Two key estate planning numbers will change effective January 1, 2022: The lifetime unified gift and estate tax exemption, and the annual estate tax exclusion. These changes may impact you if you have a taxable estate. The lifetime exemption is…
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The Biden Administration’s tax proposals have been on the minds of many of our clients. You may be wondering if and how your estate plan will be impacted, and what you should do now to minimize your heirs’ tax liability. …
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Tony Hsieh, founder of online shoe retailer Zappos, died the day after Thanksgiving at age 46. He died without an estate plan. His life, marked by enormous business success and wealth, was marred by drug addiction and mental illness. His…
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The federal estate and gift tax has long been the cause of confusion, due in part to frequent changes in the law over the past decades. Whether you have an estate plan in place or are just embarking on your…
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Effective January 1, 2020, the federal lifetime unified estate and gift tax exemption increases. Individuals who pass away in 2020 can pass, tax-free, $11.58 million (was $11.4 million). With portability, a married couple may pass twice that amount, $23.16 million. Anything in excess…
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Singer Aretha Franklin passed away on August 16, 2018. The 76-year-old “Queen of Soul” died at her Detroit home of pancreatic cancer, surrounded by family. Winner of 18 Grammy awards and known for iconic songs like “Respect,” Franklin was intensely…
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Effective January 1, 2018, a comprehensive tax reform bill took effect. It is the most sweeping change to the tax code in 30 years, since the 1986 tax reform legislation under President Reagan. Will this new law have the same…
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Roger Ailes, the media mastermind behind Fox News, died May 17 after falling at his Palm Beach home. The medical examiner attributed his death to bleeding on the brain, exacerbated by the fact that Ailes suffered from hemophilia. He leaves…
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Just what does an elder law attorney do? What are our services? Why would you want to consult with an elder law attorney? Can younger people use our services? Are our services different from those that an estate planning lawyer…
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The annual gift tax exclusion is widely misunderstood. Many people believe that for tax purposes they must stay under the exclusion limit. In fact, for the vast majority of people, the annual exclusion – currently $14,000 – effectively has no…
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