Wealth Strategies Journal

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Month: October 2014 (page 1 of 6)

What’s Wrong With A Federal Inheritance Tax?

Wendy Gerzog has published her article, “What’s Wrong With A Federal Inheritance Tax? at Real Property, Trust And Estate Law Journal. Spring 2014 Vol. 49, No. 1.  The abstract reads as follows:

Scholars have proposed a federal inheritance tax as an alternative to the current federal transfer taxes, but that

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IRS Releases 2015 Inflation-Adjusted Items

The IRS released its new Revenue Procedure, which sets the inflation-adjusted items for taxable years beginning in 2015. The major changes set forth in this procedure come from the addition of §36B to the Internal Revenue Code by the Patient Protection and Affordable Care Act of 2010.

The IRS … Continue reading

What happens to your Facebook account when you, or a loved one, dies?

The Guardian addresses what happens to digital assets at death, with its article beginning as follows:

Sadly, my wife passed away in April. Since then, I have made several requests to have her Facebook account turned into a memorial page. I would prefer this to deleting her account as it

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Regina A. DeMeo: Is There Really a Mid-Life Crisis?

Is there really such a thing as a mid-life crisis? Well, “crisis” is a bit of a misnomer, when what is really going on is more of a wake-up call that seems to occur when people hit their mid to late 40’s.  The reason this occurs is simple– this is … Continue reading

Big-Money Untaxed Gifts Quadrupled in 2012 as Rich Raced Congress

Bloomberg notes that the wealthiest Americans poured $335 billion into tax-free gifts amid worries in 2012 that Congress would clamp down on the practice, according to data released yesterday by the Internal Revenue Service.

The data cover tax returns filed in 2013 and thus mostly include gifts made in 2012. … Continue reading

Cancer patient Brittany Maynard, scheduled to die Saturday, checked last item on ‘bucket list’

On October 9, we noted that Brittany Maynard, age 29 and terminally ill, had scheduled her death for November 1.  Today, the Washington Post noted that last week, Brittany Maynard stood atop the Grand Canyon, dressed in a banana-yellow shirt, hot-pink sweater and a quiet smile. She posed in … Continue reading

New IRS appeals process launched

Ann Marie Malone, in the Journal of Accountancy, writes about new IRS procedures re IRS appeals process.  Her article begins as follows:

In September, the IRS Office of Appeals began a policy of hearing only cases that are fully developed; hearing officers will not do their own investigations and will

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Boilerplate trust clauses; Planning for Incapacity

Patricia Annino, in the Journal of Accountancy, writes that many clients sign estate planning documents without paying much attention to the clauses they contain. She notes that one clause that few clients pay attention to is the one governing how that client’s incapacity could be determined—and therefore how the client … Continue reading

Tax Court Denies Mortgage Interest Deduction for Home Owner’s Sister Who Made Mortgage Payments

The Tax Court held to disallow deduction for home mortgage interest because petitioner was not the equitable owner of property legally owned by her brother.
Petitioner’s brother purchased a house and, as the sole legal owner of the house, made the down payment and mortgage payments until he became unemployed. … Continue reading

LegalZoom products will be sold at a discount through Sam’s Club

The ABA Journal reports that Legal Zoom estate planning documents will now be sold to Sam’s Club members. The article begins as follows:

The companies plan to develop “multiple legal solutions” for Sam’s Club members, but initially members will have a couple options, according to a LegalZoom press release and

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Paralegals and legal assistants are taking on expanded duties

The ABA Journal reports that paralegals and legal assistants are assuming a much greater and diversified role in modern legal practices.  The article, based on the 2012 Survey of Law Firm Economics, begins as follows:

Is time running backward for today’s law firm paralegals? These nonlawyer staffers were among

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Avvo launches service providing on-demand legal advice for a fixed fee

The ABA Journal reports that Avvo Inc., has launched a new on-demand service that provides legal advice at a fixed rate.  The ABA article begins as follows:

In a Monday post at Law Sites, Robert Ambrogi provided details of Avvo’s latest venture, Avvo Advisor. Available as an online tool or

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Parker Publishing Model Client Letters: Year-End Tax Planning for Individuals + Businesses

Parker Publishing has made available two model letters to clients re year end tax planning, one for individuals and the other for businesses, along with an article, “Year-End Tax Planning for Individuals in Light of Uncertainty Regarding Tax Extenders.”

The article begins as follows:

As the end of the year

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IRS Grants Extension of Time to Make Election Out of Automatic Allocation of GST Tax

In a ruling request, taxpayer requested the IRS an extension of time to make an election out of the automatic allocation of generation-skipping transfer (GST) tax under the IRS Code §2632(c)(5). Section 2601 of the IRS Code imposes a tax on every GST, which includes a taxable distribution, a taxable … Continue reading

IRS Ruling Allows Same Treatment in Income, Gift, Estate, and GST Taxes after Division and Modification of Trust

In a recent ruling, the IRS allowed to continued exemption of a divided trust from GST taxation. In the ruling request, trustees proposed to divide trust into three for each of Donor’s three children and their respective issues, equally. The trustees also proposed to modify the terms of Trust as … Continue reading

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