Legal News

Election Year Wealth Transfer Strategies

With a push by the Democratic party to return federal estate taxes to their historic norms, taxpayers need to act now before Congress passes legislation that could adversely impact their estates. Currently, the federal estate and gift tax exemption is set at $11.58 million per taxpayer. To put this in comparison, the federal estate and …

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The Importance of Reviewing your Estate Planning Documents during an Election Year

When a new, or incumbent, candidate is elected to become the next president of the United States of America, you can confidently assume that this new candidate will integrate their political agenda into the current tax code. Therefore, the United States tax code and many other relevant administrative rules are updated frequently to reflect new …

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Estate Planning Implications of Deceased Individuals Receiving IRS Stimulus Checks

A new wrinkle in the estate planning world occurred when Congress passed the Coronavirus Aid, Relief and Economic Security (CARES) Act. The CARES Act provides economic relief to millions of Americans through economic impact payments (EIP). Unfortunately, Congress sent payments to thousands of deceased persons creating confusion for estate fiduciaries and family members regarding their obligations, …

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