The Treasury Department recently published its Priority Guidance Plan, which addresses areas like estate, trusts, and gifts. These items were described as a top priority by the department. The department also expressed the desire to establish final regulations that would enforce user fees associated with closing letters for estate tax…
Family law addresses the rights of family members including spouses during marriages as well as after divorce. When one spouse passes away, however, complex estate planning issues can arise. In the recent Third District case of In Estate of Wall, a federal district court held that title presumption had…
Estate planning conversations often give off the impression that everyone is elderly and has multiple children. In reality, however, this is not true and people who do not fit this description require estate planning assistance at least as much as people who fall into more conventional models. For example, unmarried…
After a divorce, it’s understandable that you’re tired of sifting through legal documents. If you do not take the actions now to revise your estate plan in light of your divorce, you could end up facing undesirable estate planning results. As a result, you should at least consider gathering your…
The rise in the number of divorcees in New York as well as the rest of the country has led to a larger amount of blended families. While similar in many ways to traditional families, blended families face some unique estate planning challenges. This article reviews some of the most…
Planning for your children’s educational needs is a worthwhile goal. Fortunately, various options exist for satisfying this goal. A 529 plan can prove to be a powerful tool for paying tuition as well as paying for other education-related expenses while realizing tax advantages. Following your death, however, no certainty…
Democrats in the House of Representatives recently released their plan on how to adjust basic income and estate taxes for both businesses and families. While it’s impossible to provide a comprehensive review of what these various pages contained. This article addresses a few of the major announcements. Only a…
A June article in the New York Times reports that progress is finally occurring in the resolution of the estate of the late James Brown. Despite a clear intent that his estate is used for underprivileged children in Georgia and South Carolina, however, the late James Brown’s estate is yet…
The difference between children born during a marriage and those born outside of marriage might seem insignificant, but this issue can become a substantial one for people who are navigating estate planning issues. In a recent case, Hollywood producer Steve Bing passed away with two illegitimate children. Steve’s father…
Many people make the mistake of thinking that they don’t need to engage in any type of estate planning. While you might not be one of the 1% in regards to financial wealth, you should still give great thought to what you would like to have happen if you become…