Individual Retirement Accounts (“IRAs”) can easily cause some problems in estate planning if not dealt with correctly. Most married individuals name their spouse as the primary beneficiary of their IRA and are often told not to worry about their IRAs in their estate planning because they’ve already designated a beneficiary. This can be a mistake....Read More
The Tax Reform Act (“TRA”) of 1986 brought with it a major revision to the Internal Revenue Code by way of Section 469 with what are known as the “passive loss rules.” The enactment of the passive loss rules changed the rules such that a taxpayer could only deduct losses from a passive activity against...Read More
One of Donald J. Trump’s campaign promises was a reform of the Internal Revenue Code. With respect to the Estate Tax, what does that mean? According to the website www.donaldjtrump.com, President-Elect Trump’s Plan “will repeal the death tax, but capital gains held until death and valued over $10 million will be subject to tax to...Read More
When people think of estate planning, they are usually only thinking about the Will and Revocable Living Trust. However, there are additional issues and documents that should be considered in each estate plan. Specifically, the Durable Power of Attorney (“DPA”) and Advanced Health Care Directive (“AHCD”). The DPA and AHCD are specifically designed to deal...Read More
The attached articles were written based on the state of the law as of the date written. The authors of the attached articles assumes no responsibility to update the content of the articles as a result of any changes in the law. Anybody reviewing the attached articles should consult with the authors of the articles, or their professional tax or legal advisor to verify the current status of the law as it relates to their own personal transactions.
