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October 2013 Archives

Elderly woman beats tax court on gifting arrangement, P.2

In our previous post, we began looking at the story of an elderly woman who came up with a gift arrangement that would allow her to avoid having to pay the full tax rate. The IRS, as is understandable, objected to the arrangement, claiming that the gift did not actually reduce the value of her estate and that she consequently undervalued her gift tax by $1.8 million.

Elderly woman beats tax court on gifting arrangement, P.1

Gifting can be an important aspect in estate planning, particularly for the wealthy who are trying to get their estate to fall within the estate tax exemption amount. Gifting isn’t as simple as giving assets away, though. Because of gift tax, there are limits on how much an individual can gift on a yearly basis, and in total, before incurring gift tax. Because of this, gifting should be planned out.

Asset protection helps protect wealth from liabilities

Asset protection, as we like to point out from time to time on this blog, is an important aspect of estate planning. Those familiar with the term know that it refers to the process of ensuring that one’s wealth is maximally, or at least adequately, protected from potential liabilities. Without engaging in at least some asset protection planning, one’s best estate planning efforts could be sabotaged.

Cohen family involved in will dispute in NJ

Legal problems regarding a last will and testament are never a source of joy for families, even for the party or parties who initiate them in hopes of getting more of what they deserve—perhaps especially for them. Family members of the late Robert Cohen, founder of Hudson News, a chain of newsstands and stored typically found in airports and train stations, are currently embroiled in a probate dispute over Cohen’s will.

Sparing beneficiaries capital gains tax on bypass trust assets

As we’ve previously noted on this blog, the need for bypass trusts in estate planning has dwindled since Congress made portability a permanent feature of tax law, but there are still some uses for bypass trusts, particularly at the state level, where there is still a need for many people to use such trusts to make the most of the estate tax exemption and protect their wealth.

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