Month: January 2020
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...
Do Your Estate Planning Documents Reflect Your Desires?
With the recent increase in the estate and gift tax exemption amount to $11,400,000 (the “Exemption Amount”), equivalent to a credit amount of $4,560,000(40% of $11,400,000 ) against the estate tax, VERY few estates will be subject to the federal estate tax. Of...
To Arbitrate or Not…
Many trust instruments require mediation or arbitration if there is a trust dispute. In the case of Gren v. Gren, 2014 WL 5640, decedent’s ex wife, the personal representative of the decedent’s estate, filed a petition for the construction of the decedent’s trust....
IMPORTANT CHANGES TO COME FOR IRA BENEFICIARIES… SECURE ACT SIGNED DECEMBER 20, 2019
The “Setting Every Community Up For Retirement Enhancement” (“SECURE ACT”) was signed by President Trump on December 20, 2019. The SECURE ACT was discussed in a previous blog so the same information will not be repeated here as the SECURE ACT was passed substantially...
You May be Surprised When You Receive Your IRA 1099-R!
Generally each individual who receives individual retirement account (“IRA”) distributions will receive a Form 1099-R which indicates the amount of distribution, indicating by codes what amount is taxable and non-taxable and other information. The Internal Revenue...
Happy New Year…Plan for a GREAT Year!
I hope all of you had a great holiday season and a happy new year! Now is the time to think about what you want to accomplish in 2015. I propose one item that can ease your (and your loved one’s) mind. Legally document your wishes for YOU, your loved ones, loved...
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...
Congress Passes Fiscal Cliff Act
On Tuesday, January 1, 2013, the Senate passed the American Taxpayer Relief Act, H.R. 8 (the “Act”) by a vote of 89 to 8, which the House of Representatives later approved by a vote of 257–167 on Tuesday evening. The Act now goes to President Barack Obama for his...