than a fourth of the founders of the Forbes 200 Best Small Companies sock away stock in trusts or family partnerships and limited liability companies designed to benefit their heirs."
The Charitable Load - Forbes, October 2, 2000. By Ashlea Ebeling.
- "You know all about load versus no-load mutual funds, and how loads can eat into your returns. Now it's time for a new lesson: load versus no-load charitable gift funds."
Kill the Death Tax? - Smart Money, August 30, 2000. By Rebecca Thomas.
- "Academics and attorneys argue that a better solution would be to reform, not eliminate, the estate tax. Why not, they argue, find a compromise that provides immediate relief to small businesses and farms but doesn't get rid of the tax on the superwealthy?"
The Estate Tax's Pulse - New York Times, August 13, 2000.
- "For one thing, the levy would phase out over a decade, not disappearing until 2010. At that point, to minimize revenue loss, the Treasury would start collecting tax on a buildup of capital gains that it now disregards -- the amount by which a stock, for example, has appreciated before an heir receives it."
Estate-tax bill a dead giveaway of pols' crush on billion-heirs - Seattle Post-Intelligencer, August 10, 2000. By Jane Bryant Quinn.
Estate taxes should be cut, not removed - San Jose Mercury News, August 6, 2000
- "Congress should increase the exemption to $4 million, which would mean that only those in the top 0.5 percent of the population would have to pay the estate tax. The government would still receive about half of what it gets under current law."
Soaking the Rich Isn't What It Used To Be - New York Times, July 16, 2000.
- Edward McCaffery, a law professor at the University of Southern California who favors eliminating the tax, said that the mere threat of repeal is good for Republican and Democrat alike. "It keeps the campaign contributions coming in," he said.
Clinton Will Veto Estate Tax Bill - Associated Press, July 15, 2000.
Democrats' Estate Tax Plan Is Little Known - New York Times, July 13, 2000.
- "Had the estate tax been repealed in 1997, as the Republicans now propose, more than half of the tax savings would have gone to the slightly more than 400 individuals who died that year leaving individual estates worth more than $20 million each."
Senators Working Up to Vote on Repeal of the Estate Tax - New York Times, July 12, 2000.
- "The idea that the federal government would reach into the grave and pull back half of a life's work offends people regardless of race, sex, region, financial situation or anything else," said Senator Trent Lott of Mississippi, the Republican majority leader.
- "Do we want to provide meaningful estate tax reform?" Mr. Daschle said. "Of course. But do we really want to give those multibillionaires the opportunity to pass on estates absolutely tax free?"
Of Man's Estate - Time, May 15, 2000. A primer on estate planning concepts.
- "[B]ad planning can turn a $3 million estate into ready cash of just $200,000."
Living-trust Con Game Exploits State's Elderly - Miami Herald, July 12, 2000.
- "In Florida, said Hancock, outfits using consumer-friendly names -- American Association for Senior Citizens, for example -- exploit the elderly with high-pressure sales tactics and one-size-fits-all trust plans that cost about $1,800 and offer no benefits."
Flexible Estate Planning Might Help Keep the Peace in Combined Family - Los Angeles Times, July 9, 2000.
- " Disclaimers can work instead of or in addition to trusts. But once you give the money away with a disclaimer, it's gone forever."
How Best to Deduct the High Cost of Gasoline? - New York Times, July 9, 2000. Standard rate vs. actual expense calculation.
- " It is a decision that should be revisited whenever any of the relevant elements change, experts say."
Living Trusts Are Usually Unnecessary For Those Who Don't Have a Large Estate - Wall Street Journal Sunday, June 18, 2000.
- "Purveyors of living trusts -- known as "trust mills" -- routinely target older Americans in mass mailings, newspaper ads and door-to-door campaigns. The ads often claim -- erroneously -- that the trusts will let your heirs avoid estate taxes."
Lifetime Giving Can Benefit Estates - Associated Press, June 14, 2000.
- "Gifting during lifetime also saves estate taxes at death. To understand why, it's necessary first to understand our unified gift and estate tax system..."
The American Dream Tax - U.S. News, June 26, 2000.
- "On the facts, outright repeal of the estate tax would be a political curiosity. Half of the roughly $30 billion raised by the tax each year comes from the 1 in 1,000 Americans who die leaving estates worth more than $5 million."
House Votes to Phase Out the Estate Tax - New York Times, June 10, 2000.
- "The House voted today to repeal the federal estate tax, drawing a veto threat from President Clinton even as Democrats joined Republicans in recognizing the issue's political potency."
The Price Is Right - Forbes, June 12, 2000. Strategies for giving stocks to family or charity.
- "The bad news is that many stocks have taken a beating lately. The good news is that if you were going to give them to your kids, you can make the same transfer now at a lower cost in gift taxes."
Insurance Tax Traps - Forbes, June 12, 2000. By Carrie Coolidge
- "Avoid letting small details cause big problems when buying or transferring a life insurance policy."
Weigh Your Options - Forbes, June 12, 2000. Stock options, that is. Tax planning for incentive stock options (ISOs) and nonqualified options.
- "...a down market offers strategies for dealing with both types of options."
Charting a Course of Comfort and Treatment at the End of Life - New York Times, May 30, 2000. Conclusion of a two-part series.
- "It's the discussion that matters, not the piece of paper..."
At Life's End, Many Patients Are Denied Peaceful Passing - New York Times, May, 29, 2000. First of a two-part series.
- "For many people, the simple reality is that in this era of managed care and 10-minute office visits, doctors and patients may not find time to discuss patients' feelings or to make plans about treatment near the end of life."
Bid to Repeal Estate Taxes Gains Strength - Los Angeles Times, May 19, 2000
- "An almost-identical repeal was included in the GOP's $792-billion tax cut that was vetoed by President Clinton last year..."
The Legacy in the File Cabinet - New York Times, May 14, 2000.
- "When my father died three years ago, it was my job to decipher what his holdings were and how my mother should budget for herself in her new status as a widow."
I.R.S. Sees Rise in Evasion of Gift Taxes - New York Times, April 2, 2000. By David Cay Johnston.
- "More than 80 percent of the 1,651 tax returns reporting gifts of $1 million or more that were audited last year understated the value of the gift, the I.R.S. found."

Paying Your Taxes on the Installment Plan - Washington Post, April 2, 2000. By Jane Bryant Quinn.
- "...you have two main choices: Finance your debt with the IRS or finance it on a credit card."
If It Sounds Too Good... Forbes, March 6, 2000. By Janet Novack. How to avoid falling for sham trust con artists.
- "Wouldn't you know this was too good to be true? World Contractual's founder, David J. Orr, is awaiting trial in Utah on 39 state felony counts..."
Don't Count Your Chickens - Forbes, March 6, 2000. By Brigid McMenamin.
- "Executors wield a lot of power...But too often executors are incompetent -- or worse."
Your Taxes - New York Times, February 27, 2000. Series of articles covers income tax complexity, state tax audits, college tuition planning, casualty losses, home office deductions, capital gains tax and more.

A Few Clues to the IRA Maze - Washington Post, February 27, 2000. By Albert Crenshaw.
- "Albert Einstein is supposed to have called income tax the hardest thing in the world to understand. But Einstein never met the IRA distribution rules."
What's the State of your Estate? - Washington Post, January 2, 2000. by Albert Crenshaw.
- "...it's time for those boomers who have not already done so to add to their New Year's resolutions a vow to have in place a proper estate plan before another year rolls by."
Hoist By Your Own Petard - Forbes, December 27, 1999. By Janet Novack
- "THERE'S A LAWSUIT PLAYING OUT in Bridgeport, Conn. that should be a warning to affluent parents. Tara Estra, 27, is suing her father...."
Rollover Rules - Forbes, December 27, 1999. By Carrie Coolidge
- "IRAs are a better choice for estate planning purposes, too. While your spouse can roll 401(k) proceeds into an IRA after you die, nonspouse beneficiaries might be forced to take a lump-sum distribution, depending on the terms of the plan."
Willful Omission - Forbes, December 27, 1999. By Adrienne Sanders
- " If you want to make a bunch of lawyers rich, do what Howard Hughes did--neglect to leave a valid will."
Estate Planning with Heart - CNNFN, September 10, 1999.
- "Charitable remainder trusts, or CRTs, can benefit you and your favorite cause by linking generous tax incentives to charitable donations at the end of your life - without slighting your heirs."
Funds that are Charities - CNNFN, September 10, 1999.
- ...two mutual-fund giants are trying to make it easier for you to be more generous with your cash.
The New Giving Game - Forbes, September 20, 1999. By Janet Novack.
- "The danger here is that investors will be so mesmerized by a potential tax shelter that they ignore simpler, cheaper ways to accomplish both their charitable and financial goals."
Who Inherits the I.R.A.? - New York Times, August 29, 1999. By Jan M. Rosen. Also see the related sidebar, Taking on the Beneficiary System.
- "Often, I.R.A. beneficiary forms are a "time bomb," according to Seymour Goldberg, senior partner in Goldberg & Goldberg, a law firm in Garden City, N.Y., and an expert on retirement plans."
Federal Estate Tax Lurches Out of Shadows... - Cleveland Plain Dealer, August 23, 1999.
- "...planners say that today's good times are making more families vulnerable to estate tax levies."
Caveat donor - Forbes, August 9, 1999. Edited by Laura Saunders.
- "If you want to give away stock that is going to disappear in an all-cash merger, work quickly."
Giving Away Grandpa's Cash - Forbes, July 31, 1999. By Lynn O'Shaughnessy.
- "'Family foundations have become very, very popular,'observes John Edie, general counsel of the Council on Foundations."
More Years for Heirs to Benefit From I.R.A.'s (sic) - New York Times, June 27, 1999 - By David Cay Johnston. A not-yet-released IRS ruling will allow heirs to use a longer life expectancy in stretching out IRA proceeds.
- "Under the ruling, each heir may use her own life expectancy to determine the rate at which money must be withdrawn and taxes paid on the withdrawals, said Seymour Goldberg, a tax lawyer in Garden City, N.Y., who obtained the private-letter ruling for his clients."
Estate Tax's Disappointing Legacy Invites Repeal - Los Angeles Times, June 20, 1999. Columnist James Flanigan advocates repeal of the federal estate tax. Reader reaction to this column appeared in the June 27 edition.
- "Behind growing support is the growth of wealth in America. The long bull market, which has added more than $6 trillion to America's national wealth, has swelled the value of 401(k) and other investment accounts."
Make Your Summer Tax-Deductible - Fortune, June 21, 1999. By Caroline T. Geer. Travel, entertainment, vacation home and other tax breaks.
- "Known mostly as a way to help defray the cost of a babysitter, the [child care] credit also applies to fees for day camp (though not sleepover camp)."
Kids on the Payroll - Forbes, June 14, 1999. By Ashlea Ebeling. Tax benefits of hiring your children in the family business.
Making Teachers Smile - Forbes, June 14, 1999. By Stewart Pinkerton and Julie Androshick.
- "You don't have to be a Henry Ford to create a foundation, or its equivalent as an endowed charity, with a lasting impact."
Till Death Do Us Part - Forbes, June 14, 1999. By Laura Saunders. Basic estate planning for married couples. Includes link to Mine and Thine, a story on structuring the form of ownership of assets.
Death Traps - Forbes, June 14, 1999. By Carrie Coolidge. Planning to reduce state inheritance tax.
- "If you want to move to avoid state death or inheritance taxes, be very methodical about establishing your new domicile."
How to Keep More in Your IRA - Fortune, June 7, 1999. By Carolyn T. Geer.
- "Complicated? You bet it is, which is why you should start thinking about all this well before you turn 70."
Estate Tax Relief Argument Must Overcome Claim it Benefits Just the Rich - Nando Times, May 26, 1999.
- "Rep. Jennifer Dunn, R-Wash., said chances are good that estate tax relief will be included in a GOP tax bill, which lawmakers intend to put together in July."
Weighing Benefits of Pre-need Paying - Pittsburgh Post-Gazette, May 25, 1999. Should you prepay your funeral expenses?
- "The couple are among a growing number of Americans who have prearranged the details that will follow their demise, and a smaller subset of that group who already have taken care of the payments..."
Standing Watch Over Wills - Asbury Park Press, May 24, 1999. Monmouth County Surrogate Marie Muhler warns of the dangers of free online will forms.
- "We live in a do-it-yourself age, and it's wonderful, but these mistakes can't be corrected after the fact..."
Kinky IRAs - Forbes, May 31, 1999. By Laura Saunders. What you can -- and can't -- put in your IRA.
- "In truth, probably 99% of the $2 trillion of IRA assets is invested in bank accounts, publicly traded stocks, bonds, funds and the like, and should be. ... But there are reasons to stray from the beaten path."
Drive Is Underway to Disarm 'Surviving Spouse' Tax Trap - Washington Post, May 8, 1999. By Kenneth Harney
- "Under the 1997 law, the surviving spouse can take the full $500,000 only in a joint filing for the tax year in which his or her spouse died. After that, the homeowner reverts to single-filing status and is limited to the $250,000 maximum exclusion for singles, until he or she remarries."
Growth in Traditional IRAs Puzzles Experts - Bergen Record, May 2, 1999.
- "A funny thing happened after Roth Individual Retirement accounts were introduced last year. As many investors opened Roths, a lot of others were inspired to open old-fashioned IRAs."
Boomers: You Need an Estate Plan - Fortune, May 10, 1999. By Caroline T. Geer.
- "...Uncle Sam doesn't discriminate when it comes to levying estate taxes. No matter how old you are when you die, you risk losing a good chunk of your assets to the taxman unless you plan ahead."

No Headline - Pittsburgh Post-Gazette, April 23, 1999. Really. That's what the large print says, as of this writing: "No Headline." But the column raises an interesting question about the use of a Roth IRA to transfer wealth to grandchildren.
- "Sorry, says Bill McDonnell, senior vice president, Retirement Plans, Parker/Hunter. "[The reader] may not put his Roth IRA into a trust. However, he could make a trust the beneficiary of his Roth IRA."
Perhaps Only Death Is Really Inevitable - New York Times, April 18, 1999. By David Cay Johnston. Despite recent increases in the estate and gift tax exemption, the number of estate tax returns is projected to rise seven times as fast as the number of income tax returns.
- "Living taxpayers are not moving swiftly, however, to pass along their wealth. From 1997 to 2005, the IRS foresees only a 40 percent increase in gift tax returns."

As Big Gains Increase the Bite, More Funds Try to Offset Taxes - New York Times, April 4, 1999.
- "Although still only an investment niche, tax-managed funds may be more than a passing fancy. Investors are paying more attention to the effects of taxes on their investment returns..."
Tax Savvy for Bondholders - Forbes, April 5, 1999. Advice for bondholders during tax season.
Josette Shiner vs. Bonnie Erbe: Inheritance taxes - Nando Times, March 25, 1999. The debate over proposed elimination of the estate tax.
Baby Goes to College - U.S. News Online, March 1, 1999. State savings plans make it easier to raise the cash for college.
- "Several states now have an even better idea. They are experimenting with savings plans that are like individual retirement accounts for college savings."
In Growth We Trust - Forbes, March 8, 1999. By Carrie Coolidge.
- "It's high time that the concept of total return came to the estate planning business. Much of this country's trust law is based on some creaky, almost feudal, notions about the distinction between principal and income."
Death Puts - Forbes, March 8, 1999. By Marilyn Cohen. A new breed of corporate bonds is redeemable at par on the death of the beneficial owner.
- "It's a bit macabre, yes—betting on the time of your own death—but you are not really risking much because market conditions are such that you pay little or no premium for the death-put option."
Charging Taxes will Cost You - Detroit Free Press, February 15, 1999.
- "Don't even dream about pulling out your credit card to pay off the IRS this tax season until you take a hard, cold look at the up-front fees."
The Office-park Deduction - Forbes, February 22, 1999.
- "Can't get your favorite charity to accept your commercial real estate as a donation? A new REIT based in Santa Fe might help out."
The Tuition Estate Trick - Forbes, February 22, 1999. By Janet Novack. Estate and gift tax benefits of qualified state tuition plans.
- "A basic principle of estate tax law says that assets you control at your death go into your estate. These college plans seemed to fly in the face of that principle. You could get money out of your estate now but change your mind later. "
Prepaying Funeral Arrangements Can Be Tax-saver - Capital District Business Review, February 1, 1999.
- "Recent changes in the tax and Medicaid laws may make your attempts to avoid the topic more difficult, or downright impossible."

Annual exclusion: Save money by `gifting' it away - San Jose Business Journal, January 18, 1999.
- "You probably know that charitable gifts can reduce your income taxes, but a properly structured gifting plan can also reduce your estate taxes and provide for your family."
Who's Likely to Win With a Roth 401(k)? - New York Times, January 17, 1999. By DAvid Cay Johnston.
- "If you are a worker 50 or older with a big income, or a young worker with a bright future, Bill Roth has a valuable proposal for you. Everyone else may want to hold onto their wallets.
Unused Frequent Flyer Miles can be Donated to Charity - CNN Interactive, December 25, 1998.
- "According to InsideFlyer magazine, 162 million frequent flyer miles were donated to charity last year -- an impressive number until you realize that 32 billion miles expired without being used."
The New Giving Games - Newsweek, December 21, 1998. By Jane Bryant Quinn.
- "Salespeople are marketing the charity loophole--but some plans verge on tax abuse."
Giving Away the Fortune - ABCNews.com, December 16, 1998. Bill Gates ' support of charitable causes.
- " Bill Gates’ father, a semi-retired corporate lawyer in Seattle, now heads the William H. Gates Foundation, founded in 1994 to coordinate the Gates family’s giving in the areas of world health, technology access, education and Pacific Northwest charities."
Relief Act Did Lower Gift, Estate Taxes, Planners Say - Atlanta Business Chronicle, December 14, 1998. Basic estate and gift tax planning.
It's a Good Time of the Year to Set Up a Charitable Trust - St. Louis Business Journal, December 14, 1998.
- "Charitable trusts allow you to make a charitable contribution of property and still keep an income stream for yourself and/or for someone else..."

Estate taxes & IRAs - Pittsburgh Post-Gazette, December 5, 1998.
- "...before you convert your existing IRA to a Roth, Fidelity Investments says it's important to consider who is likely to pay the taxes, when, and in what tax bracket."
April 15: It's Closer Than You Think - CNN Interactive, December 4, 1998. Using software to help with year-end tax planning.

The Hustling of X Rated Shelters - Forbes, December 14, 1998. By Janet Novack and Laura Saunders. Cover story exposes heavily marketed corporate tax shelters.
- "Hesitant at first to participate, respectable accounting firms, law offices and public corporations have lately succumbed to competitive pressures and joined the loophole frenzy."
Guidelines Behind Tax Deductible Giving - Triangle Business Journal, November 30, 1998. Tips on structuring charitable gifts.

Saving to the Max - Forbes, December 14, 1998. By Ashlea Ebeling
- "If your employer won't let you put a full $10,000 into your 401(k) plan, find out why."

Roth I.R.A., Much Ignored, Is Worth Getting to Know - New York Times, November 29, 1998. By David Cay Johnston.
- "For more than a year, advertisements from investment houses and articles in the financial press have touted the benefits of the new Roth IRA. Yet few people seem to be paying attention. Surveys find that no more than one in 20 eligible Americans has put retirement money into a Roth."
Saving Strategies: Four Approaches to Roth I.R.A.'s - New York Times, November 29, 1998. Case studies of Four Roth IRA owners.

Tricks to Trim Taxes - US News and World Report, December 7, 1998. The title may be a tongue twister, but the article is an easy-to-digest summary of year-end tax planning strategies.

To Convert or Not to Convert to a Roth IRA - Nando Times, November 28, 1998.
- "The earnings in that account are going to grow, and I can take them out on a tax-free basis," says Albagli, 35, who works for a small biotech company with no retirement benefits. "It was an easy decision."

The Will is the Way to Allocate Belongings - Bergen Record, November 26, 1998.
- "...to get you thinking about who gets the bagpipes and who gets the rolling pin, and when and how to allocate these items. Here are some suggestions, with thanks to "Who Gets Grandma's Yellow Pie Plate?" published by the University of Minnesota Extension Service."
New Roth IRAs Gain Protection - Detroit Free Press, November 25, 1998. Michigan law protects Roth IRAs from claims of creditors.

Don't Get Hit by Taxes - Newsweek, November 30, 1998. By Linda Stern
- "The recent gyrations of the stock market, together with the byzantine complexities of the Roth retirement account, are bringing in a horde of confused clients during what's usually a not-too-busy tax season."
Tax Issue Plays Role in Home Ownership when You Retire - Capital District Business Review, November 23, 1998.
- "Should you downsize? Should you continue to own your home or rent? Where should you establish residence? What does it take to establish residence? What are the tax consequences associated with these decisions? "
Therapy for the Family Business - New York Times, November 22, 1998. Dealing with friction and conflict in the transfer of a family business.

Tax Credit Options Offered for College Costs - Bergen Record, November 22, 1998. Answers to a reader's question about the tax treatment of educational expenses.

It's Never Too Early to Write a Will - Atlanta Journal-Constitution, November 22, 1998. The benefits of having a will; basic estate planning terms.
Before You Write Another Check... - Kiplinger's Personal Finance, December, 1998. By Mark L. Schulhof.

"...put away your checkbook: A noncash gift gets you more bang for your giveaway buck."

Rest in Peace - Forbes, November 30, 1998. By Carrie Coolidge. Fluctuations in asset values require periodic review of estate plans.
Employer Stock Trap - Forbes, November 30, 1998. By Steven D. Kaye. Special rules govern the taxation of the appreciation on employer securities in retirement plans.
- "If you've got a chunk of your employer's stock in your 401(k) retirement account and are thinking of switching it into one of the plan's other investment options—perhaps to protect gains—stop. Don't make a move until you read the following."
Ways to Make the Most of Your Money - New York Times, November 18, 1998 - By David Cay Johnston. Part of the Times' 1998 Special Report on charitable giving.
- "Making smart gifts involves more work than just writing a check, but it is not all that hard, either, say cheerleaders for and critics of charities."

Capital Gain, Paper Loss: A Fund's Claim of Tax Efficiency May be a Stretch - Detroit Free Press, November 16, 1998. By Bill Barnhart
- "Often, the claim of tax efficiency is based on erroneous assumptions, such as the theory that low portfolio turnover is necessarily better than high turnover or that postponing taxes compensates for inferior investment results."
Beware the confusing rules of Roth - Fort Worth Star-Telegram, November 13, 1998. By Jane Bryant Quinn. Explains limits on multiple reconversions of Roth IRAs.

Taming the Tax Man - Business Week, November 9, 1998. Year-end tax planning advice.
- "If there's a silver lining to this year's market turmoil, maybe it's this: 1998 is going to be one heck of a year for tax planning."
Time, Patience and Affordable Investment Pay with a Roth IRA - Detroit News, November 9, 1998. By Melissa Preddy.
- "A $500-per-year contribution over 30 years, invested in the stock market, stands a good chance of growing to around $90,000. If it's in a Roth, you pay your regular income taxes on that $500 each year, but none -- ever -- on the $60,000 in earnings."
How do you want your winnings? - St. Petersburg Times, November 7, 1998. Florida becomes one of the first states to modify its lottery to take advantage of tax changes made by the recent budget bill.
Why Munis Aren't Always Tax-Free - Fortune Investor, November 23, 1998. By Carolyn T. Geer
- "Watch out. Tax-free munis sometimes pack a tax punch for high-net-worth investors."
Tax-managed Funds: Gain with Less Pain - USA Today, November 6, 1998. John Waggoner column discusses tax-sensitive mutual funds; lists 5 top-performing ones.
- "If your idea of a good time is skipping down to the dentist for a root canal, you probably get a kick out of paying taxes, too."
The Other Tax Deadline - Bergen Record, November 6, 1998. By Kathleen Lynn. End-of-year tax planning moves.
- "Tax planning is like planting daffodil bulbs: The work you do now will pay off in the spring."
Financial Planning for your Pet? - Nando Times, November 5, 1998. How to ensure that your pet will be taken care of after you're gone.
- "You non-pet owners are probably chuckling right now, but this is serious stuff."
Coping with revenue police - CBS Market Watch Tax Guide, November 4, 1998. Summaries and links to tax articles published on the Market Watch site over the past months.
Private Charitable Giving Rose 13% in '97, Survey Finds - Bergen Record, November 2, 1998. Chronicle of Philanthropy survey names most popular charities.

Report Ranks N.J. among Stingiest States - Bergen Record, October 26, 1998.
- "Along with New Jersey, Massachusetts, Connecticut, New Hampshire, and Rhode Island all rank within the top 20 in terms of wealth -- measured in terms of those who make more than $100,000 per year -- and are the five least-generous states in the country, according to the the Chronicle of Philanthropy's "Generosity Index."

Eateries Losing Taxing Tips War - Bergen Record (AP), October 23, 1998.
- " The Internal Revenue Service has won another round in its long court battle to force restaurants to cough up payroll taxes on tips, even if they're not reported to employers as required by waiters, waitresses, busboys, and bartenders."
California Woman Contests Will Leaving Partner's Assets to his Dog - Nando Times, October 21, 1998.
- "Bathroom fixture magnate Sidney Altman, who died in 1996, left his Beverly Hills mansion and $350,000 to his aging pet pooch Samantha, according to a court suit that came to light on Wednesday."
Get a Jump on Year-End Tactics - Kiplinger's Personal Finance, November, 1998.
- "New twists in the tax law make this year especially inviting for do-it-yourself tax trimmers."
Tax-efficient Winners: 15 Low-turnover Funds - CBS MarketWatch, October 19, 1998.
- "Here are 15 winning funds that fit a solid tax-efficient profile: All have turnover of 5 percent or less, and have been around at least five years."

Budget Accord Is Reached, Saving a Federal Surplus; Both Sides Claim a Victory - New York Times, October 16, 1998.
GOP promises major tax cuts as part of budget deal - AllPolitics, October 15, 1998.
House and Senate Can't Agree on How To Fund Home Health Care Agencies - Fox News, October 14, 1998.
- "...the House has a controversial method of paying for its package, by allowing people with higher incomes to convert traditional individual retirement accounts into new Roth IRAs. That means they would pay taxes on retirement savings up front and be allowed to withdraw the money tax-free later on."
Don't Trust Heirlooms to Good Will - Detroit Free Press, October 14, 1998.
- "How to distribute a family's heirlooms fairly can be an emotional powder keg that ignites long-standing grudges and keeps them burning a long, long time."
Cut Your Estate Tax in Half - Forbes, October 19, 1998.
- "Once mainly for the very rich, family partnerships have become tax savers for the merely affluent. The IRS is furious, but can't do much about it."
Charity Begins with a Discount - Forbes, October 19, 1998. Combining family partnerships with charitable giving.

If it Quacks Like a Sale...It Isn't, if You're a Tax-ducking Corporation - Newsweek, October 19, 1998. A critical look at a transaction between Times Mirror and Reed Elsevier. This article also appeared in the Washington Post on October 13.
- "This could be a major drain on the Treasury unless someone squashes it, quick."
Counselors Aid Rich, Poor to Dispose of Their Worldly Goods - Detroit News, October 8, 1998.
- " Starting with a one-to-two-day "retreat" that can set clients back $5,000 or more -- frequently held at the client's vacation home -- families are advised to create a "mission statement," describing themselves and what personal and spiritual goals they hope to achieve with their money."
Senate Passes Internet Tax Bill - USA Today, October 8, 1998.

Undoing a Roth IRA - CBS Market Watch, October 6, 1998.
- "A change in tax law that allows people to undo popular Roth IRA rollovers has important tax savings implications for people socked by recent stock market drops."

Trust yourself - Forbes, October 12, 1998.
- " If you're rich enough, it may pay to own your own trust company. "
Leaving Millions? U.S. Tax Court Just Made It Easier - Fortune Investor, September 28, 1998. Built-in potential gain on corporate assets may be taken into account in valuing shares, according to the U.S. Tax Court's recent decision in Davis v. Commissioner. Ed. note: The Second Circuit Court of Appeals recently agreed in a decision in another case, Eisenberg v. Commissioner.
Death Benefits, Now For the Living - New York Times, September 27, 1998.
- "Life insurance coverage can be turned into a vacation in Europe, a new round of investments, gifts for the children now rather than later, or just some extra spending money. The tradeoff is giving up the big payoff at the end for one's beneficiaries."
Roth 'n' roll - The Business Journal of Milwaukee, September 21, 1998. Roth proposed regulations permit multiple transfers between Roth and regular IRAs.
- "For some investors licking their wounds from the August market crash, the Internal Revenue Service has inadvertently created the mother of all loopholes."
A Bright Tax Note in Those Sorry Fund Returns - New York Times, September 20, 1998.
- "Investors with taxable accounts can do something about those losses by taking advantage of one of the best features of mutual funds: the ability to generate tax losses to offset realized gains and then up to $3,000 of earned income, while allowing investors to keep the same mix in their portfolios."
Facing Clinton veto threat, House GOP moves $80 billion in tax cuts - CNN Interactive, September 18, 1998. Tax proposal includes acceleration of estate tax exemption increase.
Capital ideas for gains & losses - CBS Marketwatch, September 9, 1998. Tax planning for securities sales in a volatile market.
Roth, Optimized - Forbes, September 21, 1998.

"Even if you are going to convert your regular IRA to a Roth IRA, it may not make sense to convert the whole thing."

Going, going, deducted! - Forbes, September 7, 1998. The tricky tax rules involving charity auctions.
Memo to Fans: Generosity Could Have Dire Consequences - New York Times, September 7, 1998. The gift and estate tax implications of catching Mark McGwire's #62.

"If a fan catches the ball that breaks baseball's home run record and generously gives it to the slugger, it could be more than a great baseball event. It could be the taxable event of a lifetime."

Real Estate in Your IRA - Builder Online, September 3, 1998. Using a Roth IRA to hold your dream retirement home.
- "Forget stocks for the moment. Here's something else cool that you can do with your retirement account..."

Family Feud - Kiplinger's Personal Finance, September 1998. Mother sues daughter over handling of her assets.
College Savings Plans Growing in Number - New York Times, August 23, 1998.
- "...the number of state-sponsored college savings plans is expected to double this year..."
The Best College Savings Plan Ever - Smart Money, August 12, 1998. New Hampshire's college savings plan is open to residents of other states too.
Mutual fund tax traps - Forbes, August 24, 1998.
- "If you wonder why your mutual funds aren't making you as rich as the published figures say you should be, blame taxes."
Smart Money Interactive - Ask SMI. Answers to readers' questions about investing, taxes and planning.
Tax Relief Counters Millennium Bug Problem - New York Times, August 15, 1998
- "The IRS says businesses can deduct the dollar-for-dollar costs of dealing with the problem on one important condition: the costs must be incurred in the repair or conversion of existing software."

"In Estate Planning, Roth IRA Shines" - New York Times 6/28/98
"Who Will Remember Me?" - Transcript of National Public Radio program broadcast April 2, 1998. Part of a series entitled "The End of Life: Exploring Death in America"
"Till Death Do You Part" - Forbes 6/15/98. Discusses new rules on disclaimers and joint ownership.
- "Part of the new rule is generous to the point of being illogical. But we don't mean to criticize too loudly. We'll take a tax break wherever we can find one."
Who's Afraid of Probate Court? - Kiplinger's Personal Finance, November, 1997. A common-sense, no-hype look at living trusts and wills.
- "It's time to lay one specter to rest: Probate is not a fate worse than death."

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