Ramesh Sarva Circular: Tennessee clients: The Gift Tax Law
Tennessee repealed the Gift Tax Law. While the Federal Tax law permitted a $5 Million gift for each spouse, TN State Gift tax would have cost up to $600,000 State tax. …
Ramesh Sarva Circular: Switch Whole Life Insurance to Universal Life
You have a ‘Qualified Employee Benefit Plan’. Before 1998 all policies written were ‘Whole Life Policies’. After five to seven year premium payments, the policy abbreviated. The insurance companies typically …
Ramesh Sarva Circular: Defined Contribution/Profit Sharing Plans
All accumulations (100% funds) in a DC Plan can be used to purchase Life Insurance Contracts. To purchase any large life insurance using the big accumulations over the years …
Ramesh Sarva Circular: How to see world on the cheap!
Every first generation American travels to see other parts of the world at least once in every two years. When the kids are reaching near adulthood, they will most likely to …
Ramesh Sarva Circular: Transfer All Your Personal Assets to a Family LLC
As a physician, you must always remember and practice the principle of “Controlling Everything but Owning Nothing”. You will create a Family Limited Liability Company, which includes your spouse and …
Ramesh Sarva Circular: No Social Security Liability During Internship, Residency and Fellowship
Good News! Internal Revenue Service published a News Release (copy attached) IR-2010-25 on March 2nd, 2010. Prior to April 1st, 2005 Internship, Residency and Fellowship in hospitals is exempted from …
Ramesh Sarva Circular: Estate Planning in USA
I hope you are taking every measure to transfer all your assets in USA to your “Family Limited Liability Company (FLLC)”, gift away permissible 10 million dollars to your future …
Ramesh Sarva Circular: Urgency of Divesting Foreign Liquid Assets (bank and brokerage accounts) to avoid FBAR taxes and penalties.
Urgency divesting your foreign assets: We have been helping you since 2009 in complying with Foreign Bank Account Disclosure (FBAR). Now we have some valuable data to share. Several of …
Ramesh Sarva Circular: Imposters pretend to be from IRS and claim tax arrears: Beware!
Several clients have complained that they received a phone call from the IRS claiming they owe some taxes. IRS never makes phone calls asking for money. They send three notices by …
Ramesh Sarva Circular: Required Minimum Distribution
The pension law mandates that once you reach 70 1/2 years old, you should withdraw all of your required minimum distribution (RMD) from all your pension plans and Individual Retirement …