Deferring Estate Tax: If more than 35% of your estate consists of interests in closely held businesses your estate may qualify to defer the payment of estate taxes. To qualify the businesses must be active trades or businesses. The business interest must also be closely held, which means for a corporation that either 20%+…
Oy Veigh: The lawyer who represented Timothy McVeigh in the Oklahoma City bombing case donated materials from his case file to charity and tried claiming a tax deduction. The Tax Court denied the deduction. Jones v. Comm’r, 129 TC No. 16 (Nov. 1, 2007). Passive Losses in Your Estate: The passive loss rules…
Dad loans son money to start a business. Brother loans sister the down payment for her new home. Family loan transactions are common. But to often their frequency makes families complacent about the numerous and potential costly tax implications of these “simple” transactions. This article will highlight many of the important issues involved. …
A personal note detailing your wishes, hopes, messages to fiduciaries and heirs, is a key part of every estate plan. It doesn’t require legal, tax or other professional involvement, but it can fill in vital messages that even the most comprehensive planning documents can’t address. Letters of instruction aren’t really talked about enough….