The IRS recently proposed regulations that attack estate and gift tax planning of family businesses. Business owners, with taxable estates (presently $5.45 million) often take advantage of valuation discounts by the use of limited liability companies (LLCs), and family limited partnerships, etc. by making gifts...
Presidential nominee Donald Trump introduced a plan that possibly could be beneficial to elders. One proposal would be to change the tax code to permit a tax deduction (for those who provide for elderly parents) up to average cost of care in the state. Individuals...
One of the most common misconceptions is that a Power of Attorney will be recognized by all financial institutions and title companies. Due to concerns about abusive actions of agents and potential liability, financial institutions and title companies often do not recognize financial Powers of...
The Bureau of Alcohol, Tobacco, Firearms & Explosives (ATF) has announced rule changes which now require each responsible person of a corporation, trust, or legal entity to complete a specified form (concerning transferring certain types of NFA items such as short barreled riffles, suppressors, and...
Although it is unlikely that the proposed estate tax change of either presidential candidate will be enacted as is, there is a stark contrast which should be considered for those interested in estate planning. If Clinton’s estate tax proposals were to become effective, there would be...
The U.S. House Energy and Commerce Committee approved the Special Needs Fairness Act on July 13, 2016, as part of a package to improve Medicaid. The House bill had 26 co-sponsors including local Representative Pete Sessions. This legislation, which has already passed the Senate Committee,...
Last year, our state legislature revised the Estates Code whereby the will of one who is deceased could be modified or reformed by a court for either tax reasons or in connection with qualification or eligibility for public benefits. About one month after the law...
Although this author is not an accountant (and one should discuss his or her own individual tax situation with his or her personal accountant), I am often asked if estate planning fees are tax deductible. The answer is sometimes it is, and sometimes it is...
The recent despicable murders of Dallas and Baton Rouge policemen in addition to the inexcusable killings in Orlando by another deranged madman has raised gun control issues to the forefront. Our nation and our police forces are on high alert as tensions are at the...
As previously reported in the Texas Elder Law E-letter, it is anticipated the Department of Veterans Affairs (VA) will be changing its regulations making it more difficult for veterans or the surviving spouse of a veteran who served in wartime from obtaining benefits particularly when...
