The requirements outlined in the tax code can significantly impact an individual’s gift and estate planning, and navigating these requirements effectively is crucial. In this blog post, we will delve into gift and estate tax...more
Join Robert F. Morris, Esq. to discuss some important topics such as: - What issues can impact your family and estate plan? - What planning opportunities are available to protect your intent? - What estate,...more
Actor Will Rogers is widely credited with stating that “the only difference between death and taxes is that death doesn’t get worse every time Congress meets.” While most taxpayers fear tax laws changing for the worse, estate...more
Recent online articles have widely reported that Naomi Judd allegedly left nothing in her will to her two daughters, Wynonna and Ashley Judd, and appointed her husband of 33 years, Larry Strickland, as the executor of her...more
This seminar will address topics such as: - What issues can impact your family and estate plan? - What planning opportunities are available to protect your intent? - What estate, inheritance, and other death taxes...more
Last week, I provided a very brief overview of the gift tax in a vlog. You can view the vlog here. In this blog post, I’ll expand on basic gift tax concepts, just in time to make your holiday gifts. What is the gift...more
Vermont senator Bernie Sanders (D) has introduced legislation that would require more estates to pay estate tax and that raises the amounts they would pay. Another proposed law would eliminate the step-up in basis that...more
Florida has long been known as a hot-spot for retirees and snowbirds to move for its sunny weather and beautiful beaches. In recent years, however, since the "SALT Deduction Cap" established by the 2017 Tax Cuts and Jobs Act...more
If you’re a small business owner, you probably don’t have a minute to spare in your busy workday, especially if you’re struggling to recover after a turbulent 2020. Estate planning may be one of the last things on your mind. ...more
Earlier this month, I provided a very brief overview of the estate tax in a vlog. In this blog post, I’ll expand on estate tax basics. What is the estate tax? At its foundation, the estate tax is a tax imposed on the...more
While there are many new tax policy implementations that may be imminent with the new Biden administration, there are two changes in particular that estate planning attorneys are watching closely. These include (1) a...more
Quick Summary. In the United Kingdom, Her Majesty’s Revenue and Customs (HMRC) is responsible for administering and collecting taxes in the UK. For 2019, HMRC collected $841.19 billion in tax revenue. But it took over 300...more
Quick Summary. In 1867, the United Kingdom passed a Parliamentary act establishing what is now known as Canada. Today, Canada, the largest country in the Western Hemisphere, is a federation of ten provinces and three...more
The upcoming federal elections are a reminder that estate plans should be reviewed frequently to make sure the plan carries out your wishes in a tax-efficient manner. You may want to revise your plan depending upon the...more
Depending on who you believe, as many as three million bitcoins are currently “irretrievable” (approximately £20 billion worth at today’s prices). The most common reasons cited for this are lost retrieval codes (known as...more
The Office of Tax Simplification (OTS) recently released a report on simplifying the design of UK inheritance tax (IHT). This article highlights areas where taxpayers might take advantage of existing opportunities to make...more
If a person is in line to inherit property from a parent or other loved one, it’s critical to understand the basis consistency rules. Tax law provides that the income tax basis of property received from a deceased person...more
The Tax Cuts and Jobs Act provides greater flexibility in estate planning for many taxpayers. So, no more estate tax worries for most people, right? Not so fast. For residents of some states, state estate or inheritance taxes...more
With all the changes in the new tax laws, some people may be hesitant to move forward with an estate plan. It is important, however, to keep in mind that most clients will not be subject to the federal estate tax and...more