With all the uncertainty we have faced during the COVID-19 pandemic, the need for effective estate planning has become more apparent than ever. Further, the prospect of significant changes to the federal transfer tax regime makes 2021 the perfect time for attorneys to help their clients focus on updating outdated estate planning documents, create new documents to ensure assets pass to clients’ intended beneficiaries, and advise clients about wealth transfer techniques to take advantage of the current federal transfer tax laws before any changes occur.» Read More

Legislation has now passed permitting attorneys to notarize wills and relaxing witnessing requirements. Our colleague, Shana Siegel, explains in detail in her recent blog post, “If Not Now, When? New Legislation Simplifies Estate Planning in the Time of Coronavirus.”» Read More

The COVID-19 pandemic has altered our daily lives. Social distancing measures advanced by the CDC (i.e., maintaining six feet of distance, no group gatherings, wearing masks outside, setting aside documents traveling in the mail for 2-3 days to allow the virus to die on surfaces) are designed to slow the spread of the virus by flattening the curve and keep us safe.» Read More

As the festivities of the New Year have waned and we approach Tax Season, we bring you news of recent legislative development – The SECURE Act – that warrants your attention and may require changes to your estate plan.

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The new section 199A of the Internal Revenue Code (IRC) provides a potential tax break for owners of passthrough entities like S corporations, partnerships, and limited liability companies (taxed as partnerships or as disregarded entities).  For higher-income taxpayers, the 20% Qualified Business Income (QBI) deduction is generally limited to the greater of 50% of the allocable W-2 wages for the trade or business, or 25% of allocable W-2 wages for the trade or business plus 2.5% of the unadjusted basis immediately after acquisition (UBIA) of qualified property.  » Read More

The Tax Cuts and Jobs Act created a new Section 199A of the Internal Revenue Code (IRC) that provides for a potential tax break on qualified business income of non-corporate taxpayers, beginning in 2018.

Section 199A requires that the qualified business be effectively connected with the conduct of a trade or business within the United States.  » Read More

Last month, I wrote a blog about the importance of proper estate planning for newlyweds.

After your wedding, you and your new spouse may be blessed with a child.  As you prepare the nursery and debate potential names, you should also consider an update to your personal estate plan.» Read More

If you are about to send your 18-year-old off to college, you are probably busy with last-minute shopping, packing and worrying about roommates.  But have you considered what happens if your child lands in the hospital after a car accident or a serious illness?» Read More

I often advise clients to review their personal estate plan whenever a major life event impacts their lives, such as a marriage, divorce, birth or death.  This is especially true when my client is entering into a marriage or divorce, or has a new child.» Read More