Court Blesses Strategy to Preserve Homestead Benefits After QPRT Term Expires In a case of first impression, the Martin County circuit court and Judge Mirman ruled in favor of the Firm’s client on summary judgment, finding that homestead qualification remains uninterrupted when children follow a proper strategy of granting their parents the right to live …

FIRM OBTAINS SUMMARY JUDGMENT ON HOMESTEAD CASE OF FIRST IMPRESSION Read More »

As Warned, the Greenbook is Still on His Agenda As warned in our recent Client Update newsletter ( Newsletter Spring 2013 ), President Obama may seek to close exceptions to normal rules in a stance that he may argue isn’t a further increase in revenues that Republicans have said are off the table. Many of these are …

OBAMA WANTS TAX BREAKS TO REPLACE SEQUESTER Read More »

The tax proposals included in President Obama’s fiscal 2013 budget released February 13 would largely end the Bush tax cuts for higher-income earners and tax dividends as ordinary income, a reform that would raise $1.5 trillion over 10 years. Qualified Dividends As previously expected, the revenue raisers would focus on upper-income households earning more than …

PRESIDENT OBAMA’S INCOME TAX PROPOSALS Read More »

President Obama’s new budget proposal calls for returning the estate tax in 2013 to its 2009 level: a $3.5 million estate and generation skipping tax exemption per person, a $1 million per person gift tax exemption, and a 45% rate.  President Obama’s December 2010 deal with Republicans raised the estate, gift, and GST exemptions to …

PRESIDENT OBAMA RELEASES TAX REFORM PROPOSALS Read More »

It Can Come in a Variety of Shades and Colors Many people view the subject of elder abuse as a matter of physical abuse and a rare occurrence.  The subject, however, is far broader and more common.  Elder abuse can involve financial exploitation, emotional distress, or negligent care.   For example, Mrs. M , a widow …

ELDER ABUSE AND ABUSE OF VULNERABLE ADULTS Read More »

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 …

NEW POWER OF ATTORNEY LAW EFFECTIVE OCTOBER 1 Read More »

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 …

WHY TAXES MAY RISE ANYWAY Read More »

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 …

ESTATE TAXES Read More »

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 …

HOSPITAL RIGHT TO TEMINATE LIFE Read More »