Family Law Tax

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Comparing the Clinton and Trump Parental Leave and Childcare Proposals

Presidential Candidates Hillary Clinton and Donald Trump have each put forward plans for paid parental leave and assistance with the cost of childcare. However, as expected the plans differ significantly. The Clinton Plan is...more

IRS Agrees that Domestic Partners Are Entitled to Full Home Mortgage Interest Deduction

The IRS recently released guidance indicating that it will follow the Ninth Circuit’s ruling in Voss v. Commissioner, 796 F.3d 1051 (9th Cir. 2015), acquiescing to the Ninth Circuit’s opinion that unmarried domestic partners...more

The Internal Revenue Service Issues Final Rules Defining Marriage

The Internal Revenue Service (“IRS”) has recognized that marriages of couples of the same sex should be treated the same as marriages of couples of the opposite sex for federal tax purposes. On September 2, 2016, the IRS...more

Regulations Issued to Make Marriage References Gender Neutral

Further to the recent U.S. Supreme Court cases recognizing same-sex marriages, the IRS has issued final regulations that codify same-sex marriages for federal tax purposes, regardless of gender. Under Treasury Regulations §...more

Recognition of Same-Sex Marriage Officially the Tax Law of the Land

Effective tomorrow, September 2, 2016, new IRS final regulations will take effect which provide that for federal tax purposes, the terms “spouse,” “husband,” and “wife” mean an individual lawfully married to another...more

Wealth Management Update - September 2016

September Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The September § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs...more

Spouses Need to Exercise Care in Transferring Property between Them When Subject to a Marital Agreement [Florida]

Many prenuptial and postnuptial agreements provide for a class of property known as Separate Property. Such Separate Property will often not be subject to claim by or transfer to the non-owning spouse upon death or divorce....more

Holding Assets in Trust for the Next Generation

Over the past few years, we have seen a dramatic increase in the number of clients interested in holding assets in trust for their children. This is a trend we are noticing across the board, regardless of the size of the...more

Appellate Court Notes

Supreme Court Advance Release Opinions: SC19496 - Commission on Human Rights & Opportunities v. Echo Hose Ambulance - The issue of this case was whether or not an unpaid volunteer, in this case for an ambulance...more

Review of Income Tax Deduction Rules for Charitable Gifts

People.com is reporting that Amber Heard, who received a $7 million settlement in her divorce from Johnny Depp this week, is donating the entire $7 million settlement to charities with “a particular focus to stop violence...more

May the donee of a limited testamentary power of appointment irrevocably and immediately exercise it inter vivos by contract?

The Delaware Chancery Court [In re Estate of Tigani, C.A No. 7339-ML (Del. Ch. Ct. Feb. 12, 2016)] has confirmed that the donee of a limited testamentary power of appointment may not irrevocably, immediately, and effectively...more

War of the Rosas – Creative Tax Strategies to Balance the Financial Results in Divorce Planning

The War of the Roses is a movie classic above the trials and tribulations of marriage and divorce that sends shivers equally down the spine of about those married and unmarried. Several quotes from the movie include the...more

Court Upholds Foreclosure on Taxpayer’s Primary Residence in Satisfaction of Federal Tax Lien

In United States v. Smith, 117 AFTR 2d 2016-XXXX (February 8, 2016), the U.S. District Court for the Western District of Washington allowed the Federal government to foreclose on the taxpayers’ primary residence in...more

Guardianship Court Permitted to Annul Marriage [Florida]

An incapacitated ward had his rights to contract removed by a guardianship court. The ward thereafter married, without court approval. The marriage was then challenged based on FS 744.3215(2)(a) (2013). That statute provides...more

May a trustee with discretionary authority to make principal distributions ever decant for the sole purpose of increasing...

The Uniform Trust Code requires that the trustee notify the qualified beneficiaries, usually the current beneficiaries and presumptive remaindermen, in advance of any change in the method or rate of the trustee’s...more

Annual Estate Planning Newsletter: Part Four

Action Item: This is the fourth installment of our Annual Estate Planning Newsletter, and focuses on matters of interest to married couples. We urge you to review this installment to ensure that your 2016 estate and tax...more

Avoid a soap opera with updated Beneficiary forms

Yes, I will admit it: I love soap operas. My favorite show of all-time is Dallas and when I was a senior in high school and I was at home around 12:30 pm, I watched in succession: Young and The Restless, Bold and The...more

Tax and Estate Planning Newsletter - Winter 2015

Dear Clients and Colleagues: The holiday season brings thoughts of the New Year, with reflections on recent changes and resolutions for the future. During this season of reflection and planning, consider the effect of...more

IRS Provides Additional Guidance on Treatment of Same-Sex Marriages under Benefit Plans

In IRS Notice 2015-86, the Internal Revenue Service (IRS) provided guidance to sponsors and administrators of employee benefit plans regarding the application of the U.S. Supreme Court’s decision in Obergefell v. Hodges to...more

IRS Notice 2015-86 — The Limited Effect of Obergefell

Last week, the Internal Revenue Service (IRS) issued Notice 2015-86, providing guidance on the application of the U.S. Supreme Court’s decision in Obergefell v. Hodges to qualified retirement plans and health and welfare...more

Wills, Estates and Trusts Update: Why the New 2016 Rules for Trusts and Estates in Canada May Surprise You and Why the Department...

January 1, 2016 will bring many significant changes to the taxation of trusts and estates in Canada. These changes were passed into law in December 2014, after being announced as part of the 2014 federal budget. Most people...more

IRS Issues Guidance on Application of Obergefell Decision to Benefit Plans

This past June, the United States Supreme Court held in Obergefell v. Hodges, 576 U.S. ___, 135 S.Ct. 2584 (2015), that the Fourteenth Amendment (i) requires a state’s civil marriage laws to apply to same-sex couples on the...more

Health Care Coverage for California Employers After Obergefell v. Hodges

After the U.S. Supreme Court’s landmark marriage-equality decision this summer (Obergefell v. Hodges), we now have full equality between same-sex and opposite-sex spouses under federal and state law. That decision affects...more

IRS Eases Administrative Oversight of Able Accounts

As discussed in earlier blog posts, the Achieving a Better Life Experience (ABLE) Act was signed into law in December 2014. Under the ABLE Act, a so-called ABLE account can be established for a disabled individual. The...more

Beware of conflating power of appointment doctrine and merger doctrine in the trust context

Assume a trust that was initially for the benefit of its settlor (who is now dead) has the following additional terms: All net trust-accounting income to settlor’s surviving spouse (X) for life; trustee may invade principal...more

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