Question: What do you get when you cross the Godfather with a lawyer? Answer: An offer you can’t understand. The nature of our legal system, which is often referred to as a “common law” system, is that it depends heavily on precedent. That means that the outcome in a current case is determined by reference… Read More
An inherited Roth IRA is truly a “gift that keeps on giving.” It is an exceptional estate planning tool. When deciding whether or not to convert your traditional IRA to a Roth IRA, most people (or their advisors) “run the numbers.” The cost and benefits of a Roth conversion is compared to the status quo… Read More
You probably heard that there is no federal estate tax in 2010 (at least so far). But did you hear about carry-over basis? The “basis” of a piece of property is generally the purchase price of that property and is used to calculate taxable gain (or loss) when property is sold. The basis may be… Read More
“Big Daddy… What is it that makes him so big? His big heart, his big belly, or his big money?” – Brick Pollitt, character in the play Last week my husband and I saw Tennessee Williams’ play “Cat on a Hot Tin Roof” at the Fulton Theatre. The theme of truth vs. mendacity runs through… Read More
Where do you live? It depends. Domicile is “the place where a man has his true, fixed and permanent home and principal establishment, to which whenever he is absent he has the intention of returning”. A person can have only one domicile, no matter how many residences he owns. Your state of domicile determines (1)… Read More
In this age of photocopies, e-mail, faxes, word-processing and pdfs, a signed original may seem old-fashioned. But sometimes you actually need an original signed document with a real signature. An original will is very important. There is always only one original will. If you sit down at a table and sign 5 wills, only the… Read More
Many loans among family members are interest free. Be careful. If you loan money to a relative or friend, there may be income and/or gift tax consequences if there is no interest or if the interest is below the market rate. For loans of $10,000 or less, you don’t have to worry about any of… Read More
It’s December 19, 2009, the House of Representatives is out of session and there has been no change to the estate tax. January 1, 2010 there will be no estate tax. At all. And there will be carry-over basis. Who would have thought our Congress would be so irresponsible? As the Wall Street Journal points… Read More
So you’re getting married? Did you invite the IRS to the wedding? On the list of things to do from hiring the hall, choosing the caterer, and mailing the invitations, don’t forget a visit to your tax advisor. The first thing you will learn about is the marriage penalty. The marriage penalty is a holdover… Read More
The income tax, property tax, estate tax and asset protection planning advantages of Florida domicile make Florida the ideal place to live, whether you are still working or are retired. Florida obviously wants to be considered a tax-favorable haven for its residents and wants to attract new residents – both retirees and working people. Florida’s… Read More