IRS announces the 2019 inflation-adjusted figures for gift and estate tax exemption amounts.
The federal gift, estate, and GST exemption amount ( the exemption amount) is the total amount
Continue Reading Federal Individual Gift, Estate, and GST Exemptions Increase to $11.4 Million in 2019
State statutes play an essential role in drafting estate planning documents, especially a will. In some states, the birth of a child after the execution of a will may result
Continue Reading State Law on After-born Children Leads to Revocation of a Will
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
Continue Reading Maryland Reduces Evidentiary Requirements to Exempt Primary Residence of Domestic Partners from Inheritance Tax
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
Continue Reading Making the Move to Another State? Consider These Actions to Avoid Dual State Residency
The IRS has announced, in IRS Notice 2017-12, that an IRS-issued account transcript can substitute for an estate tax closing letter. An estate tax closing letter (IRS Letter 627) is
Continue Reading IRS Announces That Account Transcript Can Substitute For An Estate Tax Closing Letter
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
Continue Reading IRS Temporarily Halts PLRs on Certain GST Tax Issues
Life-changing events such as marriage, divorce, and death require a review of the beneficiary designations for life insurance policies and retirement accounts. These types of assets often represent a significant
Continue Reading Don’t Forget Your Beneficiary Designations!
When working on their legacy plan, most individuals focus on their finances and real and personal property. However, over the past few years and the rise of social media, many
Continue Reading What Happens to My Social Media Accounts When I’m Gone?
On Dec. 13, 2016, President Barack Obama signed the 21st Century Cures Act (Act) allowing individuals to create their own self-settled special or supplemental needs trust (SNT), without having
Continue Reading President Barack Obama Signs New Legislation Regarding Special Needs Trusts
The situs is a key element in designing an irrevocable trust. For the purposes of this post, situs refers to the place of administration of a trust and the governing
Continue Reading Location, Location, Location – Choosing the Situs of a Trust