September 2009 Posts

  • FLP gets 47.5% Estate Tax Discount

    In addition to providing ease of management and significant asset protection, FLPs and (FLLCs) are still a excellent planning tool for obtaining gift and estate tax discounts (for minority interests and lack of marketability) – provided that the implementation and valuation are done correctly. ...
  • When to Review Your Estate Plan

    The following is a list of some of the events that should trigger a review of your estate plan: (1) Marriage, divorce, death of spouse....
  • Estate Planning Lessons from the Waltons

    Contemporary estate planning causes a division of an estate and results in an ultimate dissipation of the resource base over a period of years. Is it possible to keep the resource base together to serve the family for many family generations? T...
  • IRS Provides Guidance on 2009 RMD Waivers

    From IR 2009-85: WASHINGTON ― The Internal Revenue Service today provided guidance for retirement plan administrators, plan participants and retirees regarding recent legislation affecting required minimum distributions. ...
  • Disclaimers can Protect Assets in Bankruptcy

    In a case interpreting Arizona law, the Court of Appeals for the Ninth Circuit held in Gaughan v. Costas that a disclaimer filed prior to declaring bankruptcy was valid and effective since the disclaimer was permitted under state law. In re Costas, 555 F.3d 790 (9th Cir. 2009)....
  • 10 Foolish Estate Planning Myths

    I saw this post by a fellow estate planning attorney on linkedin and thought it would be good to share with my readers: Ten Dangerous Estate-Planning Fantasies By FREYA ALLEN SHOFFNER – an attorney in Boston who focuses on estate planning....
  • Estate Tax in 2010 and Beyond – Who Knows?

    Jonathan Weisman of the Wall Street Journal reports that the Estate Tax Faces Its Own Life-and-Death Struggle. When and what will happen with regard to the federal estate tax is still very much up in the air....
  • Inaction on the Federal Estate Tax to Continue in 2010?

    Fellow Blawger Gideon Alper, who writes the Gay Couples Law Blog, has an interesting take on what will, or will not, happen with the federal estate tax over the next year or so: Estate Tax Repeal in 2010 Not a Big Deal Because Congress Can Pass a Retroactive Tax Amendment. ...
  • IRS Extends Deadline on Foreign Account Reporting

    From IR-2009-84: WASHINGTON ─ The Internal Revenue Service today announced a one-time extension of the deadline for special voluntary disclosures by taxpayers with unreported income from hidden offshore accounts. These taxpayers now have until Oct. 15, 2009. ...
  • More on the Future of the Federal Estate Tax

    Hurry up and wait is basically the message of this article from TheHill.com TheHill.com is self-described as the publication “for and about Congress, breaking stories from Capitol Hill, K Street and the White House. The Hill stands alone in delivering solid, nonpartisan reporting on the inner workings of Congress and the nexus of politics and business.”...
  • Pennsylvania Trusts and Estates Blog

    http://www.pennsylvaniatrustsandestates.com/...
  • Prepare for Higher Income Taxes

    From the Wall Street Journal: Higher Taxes Are Coming: Are You Prepared? Here in North Carolina, we’ve already been hit with higher taxes. Can’t wait for the federal increases....
  • Need a Real Life Example of Why to do Asset Protection Planning?

    Rich Rodriguez, the football coach for the University of Michigan, has been sued for $3.9 million due to a loan default. Rodriguez and partners formed an limited liability company, The Legends of Blackburg LLC, to develop a condo community in Virginia. ...
  • Often Overlooked in Estates – Cost Segregation Tax Savings

    This is a complicated but potentially very worthwhile strategies to pursue in estate in which the decedent owned valuable depreciable real estate (e.g. office buildings, shopping centers, or multiple rental homes)....
  • Inherited IRAs are Not Creditor Protected – #2

    I previously blogged about a Bankruptcy Court in Texas holding that an inherited IRA was not exempt from claims of the new owner’s creditors. In re Jarboe, 2007 WL 987314 (Bkrtcy S.D. Tex. 2007)....
  • The BBB on Estate Planning – a solid C

    This morning I came across this article on estate planning advice by the Better Business Bureau. I certainly endorse the idea of urging people to do proper planning, but articles like this can sometimes do more harm than good. I give a grade of C (mediocre)....
  • NC Probate Fees Go Up Again

    Effective today, along with 1% increase the sales tax, the filing fee for probate cases has increased to $88 (from $61). The .40/100 fee applied to estate assets (maximum of $6,000) does not increase this year – but watch for future increases as the state continues to struggle to increase revenues. ...
  • Dont’ Leave a Mess for your Loved Ones

    Most people fail to do any estate planning at all, and many more have outdated or inadequate plans. A recent article, A slacker’s guide to death, discusses this issue. ...