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
The Setting Every Community Up for Retirement Enhancement (SECURE) Act, which went into effect in 2020, changed how beneficiaries of inherited retirement accounts must withdraw these funds. The Act’s passage made it more...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
Recent news stories may have made you aware of the “step-up in basis” and the current administration’s desire to eliminate or adjust it. If you are considering engaging in estate planning or you may be inheriting assets,...more
The services following the death of Her Majesty Queen Elizabeth II might have many of us thinking about our own estate planning. One striking piece of information about Her Majesty was that she had planned out many...more
El servicio de impuestos internos de Estados Unidos (Internal Revenue Service o IRS) recientemente anunció una amnistía nueva que permite presentar ciertas declaraciones de 2019 y 2020 sin multa antes del 30 de septiembre de...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
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
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
Join us at our first McDermott Private Client Forum in Munich on Thursday, 28 November 2019. With this series of events, we want to create a forum for exchanging ideas on the topics of wealth, succession, inheritance and tax...more
If you are a US citizen and your spouse or civil partner is not you need to ensure you have appropriate estate planning in place to avoid your heirs getting an unexpected tax bill following your death. In this guide we...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
Year-End Reminders For 2018, the estate, gift and generation-skipping transfer tax exemption is $11.18 million per person ($22.36 million for a married couple). ...more
If plans call to relocate to another country after retirement, be aware that they may be tarnished if a person doesn’t look into all potential estate tax and income tax implications first. This brief article explores three...more
On July 31, 2015, the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 introduced new tax law that affects executors who are required to file a federal estate tax return and beneficiaries...more
Yesterday, the director of the Luxembourg indirect tax administration (administration de l'enregistrement et des domaines) issued circular n° 782 dated 2 January 2017 (the "Circular"). The Circular recalls the main changes...more
Among the growing number of business owners looking to sell their business, JR and Sue Ellen Pawlenty are in the market to sell their company Pawlenty Energy. Recently Tilting the Scales highlighted Successfully Selling Your...more
After the American Taxpayer Relief Act of 2012, many in the estate planning community thought that tax law dealing with estates and trusts was settled for some time. President Obama’s earlier budget proposals calling for a...more
In This Issue: - The BDIT: A trust with a twist - Thanks, Grandma and Grandpa! 3 estate-planning-friendly strategies to pay for a grandchild’s college education - Power of attorney abuse: What can you do...more
Bill Ries has prepared a status report for the Pennsylvania Legislature’s current Trust & Estate matters. These tables summarize a number of bills that affect decedents’ estates laws and were introduced in the 2013-14...more