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Estate denied deduction for settlement payment to caregiver

Loeb & Loeb LLP
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USA
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January 24 2013

In Estate of Sylvia E. Bates (2012), the Tax Court rejected an estate's attempt to deduct a settlement payment to the decedent's caregiver as an

Review estate plans in light of $5 million exemption becoming permanent

Loeb & Loeb LLP
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USA
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January 24 2013

When the estate tax exemption first reached $3.5 million in 2009, we cautioned clients to review their estate plans to be sure the significantly

Annual exclusion amount for gifts increased for 2013

Loeb & Loeb LLP
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USA
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January 24 2013

The amount that a donor can give to a donee each year without paying any gift tax or using any of his lifetime exemption is indexed for inflation

Are you prepared for major income tax changes on January 1, 2013?

Loeb & Loeb LLP
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USA
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September 28 2012

Much has been written about changes to the estate and gift tax law scheduled to occur on January 1, 2013, particularly the reduction of the lifetime estate and gift tax exemption amount from its 2012 level of $5,120,000 to $1 million

Recent case points out even more risks of serving as fiduciary

Loeb & Loeb LLP
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USA
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August 16 2012

By now most people are aware that significant legal and economic exposure goes along with serving as a personal representative or trustee for a close friend or family member

$5,120,000 lifetime gift tax exemption expiring soon

Loeb & Loeb LLP
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USA
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April 24 2012

To understand the impending deadline, a little history is in order

Court approves defined value clause for gift where excess value retained by donor

Loeb & Loeb LLP
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USA
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April 24 2012

The U.S. Tax Court has held for the first time in Wandry v. Commissioner (Tax Court, March 26, 2012), that a donor may make a non-cash gift of a stipulated dollar amount and retain any portion of the transferred property value in excess of the stated dollar amount the donor gave away

More family limited partnerships in court

Loeb & Loeb LLP
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USA
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April 24 2012

Several recent cases have addressed tax issues related to family limited partnerships or limited liability companies

IRS moves against incomplete gift strategy

Loeb & Loeb LLP
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USA
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April 24 2012

For a long time, a popular tax-planning strategy has involved the use of an “incomplete gift.”

Congressional super committee fails to agree on deficit reduction measures

Loeb & Loeb LLP
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USA
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December 1 2011

A couple of weeks ago we reported to you about rumors then circulating that the Congressional Joint Select Committee on Deficit Reduction might recommend reducing the estate and gift tax exemption to $1,000,000 as early as November 23, 2011

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