Dramatic changes in income and estate taxes have occurred in recent years. Estate planning has, for many, taken on a new and very different focus.
As the number of people serving as caregivers of a family member continues to grow, there will likely be increased interest in promoting employer-provided elder care. Similar to at-work child care services, elder care providers at work would offer support and supervision to an employee's senior relative during the work day.
Florida ranked first in the nation in the Top 10 Best States to Retire in 2016, as reported by WalletHub. One of the benefits of living in Florida not mentioned by the report is that the Sunshine State offers a few asset protection opportunities for residents.
New York has adopted a 'throwback tax' that will apply to certain distributions of prior-year taxable income for exempt non-grantor resident trusts. Provisions are retroactive to January 1, 2014.
An individual who fails to take an RMD faces penalties from the IRS. Fortunately, our tax attorneys have experience handling situations where an RMD was not made in time.
ATF 41F takes effect in July 2016. Here are a few items individuals with gun trusts and those planning to create gun trusts should know about ATF 41F.