How The New Tax Law Affects Retirement Plans

On December 22, 2017, President Trump signed the largest tax legislation in several decades, the Tax Cuts and Jobs Act (the “Act”). How are retirement plans affected? The good news is very little for most taxpayers. The major concern of limiting the payout to only over 5 years for most…

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Yahoo Does Not Say Yahoo After This Case….

In a case which has been litigated since 2010, a Massachusetts Supreme Court has determined that a personal representative has the right to obtain information from a decedent’s Yahoo account. In Ajemian v. Yahoo, Inc.  Mr. Ajemian passed away but had no testamentary documents. His Yahoo email account did not…

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Arguing Undue Influence In A Trust Formation? When Are You Barred?

Most beneficiaries are extremely unhappy when they learn they have been omitted from estate planning documents, especially when they believe that the decedent was “unduly influenced”.  The factors to analyze whether undue influence exists were set forth in a 1971 Florida Supreme Court case . A recent case, Flanzer V. Kaplan, explores the…

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Tax Alert…What Will the Future Hold?

As you have probably read and heard, new tax legislation is looming to “simplify” the tax law. The major estate, gift and generation skipping transfer tax (“GSTT”) changes are as follows: The House: 1. The estate and generation skipping transfer tax (“GSTT”) would be REPEALED for tax years beginning after…

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Judicial Reformation Saves Estate Taxes

In planning to save estate taxes, many married couples may provide in their documents that the applicable exclusion amount (currently 5.490 million) is to be paid to a “credit shelter trust” and the balance to a marital trust. In such an estate plan, no estate tax is generally incurred until…

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Hurricane Relief by IRS!

Unfortunately, many of us have been affected by Hurricane Irma. Fortunately the Internal Revenue Service (“IRS”) recognizes the devastation caused by these natural disasters which affect taxpayers, not only emotionally and physically, but financially. In a recent news release, IR-2017-150, issued on September 12, 2017, the IRS extended the deadline…

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