GSP Refunds Clarified
What Happens to Your Digital Life After Death? Planning for the Transfer Of Digital Assets
Most people do not think about the large digital footprint that they have created. More importantly, they do not think about how their digital assets might pass (or not) at death. Since these assets may have value, either financial or sentimental, planning for them may be more important than you think. Continue reading “What Happens to Your Digital Life After Death? Planning for the Transfer Of Digital Assets”
Lessons Learned from the Robin Williams Litigation
Robin Williams died on August 11, 2014, and it did not take long for litigation to be filed over his estate, or more specifically, his living trust. Mr. Williams last rewrote his trust in January 2012, not long after marrying his current wife. Mr. Williams had three children, none of which were from his current marriage. Published reports reveal a number of interesting issues, some of which are unique to “celebrity” estates, but most of which apply to all estate planning. Continue reading “Lessons Learned from the Robin Williams Litigation”
Too Little, Too Late!
First published by the Journal of Commerce – May 2015
On April 3, 2015, the Federal Maritime Commission (FMC) issued a report entitled: “Rules, Rates and Practices Related to Detention, Demurrage and Free Time for Containerized Imports and Exports Moving Through Selected United States Ports.” The report summarized the results of a series of listening sessions the FMC conducted during the recent port congestion challenges. While it is understandable the FMC wanted to report what it learned, the FMC missed a golden chance to be relevant during a critical time. Continue reading “Too Little, Too Late!”
Don’t Get Scammed by the “IRS”
Many people have either received, or know someone who has received, a phone call or an e-mail from someone claiming to be the “IRS” threatening the recipient with all kind of horrifying consequences if he or she doesn’t immediately send money to the IRS to satisfy an outstanding tax debt purportedly owed or provide the requestor with certain personal information. The threats range from the seizure of bank accounts or property to the police showing up at the recipient’s door waving handcuffs. Continue reading “Don’t Get Scammed by the “IRS””
Reach Out And Designate Someone?
The seemingly staid world of retirement plan beneficiary designations was surprised by a recent federal appeals court decision suggesting that a new beneficiary could be designated by a telephone call.
Mr. Williams, an employee of Xerox Corporation, participated in two Xerox retirement plans and designated his wife as his beneficiary. When he got divorced, he decided he wanted his son to be his beneficiary instead of his ex-wife.
On two separate occasions, Mr. Williams called the Xerox benefits center and told them he wanted to designate his son as beneficiary instead of his ex-wife. Both times, the benefits center sent him new beneficiary designation forms to fill out. The forms were received by Mr. Williams but never signed. Continue reading “Reach Out And Designate Someone?”
Speaking Ill of the Dead
Maligning the memory of the deceased has been viewed as a reprehensible act since antiquity. The Latin aphorism “de mortuis nihil nisi bonum” – roughly translated as “speak nothing but good of the dead” – has been traced back to as early as 300 A.D.
Nevertheless, under current California law, a deceased person’s reputation cannot be injured, and thus no legal cause of action exists for “defamation of the dead.” Dead men may tell no tales; Continue reading “Speaking Ill of the Dead”
President Approves One-Year Extension of Charitable IRA Rollover
On December 19th, President Obama signed H.R. 5771, known as the “Tax Increase Prevention Act of 2014.” Among other things, this legislation extends the favorable charitable IRA rollover rule to gifts made in 2014. Continue reading “President Approves One-Year Extension of Charitable IRA Rollover”
ESTATE AND GIFT TAX EXEMPTION ANNOUNCED FOR 2015 GIFT TAX ANNUAL EXCLUSION REMAINS UNCHANGED
The combined estate and gift tax exemption was set at $5,000,000 in 2011, but indexed for inflation. For deaths in 2014 and for gifts made in 2014, the inflation-adjusted exemption was $5,340,000. The IRS has announced that for deaths or gifts in 2015, the exemption amount will increase to $5,430,000. Thus, in only four years, the amount a married couple can gift or bequeath without incurring estate or gift tax has increased from $10,000,000 to almost $10,900,000. Continue reading “ESTATE AND GIFT TAX EXEMPTION ANNOUNCED FOR 2015 GIFT TAX ANNUAL EXCLUSION REMAINS UNCHANGED”
California Enacts Bill to Combat Noncompliant Charities
The California State Legislature recently passed Assembly Bill 2077 (“AB 2077”). AB 2077, which was signed by Governor Brown, is designed to make it more difficult for charities that have not complied with their registration and reporting obligations to operate in California. Continue reading “California Enacts Bill to Combat Noncompliant Charities”
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