Estates

Scarinci Hollenbeck’s Tax, Trusts & Estates practice group regularly provides content on estates. To receive our attorneys' estates articles please subscribe to our email list.

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Scarinci Hollenbeck remains committed not only to providing top-tier legal services but also to regularly providing information and resources to our client base and internet following. Client Alerts provided by our attorneys supply businesses, municipalities, and more with the latest and relevant legal updates that may impact them and how they might be able to proceed.

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State Tax Reform Could See Some Big Changes In 2015

Changes are-a commin’ when it comes to 2015 and its going to be big…especially for state tax reform. This year could coincide with substantial state tax reform, as many separate jurisdictions are currently planning changes in this area, policy analyst Jared Meyer wrote in The Fiscal Times. Widespread state tax reform Lawmakers in Nebraska, Georgia […]

Author: Frank L. Brunetti

January 21, 2015

Robin Williams Estate Plan Leaves Heirs In Right Hands

After the loss of comedy icon Robin Williams, the entertainment community is still reeling in shock. One ray of light for Williams’ relations, however, is that his well thought-out estate plan seems likely to leave his heirs in good hands. Large sums of money, extreme attention from fans and the stress of living life in […]

Author: James F. McDonough

August 18, 2014

House Republicans Talk About Repealing the Estate Tax

Republicans may cast a vote this year to repealing the estate tax in the U.S., according to House Ways and Means Chairman Dave Camp, R-Michigan, Bloomberg reported. Camp told reporters July 30 that a number of House members haven’t had a chance to cast their vote on the issue yet. “It’s been a long time since […]

Author: Frank L. Brunetti

August 8, 2014

The Clintons Criticized For Estate Planning

The latest in the media is the revelation that the Clintons are using financial planning strategies that will fall on their heirs at the time of their death. According to federal financial disclosures, Bill and Hillary created residential trusts in 2010 and shifted the ownership of one of their homes into them the next year. The […]

Author: James F. McDonough

July 2, 2014

Digital assets should be included in an estate

When most people are planning their estates, they typically focus on tangible and financial assets, like real estate, capital holdings and bank accounts. In the modern age, however, it is also important to consider digital assets. North American respondents to a McAfee survey valued their digital assets at an average of $54,722 – a sizeable […]

Author: Frank L. Brunetti

May 2, 2014

U.S. posts smallest March deficit since 2000

An improving economy and reductions in federal spending led the U.S. to the smallest federal budget deficit for March in the past 14 years, according to Bloomberg. The federal government spent $36.9 billion more than it took in last month, marking a dramatic decrease year-over-year, the Treasury Department said on April 10. In March 2013, the […]

Author: Frank L. Brunetti

April 25, 2014

New York Estate Tax Law Changes Are Paid For By Taxing INGs?

On March 31, 2014, New York State enacted legislation that would begin to raise the New York estate tax exclusion over five years to eventually equal the federal figure. The table set out below shows the increases and the effective dates of such increases. Most readers will agree that everything has a price and, as […]

Author: Frank L. Brunetti

April 24, 2014

Proposed changes to the New York State estate tax

After turning a $10 billion deficit into a $2 billion surplus, New York Gov. Andrew M. Cuomo is facing re-election this year, but first he is proposing a major update to the New York State estate tax law, according to Investment News. A recent change – included within an ambitious budget that includes tax cuts […]

Author: Frank L. Brunetti

April 2, 2014

Estate planning with a non-citizen spouse

Estate planning, when not done in careful accordance with tax law, can lead to extremely high costs for high-net-worth individuals. Many of these costs can be easily mitigated or avoided entirely by taking advantage of the unlimited marital deduction, but this does not apply for individuals who are married to non-citizens, according to Market Watch. […]

Author: Frank L. Brunetti

March 26, 2014

Gift Tax

New York Estate Tax Law Change Could Hurt Home Gifting

New York Gov. Andrew Cuomo and lawmakers are currently considering changes to the Empire State’s estate tax law. If passed, one of the biggest benefits would be an increase to the estate tax exemption from $1 million to $5.25 million by 2019, which means New Yorkers could pass on assets to children worth $5.25 million without […]

Author: James F. McDonough

March 7, 2014

New York

Estate of Hughes: A Graegin Loan And A Great Result

A Graegin Loan is one obtained by an estate to pay death taxes and administration fees. Typically, court approval of the transaction is necessary for the loan to be considered necessary for the administration of the estate. Once that hurdle is cleared, the interest expense is deductible which is of considerable benefit. Estates that are […]

Author: James F. McDonough

March 6, 2014

Reduce, Eliminate Your Estate Tax Bill

Passing on money, property and other assets to family members is a great way to ensure they are financially secure. However, people will want to be sure the tax levied on their estate is as small as possible. The following are some steps that people can take to reduce what is charged by estate tax law: […]

Author: Frank L. Brunetti

March 3, 2014

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