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Mar
North Carolina Increases Attacks Against the Estates of Long Term Care Medicaid Recipients
The Department of Health and Human Services at the Centers for Medicare and Medicaid Services approved an amendment to North Carolina’s State Medicaid Plan under Title XIX of the Social Security Act effective as of June 1, 2017. In these changes North Carolina has formalized a ch...
View MoreCategories: Elder Law Estate Planning Legal Advice Medicaid
06
Mar
Estate Planning Opportunities Arise with Passage of Tax Cuts and Jobs Act (TCJA)
The Tax Cuts and Jobs Act (TCJA), which came into effect on January 1, 2018, is the most significant overhaul of the tax code since 1986. Although it was meant to simplify the tax code, it is very complex and will undoubtedly be subject to ongoing modifications and interpretation...
View MoreCategories: Estate Planning Taxation Trusts
06
Mar
Using Life Insurance instead of an Internal Revenue Code Section 529 Qualified Tuition Program
Grandparents are often very fond of establishing savings accounts intended for grandchildren’s education. If they can do so with tax advantages, it is even better! Frequently a grandparent will consider starting a Section 529 Savings Plan for the grandchild because financial advi...
View MoreCategories: Estate Planning Taxation
06
Mar
2018 Estate Tax and Gift Tax Changes
“It’s tough to make predictions, especially about the future. ” Yogi Berra With the recently passed tax bill there is finally an official pronouncement from the IRS on the 2018 estate and gift tax exemptions. The IRS announced in October of this year that the gifting exemption bot...
View MoreCategories: Estate Planning Firm Legal Advice Taxation Trusts
06
Mar
Value is in the Eye of The Holder and the IRS Views Things Differently
Just as beauty is in the eye of the holder, it is often said that value is in the eye of the holder since it is a relative term and depends upon the context. In estate planning, the great majority of IRS challenges to wealth transfers focuses on hard to value assets. The New York...
View MoreCategories: Estate Planning Taxation
25
Mar
Strauss Attorneys, PLLC – Year End Tax Letter
By Lorin G. Page, J. D. , L. L. M. As we approach the end of 2017, we at Strauss Attorneys, PLLC would like to remind you of measures you can take to minimize your income tax liability. By taking proactive steps to secure credits and deductions, or accelerating or postponing income o...
View MoreCategory: Advisors
06
Mar
The Tax Benefits of Educational Trusts
Use of standalone Educational Trusts – those created specifically for the educational (and sometimes medical) expenses of children and grandchildren – is far less common since the ready availability of 529 Plans. 529 Plans have contribution limitations (varying by state) that are...
View MoreCategories: Estate Planning Taxation Trusts
06
Mar
Non-Citizen Spouses and Qualifying Domestic Trusts
In our increasingly globalized world, many American citizens have non-citizen spouses. This can present a serious problem when such couples consider estate planning. Normally, Internal Revenue Code Section 2056(d) denies the marital deduction to non-citizen spouses of a deceased...
View MoreCategory: Trusts
06
Mar
Estate Planning in the Face of Divorce
No doubt the commencement of a divorce is unsettling, chaotic, and emotionally draining. But that said, divorces happen in stages. Separation precedes the divorce, and there is often even a period before separation where the inevitable becomes apparent and you’ve made a decision...
View MoreCategory: Estate Planning
06
Mar
Will Caveats vs. Full Scale Lawsuits
In the recent case of Finks v. Middleton (N. C. App. 2016), we saw the court wrestle with an issue that has become all too common. This case arose from a bitter sibling dispute between a brother and sister. Mother had executed a will in 2009 passing her assets equally to three chi...
View MoreCategory: Estate Planning
