The Legal Monitor / BrownWinick Law Firm's Newsletter

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The February edition of BrownWinick's The Legal Montior contains the following articles:

Receiving a demand letter or lawsuit for the return of preferential payments to a bankrupt debtor is typically a frustrating situation for creditors. To creditors that have not had much previous experience dealing with bankruptcy preferences, being hit with a prference calim can seem especially confusing and unfair. Check out an article written by Bradley Kruse title "Avoiding Liability For Bankruptcy Preference Claims."

Although much of the media attention has focused on the extension of the Bush income tax cuts, Congress has given those subject to estaet tax a generous Christmas present. For those dying in 2010, 2011 and 2012, the estate tax threshold has been rasied to $5 million. For most people, that will both eliminate federal estate tax and allow a full step-up in the tax basis of the decedent's assets. For more information read Ronni Begleiter's article "A Christmas Present From Congress."

Congress left taxpayers on the edge of their seats up until nearly the end of the year. With the Bush tax custs set to expire at the end of 2010, taxpayer friendly legislation was needed or comparatively unfavorable provisions would go into effect. With teh rapid increasing national debt, many feared Congressional inaction. At what seemed to be the eleventh hour, Congress, generaously and somewhat unexpectedly, passed favoable legislation to benefit taxpayers retroactively and into 2011. Read Bridget Shapansky's article on "Tax Extensions and Incentives - For a Limited Time Only."

On December 18, 2010, President Obama signed legislation intended to exempt lawyers, health care providers, accountants and other service providers form having to comply with the Red Flags Rule. For those stil covered by teh Rule, the Federal Trade Commission began enforcement of the Rule on January 1, 2011. For more information, read Rebecca Brommel's article "The Exemption of Service Providers."

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Published In: Bankruptcy Updates, Tax Updates, Wills, Trusts, & Estate Planning Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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