Timing uncertain on major tax overhaul: Rep. Rangel expects quick action on temporary AMT patch, by William L. Watts. "A long-awaited Democratic proposal to overhaul the U.S. tax code likely will be introduced next week, but it appears unlikely lawmakers will attempt to move the package before the end of the year, the House's top tax writer said Wednesday."
A Need for a Will? Often, There’s an Online Way, by Christine Larson. "WHEN John Chuang of South Pasadena, Calif., became a father in 2005, he and his wife, Sulynn, knew that they needed a will. But Mr. Chuang, 38, didn’t want to pay hundreds of dollars to a lawyer to draw up the document. So he turned to an online service that helps people fill out their own legal forms."
Wills Trusts & Estates Prof Blog:
Court finds that prenup did not preclude inter vivos gifts. The court in Estate of Draper v. Bank of America, N.A., 164 P.3d 827 (Kan. Ct. App. 2007), affirmed lower court dismissal of sons’ suit (brought in the name of the estate), holding that testator did not violate pre-nuptial agreement, promising to maintain will giving at least one-fourth of her “estate” to each of her husband’s three sons. Before death, the testator created two irrevocable trusts of which she was the life beneficiary; the remainder beneficiaries were charities and two individuals, effectively disinheriting the three sons.
Democrats target hedge fund offshore tax shelters, by Kevin Drawbaugh. "U.S. Congressional Democrats offered legislation on Thursday to try to stop highly paid executives from dodging taxes by sheltering income offshore. Sen. John Kerry and Rep. Rahm Emanuel introduced the bill and called for more parity between tax-deferral schemes for average workers and the rich, such as hedge fund managers."
Posted by Lewis J. Saret, General Editor, Wealth Strategies Journal.
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