Tax Court Case Alert: Gifts of Limited Partnership (FLP) Interests Fail to Qualify for Annual Exclusion
In a Tax Court case, Price v. Commissioner, T.C. Memo. 2010-2 January 4,2010) gifts of limited partnership interests by parents to their three children did not constitute present interest gifts that qualify for the gift tax annual exclusion. The court stated that the present interest requirement is satisfied if the donee has immediate enjoyment …
Alert: PA Case Evidences Need To Review Tax Clause In Your Will
PA Case Tells Us To Review Tax Clause To Insure that the Correct Party Pays the Inheritance Tax on the assets In Your Estate. In Re Estate Of Thomas P. Allen, 2008 PA Super 260 Atlantic: 960 A.2d 470 the decedent had a will and the will contained a Tax Clause intended to determine whether …
Announcing Our Complimentary Will and Trust Review Clinic and Appointments
Do you want a complimentary will or trust review? The appointment is free for the first twenty -five....
PA Case Law Update: Your Joint Accounts Might Not Pass To Surviving Joint Owner
If two PA Cases continue to hold, Your Joint Accounts Might Not Pass To Surviving Joint Owner. We have long believed in the sanctity of the contractual obligation created by a joint account designation. We believed that the joint account would pass automatically to the surviving joint owner regardless of what the decedent’s last will …
I Have A Trust. Why Would I Still Need A Will? And Other Scary Estate Planning News
Was your trust prepared by a non lawyer or by a lawyer that you never saw? why this might actually cost your heirs...
Douglas Kaune, Esquire Attends 11th Annual PA Elder Law and Estate Planning Symposium
Douglas Kaune, Esquire Attends 11th Annual Pennsylvania (PA) Elder Law and Estate Planning Symposium. It is great to get an update regarding the law changes, new cases and politics that shape Elder Law, Estate Planning, Trust Planning and Probate. Here is a link to this Pennsylvania Bar Institute (PBI) course and the interesting topics covered. I will …
Think Congress Is "Crazy" For Not Passing Some Kind Of Federal Estate Tax Law? Paul Volcker Agrees With You.
Estate and trust lawyer, David Frees on estate tax planning ideas and information on the crazy federal estate tax situation
Take Estate Planning Documents, Wills, Trusts and POA’s Out of Moth Balls
It is important to continuously review your estate planning documents such as Wills, Trusts, Powers-of-Attorney and Living Wills, to insure that they name the correct Executors, Trustees, Guardians, Beneficiaries and Power of Attorney. It is not enough to sign these documents once. You must continuously review your present needs, the needs of your family and …
Caution: Federal Estate Tax Will Apply To Non Resident Aliens
Federal Estate Tax Will Apply To Non Resident Aliens. It is very important for Non Resident Aliens owning assets in the United State (U.S.) to know that their U.S. assets will likely be subject to a U.S. Federal Estate Tax. Many people think they have to take up residency in the United States for the …
Medicaid Exception: A Trust Used By Parents With A Disabled Child
There is an important exception to the typical Medicaid transfer rules (Deficit Reduction Act (“DRA”), 42 U.S.C. 1396p) which allows parents to transfer assets to trust for a disabled child and still qualify for Medicaid immediately. Read here to learn more about this exception and the Medicaid rules generally. This is an often …