Many people tend to overlook the likelihood of being hit with an estate tax because they aren’t considered “rich.” But according to NY Estate Lawyers many upper middle-class citizens could be hit with a tax rate as high as 35%. Currently the law indicates an exemption for estate tax of…
The late Anna Nicole Smith brought democrats and republicans together in her historical and controversial lawsuit, claims a New York City Probate Lawyer. Smith had been married to billionaire J. Howard Marshall II for less than a year when he died. She claimed that he had promised her millions of…
Five of thousands of Medicare patients with “chronic” medical conditions not receiving coverage, together with five national organizations serving patients with multiple illnesses, filed a lawsuit recently in an effort to provide better care for these patients, said a NY Probate Lawyer. Patients in New York City and Long Island…
In 2010 when a person died, there would have been no estate tax owed, according to a New York Probate Lawyer. He added that in 2010 the estate tax had been repealed. In 2011, estate taxes will be reinstated but a high amount of $5 million will be set. In…
During one of the state of Illinois’ largest ever tax increases; the new public act appears to contain a nice loophole for the wealthy deceased, said a New York Estate Planning lawyer. Earlier this year the Governor of Illinois signed into law the Public Act 096-1496, the Taxpayer Accountability and…
Senators recently detailed more of their plans to reform the tax system at the Heritage Foundation. Some of the things that they mentioned were liked, while others were not appreciated. The New York Estate Lawyer mentioned that the recent set of reforms will form a basis for many future reforms.…
In spite of the stone-throwing and partisan pandering of last December’s revamp of US tax law, a New York Estate Planning Lawyer claims that there are a few hidden gems for families willing to dig through the rubble. In particular, the New York Probate Lawyer singled out the new gift…
According to one NY Probate Lawyer, this is the year to give. Thanks to sweeping changes in the laws governing the estate tax by President Obama late in 2010, making a lifetime gift is now easier than ever. Lifetime gifts have long been the preferred method for transferring wealth from…
We all want to trust those we love to do the right thing. For some, that blind faith in family and loved ones to do what is right may prove to be detrimental. According to a report by a NY Estate Planning Lawyer, when a will, trust or inheritance is…
A local Ohio town worries about the effects eliminating the estate tax will have on its overall revenue and future plans. The town’s financial director says here city receives a large chunk of revenue from estate taxes currently. For example an Estate that’s valued at over $500,000 is taxed at…