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29 Dec IRS Announces Increase In Gift And Estate Tax Exemptions, Tax Brackets, Etc. For 2024

Posted at 12:39h in Estate Planning, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Taxes, Transfer of Death, Trusts

As of January 1, 2024, you can give up to $18,000 per year, per person (other than gifts of future interests) without reporting to the IRS and without gift taxation. So, for example, if a married couple with three children wanted to give the maximum...

11 Sep IRS Revenue Ruling May Result In More Capital Gain Taxes For Beneficiaries Of Certain Irrevocable Trusts

Posted at 15:37h in Beneficiary, Estate Planning, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Power of Attorney, Probate Administration, Taxes, Transfer of Death, Trusts

Earlier this year, the IRS made a revenue ruling whereby assets transferred into an irrevocable trust without certain elements of retained control by the grantor (the one who established the trust) would fail to be entitled to a “step-up” in basis. If an individual has...

03 May “Great Balls Of Fire” – Jerry Lee Lewis’ Son Fumes As Cousins Evict Him From Dad’s Ranch

Posted at 13:06h in Beneficiary, Estate Planning, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Music, Probate Administration, Taxes, Transfer of Death, Wills

The late legendary rock & roll star Jerry Lee Lewis bought 2/3 of a 30-acre Mississippi ranch almost 50 years ago. Not only did Jerry Lee Lewis live there until his death on October 28, 2022, so did his son, Jerry Lee Lewis, III (Lee)...

01 Dec IRS Announces Increase In Amount That Can Be Given In Life And At Death Without Taxation

Posted at 12:09h in Estate Planning, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Taxes, Transfer of Death

As of January 1, 2023, you can give up to $17,000 per year, per person without reporting to the IRS and without gift taxation. So, for example, if a married couple with three children wanted to give the maximum to each child, then they could...

13 Dec IRS Announces Increase In Amount That Can Be Given In Life And At Death Without Taxation

Posted at 21:04h in Estate Planning, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Taxes, Transfer of Death

As of January 1, 2022, you can give up to $16,000 per year, per person without reporting to the IRS and without gift taxation. So, for example, if a married couple with three children wanted to give the maximum to each child, then they could...

19 Mar IRS PERMITS TEXANS’ EXTENSION TO JUNE 15 OF TAX FILING AND PAYMENTS DUE TO WINTER STORM – EXTRA TIME TO SAVE ON 2020 TAXES

Posted at 17:39h in Business, Estate Planning, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Taxes

As a result of the February 2021 winter storm in Texas, the IRS has extended until June 15 business and individual tax returns filings and payments to be made by Texas taxpayers. This includes business tax returns for 2020 normally due on March 15 as...

13 Dec IRS ANNOUNCES HIGHER 2019 ESTATE AND GIFT TAX LIMITS AND PROPOSES NO CLAWBACK FOR LARGE GIFTS MADE BEFORE 2026

Posted at 17:02h in End of Life Care Planning, Estate Planning, Taxes

The IRS announced last month that the estate and gift tax exemption will be $11.4 million per individual (up from $11.18 million) as of January 1, 2019. In other words, there is no federal estate tax for heirs of a person who is single if...

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