Most Durable Powers of Attorney Should Be Reviewed Durable powers of attorney are a core part of a basic or Phase 1 estate plan. Their place within a plan is much like a will, as a backup to a revocable living trust- which is the centerpiece of an estate plan and generally designed to avoid …
Given our current budget debates, the context in which the debate is occurring is obviously important. Here is a good piece from Bloomberg on how the prospects for tax increases, of all kinds (income, estate, gift, etc.), are rising and possibly becoming more probable given our current laws. This is the case even though the …
Estate Tax Bill Becomes Law – Retroactive Reinstatement with Higher Exemptions and Lower Rates – Late last night after delays and much debate, House members voted 277-148 to pass the Senate’s version of the H.R. 4853 tax bill and send it to President Obama. Earlier, House members voted 194-233 to block efforts to add an …
This topic is particularly timely given the relative strong Canadian dollar and diminished U.S. dollar within the currency markets, the significant drop in the value of U.S. real estate, and the existence of favorable mortgage rates. Furthermore, there is a push to eliminate certain provisions of the Foreign Investment in Real Property Tax Act (“FIRPTA”). …
CANADIAN AND FOREIGN INVESTMENT IN U.S. REAL PROPERTY Read More »
What is Sure to be an Evolving Issue A New Jersey appeals court heard arguments Tuesday over whether a hospital can end life-sustaining treatment for a patient in a persistent vegetative state contrary to his family’s wishes. A year ago, a Union County, N.J., judge said no, granting an injunction requested by the comatose patient’s …
Timely Estate Planning Tool Facing Tax Reform An intervivos reverse QTIP Marital Trust is a timely tool to use now in light of potential estate tax reform. It offers a way of preserving the current $3.5 million generation skpping tax (“GST”) exemption now, without adverse gift tax. The technique offers substantial flexibilitiy if undertaken at this …
WHAT TO DO NOW: INTER VIVOS REVERSE QTIP MARITAL TRUST WORTH CONSIDERING NOW Read More »
Timely Action Can Substantially Reduce Property Tax Increases On Expiration Many clients with taxable estates undertake to reduce their estate tax exposure by using qualified personal residence trusts (“QPRTs” or “RITs”). QPRTs are trusts that offer an exception to normal estate and gift tax laws. They are used to remove the value of homes from …
CLIENTS SECURE FAVORABLE IRS RULINGS ON QPRTs, PRESERVING HOMESTEAD STATUS Read More »
Participants Who Turned A “Blind Eye” May Be Chased For Years The Madoff ponzi scandal is strikingly similar to the largest financial fraud in United Kingdom history, two decades ago in 1988 – yes, the year after the 1987 stock market crash and exactly twenty years prior to one of the worst recessions and market …
“MADOFF” CASE MAY FOLLOW PATH OF “BARLOW CLOWES,” TWO DECADES LATER Read More »
“Amendment One” Criticized And Controversial Florida voters this year approved Amendment One, a significant change to Florida’s “Save Our Homes” (“SOH”) assessment cap. It was promoted as an attempt to stimulate the real estate market in Florida and to deal with perceived unfairness in the taxing scheme. Amendment One does three primary things: (1) it …
Effects Of Decoupling Increases In Many States The disparity between the federal and state death tax exemptions has increased substantially, causing significant exposure to state death taxes where no federal death tax otherwise exists. In states such as Massachusetts, New Jersey, New York, Connecticut and others, the potential negative impact caused by states who have …
DISPARITY BETWEEN STATE AND FEDERAL ESTATE TAX EXEMPTIONS RISE Read More »
