Durable Power of Attorney

In a previous blog post, we discussed how a Health Care Power of Attorney can be used to give someone the power to make medical decisions on your behalf if you are unable to make such decisions for yourself.  However, an incapacity would affect aspects of your life beyond just

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HEALTH CARE POWER OF ATTORNEY

Have you ever been asked by a doctor, nurse, or the staff of a medical facility if you have a “health care power of attorney?”  Have you ever wondered why you were being asked that question?   Think, for a moment, about any medical procedure where the patient is under general

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Generation-Skipping Transfer Tax

The U.S. generation-skipping transfer tax (“GSTT”) imposes a tax on both outright gifts and transfers in trust to or for the benefit of unrelated persons who are more than 37.5 years younger than the donor or to related persons more than one generation younger than the donor, such as grandchildren.

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Who Needs a Will?

Testacy vs. Intestacy  At its most basic, a Last Will and Testament (“Will”) is a legal document that provides for the distribution of your assets (often referred to as your “probate estate”) upon your death.  Generally, your Will does not control the disposition of non-probate assets on your death.  Common

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The Applicable Credit Against the Estate and Gift Tax

In general, when one individual transfers money or property to another and does not receive an adequate return (i.e., makes a gift), the transfer is a potentially taxable event for the transferor.  Such transfers made during life are inter vivos transfers subject to the federal gift tax, while such transfers

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Cares Act and Paycheck Protection Program

On Friday, March 27, 2020, President Trump signed into law what is generally referred to as the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act” or the “Act”).  While the most publicized aspect of the CARES Act provides for direct payments of up to $1,200 for eligible individual

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THE SECURE ACT, RETIREMENT BENEFIT CHANGES, & 2020 ESTATE TAX EXEMPTION AMOUNT

In December 2019, Congress passed, and the President signed into law what is generally referred to as the Setting Every Community Up for Retirement Enhancement Act (“SECURE Act”). Generally effective January 1, 2020, the SECURE Act significantly modifies many requirements for employer- provided retirement plans, individual retirement accounts (“IRAs”), and

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