Estate planning, gift tax rules, and everything that happens when wealth passes from one generation (or person) to the next.
Taxpayer asks: My mom gave me money through my paypal account. There were 3 separate transactions totaling $380 but was non-business related, do I need to claim these transactions along with the other income from my business since they used my PayPal account?Taxgirl says: Absolutely not! Though I will take this opportunity to discourage you…
When Congress first introduced the wacky legislation that is the current federal estate tax situation (an exemption that gradually rises to $3.5 million per person, is eliminated in the year 2010 and returns in 2011 to its “old self”) most folks assumed we had plenty of time to fix it. 2010 seemed years away. Now,…
The most recent news out of the Anna Nicole Smith camp is that her Will does not provide for anyone other than her now deceased son, Daniel. In fact, it specifically excludes afterborn children and future spouses. Of course, the wrench in all of this is that Daniel predeceased Anna Nicole, thus likely creating an…
Just hours after the news of Anna Nicole Smith’s suspicious death broke, there were already questions about the status of her deceased husband’s estate. The main query was whether the case could proceed. The short answer is yes, that absolutely it can proceed. In fact, the executor of her estate (who many people assume will…
Dates matter. Well, they do in Pennsylvania. The latest flap over James Brown’s estate has taken yet another turn that apparently hinges on the interpretation of state law. James Brown’s attorney, Strom Thurmond, Jr., has acknowledged that James Brown’s will was signed in the year 2000 – before James’ child, James Jr., was born. The will was also…
As Congress continues to ponder whether the federal estate tax makes any sense, the Citizens for Tax Justice weighs in with some IRS statistics. Consider this: In 2004, there were 2,429,024 Americans who died. Only 18,431 of those Americans were required to pay federal estate tax in 2005. If you’re keeping score, that’s .8% –…
As it turns out, James Brown’s widow, Tomi Rae Hynie, may not really be his widow after all. Or maybe she is – apparently, the man that she married before she married Brown was a bigamist. If true, then her first marriage would not have been legal, making her marriage to Brown legal. If not…
Nobody wants a partisan tax blogger. It’s so… impolitic, if you will. So, I’m not going to offer any real commentary about the election on yesterday in terms of winners and losers. You can do your own Wednesday morning quarterbacking. That said, the face of the House has changed drastically with the loss of 27…
Well, it appears to be over, the “it” being the fight over guardianship of multimillionaire socialite and philanthropist Brooke Astor. Anthony Marshall, who had been acting as his mother’s guardian, has been “permanently removed” as the guardian of her multimillion-dollar estate. Marshall’s replacement will be Annette de la Renta and JPMorgan Chase Bank, acting together…
Okay, who other than Senator Frist will admit that they thought the newly packaged estate tax reduction/minimum wage increase bill was going anywhere? Every practitioner that I spoke with saw the tacking on of the estate tax reduction to the minimum wage increase as both a death knell for the bill and politicking. Nothing more….