Tag Archives: gt_law

Maryland Reduces Evidentiary Requirements to Exempt Primary Residence of Domestic Partners from Inheritance Tax

On May 4, 2017, Maryland’s Governor signed into law H.B. No. 1104, effective July 1, 2017, reducing the evidentiary documentation required from domestic partners to evidence the qualification of their joint primary residence for the Maryland inheritance tax exemption. Maryland law provides that, in a domestic partnership, the inheritance tax will not apply to the … Continue Reading

Making the Move to Another State? Consider These Actions to Avoid Dual State Residency

Whether to be closer to family member or a new job opportunity, individuals are increasingly relocating to another state.  If reduction in the applicable state income tax is a motivating reason, avoiding dual-residency should be a primary objective.  It is very common for owners of certain assets (closely-held businesses, highly-appreciated assets, and/or highly compensated executives … Continue Reading

The Sooner the Better: Planning with Long-Term Care Insurance

With the skyrocketing cost of long-term care, nursing homes, assisted-living facilities and home health care, many families are recognizing the importance of long-term care insurance.  People in their late 50s and early 60s are the most common purchasers of long-term care insurance.  However, those purchasers may find that the premiums on long-term care insurance policies … Continue Reading

Disability Planning: The Bare Essentials

Planning for disability is just as important as estate planning and can help minimize family conflict, protect family members, and ensure security and access to financial assets during incapacity. Mental or physical disability can occur at any time, often unexpectedly, and may last for years. Failure to plan accordingly can trigger protracted court proceedings to … Continue Reading

Know the Legality of Electronic Signatures

In a time of global transactions which more often than not occur without a single physical meeting between the parties, it is important to understand when an electronic signature is legal and appropriate. The two federal statutes that address this question are the Electronic Signatures in Global and National Commerce Act 2000 (ESIGN) and the … Continue Reading

IRS Announces June 2017 Applicable Federal Rates and 7520 Rates

The Internal Revenue Service (IRS) publishes a monthly update to the applicable federal rates (AFRs) and 7520 rates. Planning professionals and their clients should take note of fluctuations in these rates and be mindful of planning opportunities that come with rate changes. The AFR is calculated by the IRS under Section 1274(d) of the Internal … Continue Reading

IRS Announces May 2017 Applicable Federal Rates and 7520 Rates

The Internal Revenue Service (IRS) publishes a monthly update to the applicable federal rates (AFRs) and 7520 rates. The May 2017 rates generally reflect a slight decrease from the April rates. Planning professionals and their clients should take note of fluctuations in these rates and be mindful of planning opportunities that come with rate changes. The … Continue Reading

IRS Temporarily Halts PLRs on Certain GST Tax Issues

On March 3, 2017, Melissa C. Liquerman, a branch chief for the IRS Office of Chief Counsel, announced at the Federal Bar Association Tax Law Conference that, due to “budget cuts and prolonged strain on agency resources,” the IRS is temporarily suspending the issuance of private letter rulings (PLRs) relating to certain generation-skipping transfer (GST) … Continue Reading

Greenberg Traurig Hosts Women’s Power and Purpose Networking Luncheon

The Northern Virginia Women’s Initiative and the Washington Women’s Leadership Initiative of global law firm Greenberg Traurig, LLP recently hosted the Women’s Power and Purpose networking luncheon with Lisa A. Rickard, U.S. Chamber Institute for Legal Reform President, Workforce Freedom Initiative President, and Executive Vice President, U.S. Chamber of Commerce.  This moderated program discussed Rickard’s … Continue Reading

Greenberg Traurig Sponsors and Attends the National Capital Chapter of the Society of Financial Service Professionals 2017 Professional Night Gala Event

Greenberg Traurig was proud to continue to support and sponsor the National Capital Chapter of the Society of Financial Service Professionals (FSP) 2017 Professional Night recently held at the Ritz-Carlton in McLean, Virginia. The FSP brings together multidisciplinary, credentialed professionals to develop and foster business relationships and build professional networks within the community.  The primary … Continue Reading

IRS Announces Slight Increase for April 2017 Applicable Federal Rates and 7520 Rates

The Internal Revenue Service (IRS) publishes a monthly update to the applicable federal rates (AFRs) and 7520 rates. The April 2017 rates reflect a slight increase from the March rates. Planning professionals and their clients should take note of fluctuations in these rates and be mindful of planning opportunities that come with rate changes. The AFR … Continue Reading

California Court of Appeal Holds Passive LLC Interest Does Not Create Nexus

A non-California corporation’s only connection with California was its passive minority interest in a limited liability company (LLC) that was doing business in California. The California Court of Appeal held that this limited connection was not sufficient to subject the out of state corporation to California’s Corporation Franchise Tax. All taxpayers that have filed and … Continue Reading

IRS Announces Slight Decrease for March 2017 Applicable Federal Rates and 7520 Rates

The Internal Revenue Service (IRS) publishes a monthly update to the applicable federal rates (AFRs) and 7520 rates. The March 2017 rates reflect a slight decrease from February’s rates. Planning professionals and their clients should take note of fluctuations in these rates and be mindful of planning opportunities that may come with rate changes. The … Continue Reading

The Unwanted IRS Time Machine – Is Your Gift Tax Return Actually Done?

Taxpayers may assume that once a gift tax return is filed, they can sit back and avoid worrying about the IRS making adjustments once the general three-year statute of limitations has passed. But the IRS has a powerful “rewind-the-clock” tool that taxpayers may inadvertently trigger if they aren’t careful when preparing any filed gift tax … Continue Reading

AICPA Suggests Adequate Disclosure Reference for Section 2704 Proposed Regulations

The American Institute of Certified Public Accountants (AICPA) recently published recommendations for a disclosure statement to be included on a U.S. Gift (and Generation-Skipping Transfer) Tax Return (IRS Form 709) disclosing the transfer of an interest in a family partnership or family controlled entity made on the same date or after the issuance of the … Continue Reading

A $64 Million Question – When is a Written Acknowledgment for a Charitable Donation Needed?

Year-end is a time for many taxpayers to satisfy their philanthropic and tax-related charitable goals; however, it is important to remember that the simple act of giving does not necessarily result in the realization of desired income tax benefits from a charitable donation. The Internal Revenue Service, under Internal Revenue Code (Code) § 170(f)(8)(A) and (B) … Continue Reading
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