Last month the United States tax court issues a decision in a case which caught the eye of many involved in estate planning matters. The main issues in the case, Tanenblatt v. Commission of Internal Revenue, was the value of a deceased individual’s interest in a limited liability company. As…
At the beginning of 2013, a federal compromise was reached which seemed to put to rest the uncertainty surrounding the estate tax. Based on the January law, the federal estate tax excludes property up to $5.25 million this year, with that figure set in the future and pegged for inflation.…
The Times Standard reported on another high-profile estate battle brewing that touches on many common themes, including a divided family and conflicting claims about last wishes. Legendary R&B singer Teddy Pendergrass is probably best known for his smash hit “If You Don’t Know Me By Now.” Pendergrass dealt with various…
A Will is far more likely to be challenged during probate if significant last-minute changes were made to the legal document. This is to be expected considering that the main causes for challenge–undue influence, lack of capacity, improper procedure–are far more likely to occur when an individual is older and…
Estate tax rates at both the federal and state level are set by lawmakers, and there is little that any individual can do on thee law. However, residents can significantly alter their tax burden with smart estate planning–like prioritizing tax free transfers (to a spouse), using protected trusts, and more.…
Celebrity estate planning remains one of the most common ways that local residents are confronted with issues regarding wills, trusts, and other inheritance issues. As the old adage makes clear, the only certainties in life are death and taxes. It does not matter whether one is a billionaire, international celebrity,…
If a family is dragged into a drawn-out court battle over an estate planning issue, chances are it is a “will contest.” This phrase refers colloquially to cases where one party claims that something is wrong with a will and that the legal document should be thrown out. It goes…
Earlier this year we shared information on a controversial New York inheritance case that was soon to be decided. The issue revolved around a mother’s attempt to inherit part of her children’s estate, valued at around $350,000. Her three children died in 2008 after the mother herself drowned them. Of…
In October of 2014, the Affordable Care Act, also known as Obamacare, will finally come into effect. As a result, many across America (including seniors) will have access to more affordable healthcare options. However, with these benefits come a variety of considerations and issues that the elderly must be aware…
As we have mentioned many times before, in June of 2013, the Supreme Court’s decision regarding the Defense of Marriage Act (“DOMA”) allowed same sex married couples to receive the same federal benefits as their heterosexual counterparts. This landmark decision will have a significant impact on estate planning for same…