COVID-19: IRS Issues Notice 2020-20 Postponing Filing and Payments of Federal Gift and Generation-Skipping Transfer Tax

Coronavirus / COVID-19, Estate Planning and Probate

Notice 2020-20 (an update to Notice 2020-18) has now extended the due date for additional tax returns. Automatic Postponement of the Due Date for Filing Forms 709 and Making Payments of Federal Gift and Generation-Skipping Transfer Tax. The due date for filing Forms 709 (United States Gift and Generation-Skipping Transfer Tax Return) and making payments […]

COVID-19: CARES Act and Retirement Relief

Coronavirus / COVID-19, Estate Planning and Probate, Taxation

The Coronavirus, Aid, Relief, and Economic Security (CARES) Act provides relief to those affected by the pandemic.  This blog post will focus on the provisions solely affecting retirement plans. Hardship Distributions:  The Act allows individuals affected by the virus to take early withdrawals of up to $100,000 from their retirement plans or IRAs, without incurring […]

COVID-19: IRS Postpones Filing and Payment Due Date for Taxpayers with April 15, 2020 Deadlines

Coronavirus / COVID-19, Estate Planning and Probate, Taxation

The IRS has issued Notice 2020-18 expanding tax filing and tax payment relief for taxpayers due to the Coronavirus pandemic. Who qualifies?  Any “person,” which includes an individual, trust, estate, partnership, association, company, or corporation under IRC §7701(a)(1), with a federal income tax payment or a federal income tax return due on April 15, 2020, […]

Laura Hoexter

Will Valuation Discounts for Family-Controlled Entities be Eliminated?

Business, Estate Planning and Probate, Wealth Transfer

Many families establish Family Limited Partnerships (FLPs) or Limited Liability Companies (LLCs) and then gift interests in these entities to their children.  In doing so, they take advantage of valuation discounts (discounts for the lack of marketability of a family-controlled entity and for minority interests), and pass significantly more value than could be claimed for […]

Laura Hoexter

The Case of the Casket

Estate Planning and Probate, Litigation

Who owns Lee Harvey Oswald’s Coffin?
On November 22, 1963, Lee Harvey Oswald killed President John F. Kennedy. Two days later, Oswald was shot and killed by nightclub owner Jack Ruby. Immediately following Oswald’s death, his brother, Robert Oswald, began making funeral arrangements. Robert purchased flowers, a dark suit and a pine coffin for his brother.

Not All Charities Are Very Charitable

Estate Planning and Probate

Last week the Tampa Bay Times, Center for Investigative Reporting and CNN released a report on America’s Worst Charities. While the fraud and abuse uncovered is disturbing, the report provides a stark reminder of the importance of performing due diligence prior to making a charitable donation or bequest and properly identifying charities in your estate planning documents.