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Legal Notices

December 6, 2017

Congress often boasts that they enact taxes reduction.  What they mean is that they reduce tax rates.  Taxes are calculated as (i) taxable income (ii) multiplied by the tax rate.  If rates are reduced but the calculation of taxable income is changed (i.e. deductions ar...

December 5, 2017

In Part I of this blog, we reviewed the effect of the Senate-passed estate tax law changes, and how the new law would reduce estate tax for about 2,700 estates per year. For eight years. The bill also provides that the increased estate tax exemption applies only for 20...

December 2, 2017

Although the Senate and House versions of the sweeping 2017 tax law changes need to be reconciled prior to sending the bill to the President’s desk, the Senate version of the 2017 tax legislation, approved last night by a 51-49 vote (Senator Corker of Tennessee the lon...

November 27, 2017

Basics, that is, of asset titling.  There's a whole lot more to the estate planning process, of course, but it is crucial to always keep in mind asset title and the effect of each.  The form of title to each asset dictates how, and to whom, each asset passes upon death...

November 10, 2017

Property division agreements in divorce proceedings often include provisions relating to life insurance, which can be used, for example, to fund financial obligations remaining at the insured ex-spouse's death.

Life insurance can be deceptively simple.  Unless the agree...

August 7, 2017

It is widely known that many states do not impose estate tax.  Here in the Northeast, it is common to hear someone say that she is a Florida resident, and thus

(i) pays no income tax and (ii) will avoid state estate tax.

True enough, if actually a resident and domiciliar...

July 21, 2017

Historically, Massachusetts has subjected real estate located in a state with no estate tax (Florida, etc.) to estate tax in a Massachusetts. 

Based on a recent court decision, however, this appears about to change; and this can result in substantial estate tax sav...

February 28, 2017

I don't know the exact statistics regarding how many of us ever execute a Will, but it's alarmingly low.  Perhaps a secondary effect is my observation that, of those who do make the effort (and it is an effort) to execute estate plan documents, few ever review, update,...

January 25, 2017

Prior to IRS recognition of same sex marriages for federal tax purposes, a transfer (by gift or inheritance) from one same-sex spouse to his/her spouse escaped transfer tax only to the extent the donor's aggregate gifts did not exceed the "exclusion amount" applicable...

August 4, 2016

For many years now, owners of closely-held corporations or partnerships have been able - with bona fide business purpose - to structure the business entity and transfers of business interests to family members so that discounts would be available for gift tax purposes...

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August 1, 2017

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