Tag Archives: Estate Tax

A Cautionary Tale

  Last week I met with a delightful couple in their early 80’s with a big problem.  Over 10 years ago, at the urging of their four children, these folks transferred to their kids a so-called “remainder interest” in the … Continue reading

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The Tax Deduction for People with Dementia

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April inevitably means tax time, so whether or not you need to file a return, this tends to be the season when you, and everyone else, think about deductions and techniques you might use to reduce the amount of tax … Continue reading

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To Gift, or Not to Gift

The topic of gifting assets is often an important discussion in the world of estate planning.  Generally, a main point of gifting is to remove assets from the estate of the donor to avoid potential estate taxes on the asset.  … Continue reading

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All Is Not the Same With Inherited IRAs- The US Supreme Court Denies Creditor Protection For Inherited IRAs

Recently the U.S. Supreme Court issued a ruling related to whether creditors could reach an inherited IRA.  Many individuals assumed that all IRAs were protected from creditors; however, the Supreme Court disagreed under federal bankruptcy law. The issue arose when … Continue reading

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A Trust for All Seasons

One of the rewards of being an estate planning attorney is helping individuals and families put their goals and objectives for their financial futures in effect.  Estate planning is the process one goes through to ensure that his or her … Continue reading

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2014: By the Numbers

  Here’s a summary of some of the recently released numbers affecting tax benefits in 2014: $        Annual exclusion from gift taxes (the amount an individual may give to an unlimited number of donees each year) remains at $14,000.  The … Continue reading

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DOMA Overturned: Justice and Its Effect on Your Planning

See Jason Port’s newest client alert regarding “DOMA Overturned: Justice and Its Effect on Your Planning.” 

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Transfers With Retained Life Estates: Estate Tax Consequences

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A recent Tax Court case is a useful reminder about the estate tax treatment of life estates.  The tax rule involved has been in place for decades:  if you give away an asset but retain the use of the asset … Continue reading

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