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Trusts, Estates, and Tax, Oh My

Estate Planning Law Blog

Covering what you should know about trusts, estate planning, and individual tax law.

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Nov 02, 2020

Estate Planning Strategies: IRS Applicable Federal and 7520 Interest Rates Lowered

Every month, the Internal Revenue Service (IRS) publishes interest rates that taxpayers use to determine the interest to be charged in income tax and estate planning strategies. Those published rates, called the Applicable Federal Rates, depend on the length of the term of a promissory note, the number of times interest is paid each year (i.e.,» Read More

Apr 09, 2020

Executing New Jersey Estate Planning Documents during the COVID-19 Pandemic

The COVID-19 pandemic has altered our daily lives. Social distancing measures advanced by the CDC (i.e., maintaining six feet of distance, no group gatherings, wearing masks outside, setting aside documents traveling in the mail for 2-3 days to allow the virus to die on surfaces) are designed to slow the spread of the virus by flattening the curve and keep us safe.» Read More

Apr 08, 2020

Governor Wolf Approves Temporary Limited Suspension of Rule Requiring Physical Presence of Notaries for Estate Planning Documents

On April 2, 2020, Pennsylvania Governor Wolf approved a temporary and limited suspension of current law 57 Pa.C.S. § 306, which requires the physical presence of notaries, for estate planning documents that require notarization or for which notarization is considered best practice.» Read More

Mar 24, 2020

Cannabusinesses Should Take Advantage of Their Extra Time to File Tax Returns to Ensure Proper Reductions in Their Taxable Income for Cost of Goods Sold

Due to the COVID-19 virus-related filing and payment extensions recently announced by the U.S. Treasury Department and IRS, taxpayers now have an additional three months until July 15, 2020 – to prepare and file their 2019 federal income tax returns.» Read More

Mar 20, 2020

IRS Provides Relief to Individuals and Families Covered Under High Deductible Health Plans to Encourage Testing for and Treatment of COVID-19

As part of the federal government’s rapidly evolving response to the impact of the 2019 Novel Coronavirus (COVID-19), the IRS has announced that individuals covered under a high deductible health plan (HDHP) will not lose their eligibility to make or receive pre-tax contributions to a health savings account (HSA) merely because their health plan provides benefits associated with testing for and treatment of COVID-19 before the HDHP’s ordinary minimum deductibles are met.» Read More

Apr 11, 2019

Estate Planning for Pet Owners

Sixty-two percent (62%) of American households include at least one pet.  Many owners view them as “family.”  Lawyers and pet owners need to be aware that the pet can be legally protected during the owner’s lifetime by a Durable Power of Attorney, and after the owner’s death either by provisions in a Will or by a Trust. » Read More

Apr 03, 2019

Terminally Ill New Jersey Residents Now Have Another End-of-Life Option

A newly-passed law, the Medical Aid in Dying for the Terminally Ill Act, will help terminally ill New Jersey residents end their life under their own terms. Widely supported by both the public and advocacy groups, the Act makes New Jersey the eighth state to pass “right to die” legislation.» Read More