On December 4, 2015, the President signed into law the Fixing America’s Surface Transportation Act, or FAST Act. There’s not much in there about taxes, but here are the plums hidden in the Act’s 1,300 page text...more
Recently, there has been a spike in felons filing fraudulent income tax returns seeking refunds. The identity thief merely acquires a taxpayer’s name, address and Social Security Number, and files a return with a different...more
As I mentioned in Part 1 of this article, a recent extensive survey indicated that most Americans have no estate plan at all. Part 1 dealt with planning for the immediate concern after one’s death: disposition of your...more
In 2007, Harris Interactive® for Martindale-Hubbell® published a large survey which concluded that more than half of all Americans dying do not have a Will or any estate planning at all. That percentage goes even higher for...more
In Steinberg v. Commissioner, 141 T.C. No.8 (2013), the U.S. Tax Court reversed a position it had previously taken, and held that the value of a taxable gift could be reduced when the recipients of the gift agreed to assume...more
When you make your wedding checklist, perhaps at the bottom you should consider how your marriage will affect your income taxes....more
In estate planning, we often focus heavily upon (a) reducing estate taxes and (b) avoiding probate. But equally important are the considerations regarding our family who survive us, and the legacy we wish to leave behind....more
The new Fiscal Cliff legislation, H.R.8, the “American Taxpayer Relief Act” (“ATRA”) extends the Direct Charitable IRA Transfer treatment through December 31, 2013. This means that Donors age 70½ or older can ask their IRA...more
One of the most valuable things in my possession is a collection of several CD’s which I had made from some old cassettes recorded by my maternal grandfather, Sam. He was an immigrant who came to America from the Ukraine in...more
Clients often ask how they can make their philanthropic gifts anonymously. There are several reasons they cite for this practice: (a) their gifts may be published in the charity’s website, publications or annual reports,...more
We all have hopefully made explicit designations of beneficiaries for our life insurance policies, retirement accounts and even some investment accounts which provide for payment upon death without a court order. It’s...more