State Court Rescues GRAT From Drafting Error

The estate and gift tax provisions under the Internal Revenue Code (the “Code”) are extremely complicated. Thus, you must have an experienced estate planner draft documents which use techniques that can save estate and gift taxes. Nevertheless, mistakes can happen and sometimes a court reformation can save the technique as…

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Have Foreign Bank Accounts? Be VERY Careful!

In preparing your Form 1040 you may notice a question that asks about foreign bank accounts on Schedule B.  “At any time during 2016, did you have a financial interest in or signature authority over a financial account (such as a bank account, securities account, or brokerage account) located in…

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Change in Taxes With Trump Presidency?

    Now that Trump will become President and the Republican Party is now in control of both Houses in Congress, you can be sure that changes are coming. A few provisions of Trump’s tax plan follow: Married joint filers: less than $75,000- 12%, $75,000-$225,000- 25%, above $225,000- 33%. Single filers- 50%…

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End of Year Thoughts

As we approach the end of the year, we want to thank each of you for your business and referrals. We really appreciate all of you. We also want to point out some items that you should consider as we approach year end. Take your required minimum distribution for the year,…

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Are You Entitled to A Trust Accounting?

As a current or contingent beneficiary of a trust are you entitled to an accounting? It depends for what accounting period you request. This issue was addressed in Hilgendorf v. Estate of Coleman. In 2000, Thelma Coleman (“Thelma”) created a revocable trust for her own benefit. She appointed Jennilynn Smith…

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Don’t Forget to Plan for a Non-Citizen Spouse!

Under federal tax law, a 100% marital deduction is allowed for assets transferred either outright or in trust for  a spouse in lifetime or death.  Marital deduction planning encourages lifetime gifts between spouses and transfers at death for surviving spouses.  Upon the surviving spouse’s death, any remaining property received from…

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Changes Brewing For IRA Required Minimum Distributions…

The Senate Committee on Finance recently scheduled a committee markup on September 21, 2016 of an original bill, the “Retirement Enhancement And Savings Act of 2016″ (the “Act”). The actual document was prepared by the Joint Committee on Taxation and includes a number of changes to the required minimum distribution…

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