Generosity is a wonderful attribute, yet there is some confusion regarding the “Gift Tax”. Have you heard that you could donate or give $15,000 (it used to be $10,000) each year without tax consequences? Many people are confused by this rule. Unless you have gifted an...
After our initial post about the SECURE Act, we began to receive questions, and in response have created a list of FAQs. Each of you is in a unique situation and as such the below questions are general in nature. Reach out to a...
There are strict rules governing lawyers’ professional responsibility to be ethical. The very first rule is that a lawyer has the duty to be competent in his representation of a client and to maintain competence by keeping up-to-date with any changes in the practice of...
Did you know that there is a 40% tax that may apply when you give gifts to your grandchildren or great grandchildren? This federal tax is called the Generation-Skipping Transfer tax (GST tax). The GST may apply on gifts made during life and after death....
Intellectual property refers to ideas, creations, inventions, and artistic works. You may have protected your works with a copyright, patent, or trademark, but have you considered what happens to those works when you die? How do you leave your works to those that you intend...
Step 1: Find an Attorney Establishing an estate plan may seem daunting, but the first step is to locate a competent attorney who can guide you through the entire process and ensure that your assets will pass to the right people with minimal delays and costs....
The Tax Cut and Jobs Act (TCJA) is now officially law. Both the House and Senate passed the new tax reform bill in December with straight party-line votes and no support from Democrats. President Trump signed it into law right before Christmas. It is the...