A common question of executors is how much they are entitled to for serving as an executor (someone who is responsible for gathering or collecting the resources belonging to the estate or to which estate is entitled, selling property of the estate, paying all bills,...
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...
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...
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...
It is not unusual for estate planning attorneys to insert a “no-contest” provision in a will, thus discouraging a beneficiary from contesting by risking loss of inheritance. Normally such provisions are enforceable. However, a Texas appellate court recently ruled that when a beneficiary simply sues...
Many elder law attorneys have pondered whether to use the traditional enhanced life estate deed (also known as a Ladybird Deed) or the new statutory Transfer on Death Deed since both work to avoid estate recovery – the right of the government to make a...
Although most think of outlandish cases when giving or caring for a pet such as when Leona Helmsley left $12 million (which the court subsequently reduced to $2 million) of her $4.8 billion estate in a pet care trust for her dog “Trouble”, there are...
Over the past several years, Congress encouraged donors over 70 ½ years of age to give funds from their Individual Retirement Accounts (IRAs) to charities by not subjecting the donor to income taxation which is normally the case when an individual makes a withdrawal from...
By Richard W. Jackson, CFP®, CRPC, Principal Schlindwein Associates, LLC Having enough resources to maintain one’s lifestyle throughout retirement is a major concern for most retirees. Social Security income can play a vital role in enjoying a comfortable retirement. With this in mind, the following provides a brief history...
