While it can be very hard to think about the care you will want if you are chronically ill and unable to express your medical wishes, it is true that people can unexpectedly find themselves in such a situation. Even worse than being ill and unable to communicate is not preparing in advance a statement… Read More »
The President’s 2014 Budget proposals issued in April earlier this year are still being considered by the Congressional Budget Committee. Also, many people wrote their wills and revocable trusts when the amount exempted from Federal gift and estate taxes was much lower. Therefore, the following are a few ideas (and there are many others) for… Read More »
Clients often ask whether it is better to give property to their children now or transfer it to them on their death. In addition to considering the client’s non-tax objectives, the answer will be shaped by Federal estate and gift taxes and capital gains taxes. Non-taxable Estate, Transfer By Gift. If the client’s estate will… Read More »
If you own several income producing properties or businesses, then lawyers typically recommend placing each property and/or business in a separate legal entity such as a limited liability company (“LLC”) so that creditors of one entity will not have access to the assets of any other entity or the personal assets of the owner. A… Read More »
Limited liability companies (“LLCs”) offer a flexible vehicle for families and small business owners to facilitate the transfer of property among family members and to manage property within families over many generations. An LLC is a corporation established under state law that offers the flexibility of a partnership form, including an option to elect “pass… Read More »
In a landmark case, United States v. Windsor, https://www.supremecourt.gov/opinions/12pdf/12-307_g2bh.pdf, the United States Supreme Court struck down the Defense of Marriage Act on the grounds that it is an unconstitutional deprivation of the equal liberty of persons protected by the Fifth Amendment. The syllabus to the opinion states “DOMA’s principal effect is to identify and make unequal a… Read More »
PROTECTING THE TAX-DEFFERAL NATURE OF YOUR IRA FOR YOUR FAMILY AND LOVED ONES On April 23, 2013, in Rameker v. Clark[i], the US Court of Appeals for the 7th Circuit stated that an inherited IRA (where the individual beneficiary is not the spouse) is not exempt from creditors. The court reasoned that that kind of… Read More »
PROTECTING THE TAX-DEFFERAL NATURE OF YOUR IRA AFTER YOUR DEATH On April 23, 2013, in Rameker v. Clark[i], the US Court of Appeals for the 7th Circuit stated that an inherited IRA (where the individual beneficiary is not the spouse) is not exempt from creditors. The court reasoned that that kind of account is… Read More »
Join Carla Ranum, Esq., for an informative and lively discussion about what happens if you die intestate or fail to update your estate planning documents as your life changes. Carla will discuss what can go wrong, what can go right and what options are available to you. Carla has been practicing law for over 20… Read More »
Retirement Plan Savings The President’s 2014 Budget Proposal, published last week, proposes to automatically enroll workers without employer based retirement plans in IRAs (unless an individual opts out). But just in case you save too much, it also proposes to limit the total value of an individual’s combined retirement plans to an amount sufficient to… Read More »
