Month: October 2019
Inflation Adjusted 2014 Figures for Estate, Gift and GST Exemptions
As many of you know the estate tax exemption, gift and generation skipping transfer tax exemptions are so high that most people do not have to worry about those taxes now. Well the news gets better in 2014! In 2014 the estate tax and GST exemption increases from...
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...
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...
FBAR Penalties…Not Even Death Is An Escape!
Congress enacted the Currency and Foreign Transactions Reporting Act (the “Act”) to combat money laundering in the United States. As part of that Act, United States “persons” are required to file a Foreign Bank Account Report (“FBAR”) indicating their financial...
Read about what Linda presented to 500 attorneys and paralegals!
On Friday October 4 Linda presented to a group of over 500 attorney and paralegals a subject that every person should understand. How many of you really understand and know the beneficiary of your life insurance policy? If the beneficiary is your revocable trust then...
Are joint tax refunds protected from creditors in Florida?
There is much confusion as to whether a joint tax refund is treated as tenants-by-the- entireties properties in Florida and thus protected from the creditors of one of the spouses. On August 9, 2013, in a bankruptcy decision, Stevenson v. Uttermohlen, the Eleventh...
Honored to Help at Clearwater Marine Aquarium
CMA held their annual volunteer dinner and awards tonight. I was honored to receive a service award for commitment to the stranding team. I am so honored and it is such a privilege to work with the other team members who tirelessly rescue dolphins, sea turtles, birds...
Do You “Trust” Your Irrevocable Life Insurance Trust?
In years past, when the estate tax exemption (technical name is applicable exclusion amount) ranged from $600,000 to $3,500,000, many individuals created irrevocable life insurance trusts to hold life insurance that would “balloon” on a person’s death and the life...
So You Don’t Want Your Son-in-Law or Daugter-in-Law to Inherit?
Many of my clients love their son or daughter-in-law, but, almost without exception, if their children get divorced, then they do NOT want those ex-spouses to have access to any trust created for their children. In a recent case, Pfannenstiehl v. Pfannenstiehl, the...
Updated 2016 Transfer Tax Numbers!
The inflation adjustments for 2016 numbers are as follows: 1. Exclusion amount for gifts and estates of decedents dying in 2016- $5,450,000 2. Generation Skipping Transfer Tax exemption- $5,450,000 3. Annual exclusion for gift tax- $14,000 4. Annual exclusion for...