Category Archives: Estates & Trusts
Impact of New Medicare Investment Tax on Trusts and Estates
Jonathan W. Igoe of Armstrong Teasdale recently had an article, Impact of New Medicare Investment Tax on Trusts and Estates, featured in The National Law Review: As part of the Patient Protection and Affordable Care Act enacted in 2010, Section 1411 was added to the Internal Revenue Code. Beginning in 2013, this section imposes an additional tax on individuals and …
Once Is Not Enough: The Importance of Regular Communication Between Testators and Their Lawyers
Jonathan L. Loew of Much Shelist, P.C. recently had an article about Communication Between Testators and Their Lawyers appeared in The National Law Review: When it comes to estate planning, an ounce of prevention is worth a pound of cure. Equally important, continuing consultation with a knowledgeable lawyer need not be time consuming or costly. Periodic reviews …
Why Your Qualified Plan – Isn’t
Recently The National Law Review published an article by Ben F. Wells and William M. Freedman of Dinsmore & Shohl LLP regarding Qualified Plans: There are many generous tax benefits that come from having a “qualified” retirement plan (such as a section 401(k) plan). For example, as an employer, you can deduct your plan contributions, but participating employees don’t have to …
Does Your Firm’s Standard Lien Language Create a Possibility that Your Customer IRAs May Lose Their Tax Exempt Status and Protection from Third-Party Creditors?
Recently The National Law Review published an article by Jon Andrew Jacobson, Scott E. Rahn, Alex J. Rosenthal and Adam M. Starr of Greenberg Traurig, LLP regarding Lein Language for IRAs: It is not uncommon for firms to use standard language in their account agreements that creates liens on Individual Retirement Accounts (IRAs). Two recent federal court decisions, however, suggest that granting such a …
Is the $5 Million Gift Tax Exempt Amount About to End?
Recently posted in the National Law Review an article by Elyse G. Kirschner and Carlyn S. McCaffrey of McDermott Will & Emery regarding the The Tax Relief Act of 2010 made significant changes to the gift, estate and generation-skipping, however, not permanent: The Tax Relief Act of 2010 made significant changes to the gift, estate and generation-skipping transfer …
The Illinois Civil Union Law and Its Impact on Estate Planning
Recently posted in the National Law Review an article by Gregg M. Simon of Much Shelist Denenberg Ament & Rubenstein P.C. on Civil Unions and Estate Planning: On June 1, 2011, the Illinois Religious Freedom Protection and Civil Union Act went into effect. The new law provides a legal procedure for the certification and recognition of civil unions between …
Supreme Court Limits Bankruptcy Court Jurisdiction – Stern v. Marshall
Posted recently at the National Law Review by Prof. G. Ray Warner of Greenberg Traurig, LLP - the latest installment of the Anna Nicole Smith / J. Howard Marshall estate issue and how it impacts the jurisdiction of bankruptcy courts: In a decision that may create serious problems for bankruptcy case administration, the Supreme Court this morning invalidated …
Planning Opportunities Under the New Estate and Gift Tax Law
Recently posted at the National Law Review by Julia L. Frey, Matthew R. O’Kane, and Norma Stanley of Lowndes, Drosdick, Doster, Kantor & Reed, P.A. – some highlights of the recent tax changes impacting estate plans: On December 17, 2010, Congress enacted a new tax law which changes the federal gift, estate and generation-skipping transfer (“GST”) taxes currently …
Planning Opportunities Under the New Estate and Gift Tax Law
Recent post summarizing Gift and Estate Tax changes at the National Law Review by Lowndes, Drosdick, Doster, Kantor & Reed, P.A. - read on: On December 17, 2010 Congress enacted a new tax law which changes the federal gift, estate and generation-skipping transfer (“GST”) taxes currently in effect. However, the new law is only effective for …
Congress Finally Resolves Estate Tax Uncertainty: But Only for Two Years!
Very Comprehensively written article by Michael D. Whitty and Igor Potym of Vedder Price P.C. – so much good Year End Tax Information we thought we’d include it here too: As part of a compromise to extend the income tax rates in effect from 2003 to 2010 (sometimes described as the “Bush tax cuts”) and unemployment …
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