Blog

Supplemental Needs Trusts Permissible Distributions

Supplemental Needs Trusts Permissible Distributions Trustees administering a third party supplemental needs trust or a first party supplemental needs trust often seek guidance on permissible expenditures.  The answer begins with a question: What government benefits is the beneficiary receiving?  Under certain government programs, the beneficiary’s receipt of trust funds directly or via distributions to certain…

read more
IRA Charitable Rollover Provision Set to Expire 12/31/2011

IRA Charitable Rollover Provision Set to Expire 12/31/2011 Individuals 70 ½ or older are eligible to make a tax-free transfer from their Individual Retirement Account (IRA) to a qualified charity, but this opportunity is set to expire 12/31/2011.  The maximum amount which may be transferred is $100,000. Distributions must be made directly to the charity…

read more
Liability Medicare Set-Aside Arrangement

Liability Medicare Set-Aside Arrangement The Centers for Medicare and Medicaid Services (CMS) has issued a memorandum dated September 29, 2011 which opts out a settlement from a Liability Medicare Set-Aside Arrangement when the Medicare beneficiary’s treating physician certifies in writing that treatment for the alleged injury related to the liability insurance has been completed as of…

read more
What and When to Shred

What and When to Shred Certain documents should be shredded now, such as credit card applications or expired documents, including credit cards, passports, visas, and identification cards. Tax returns and the supporting documentation i.e. cancelled checks/ receipts; charitable contributions, mortgage interest, retirement plan contributions, and records of tax deductions taken, should be kept at least…

read more
Temporary Estate, Gift and Generation Skipping Tax Relief

Temporary Estate, Gift and Generation Skipping Tax Relief As you may know, President Obama has signed into law the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, P.L. 111-312 (“2010 Tax Act”).  The 2010 Tax Act contains numerous significant changes that affect estate planning and taxes.   Some key elements are: Temporary estate,…

read more
New Tax Law Extends or Reinstates Certain Tax Provisions

New Tax Law Extends or Reinstates Certain Tax Provisions President Obama has signed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010.  Among the significant provisions are:  Two-year extension of all 2001 and 2003 tax cuts  Two-year adjustment of the estate tax with a $5 million individual exemption.   For a decedent dying…

read more