Additional Information: My wife and I are working on our estate planning. If there is a Federal or MA state gift tax exemption can you please explain it to me? How do I give gifts to our grandchildren with this tax benefit? ATTORNEY ANSWER: There is only a Federal Gift Tax; Massachusetts does not impose a transfer tax on gifts. Every U.S. Citizen has a cumulative lifetime gifting exemption that was $1,000,000 up until the passage
Effective June 21, 2011, Section 11 of Ch. 2011-183, Laws of Florida, amended s. 736.0813(1)(a) and (b) to require trustees to give notice to the qualified beneficiaries of the trust that “the fiduciary lawyer-client privilege in s. 90.5021 applies with respect to the trustee and any attorney employed by the trustee. The Beliveau Law Group: Massachusetts | Florida | New Hampshire The attorneys at The Beliveau Law Group provides legal services for estate planning (wills and
Additional Information: My mother currently owes back property tax for a few years and just found out that she can apply for a statutory exemption. My question is does the statutory exemption only cover the current year or can it be applied to the past years that she owes taxes for? ATTORNEY ANSWER: In some cases a Property Tax exemption that was not taken in a prior year can be obtained in the current year. Even
Section 8 of Ch. 2011-183, Laws of Florida, amended s. 733.212(2)(b), Fla. Stat., effective June 21, 2011, to require that notices of administration contain a statement that “the fiduciary lawyer-client privilege in s. 90.5021 applies with respect to the personal representative and any attorney employed by the personal representative.” Until such time as the pre-printed forms have been updated, you may include the above statement in your existing notice form. The Beliveau Law Group: Massachusetts |
A report entitled Priced Out: The Housing Crisis for People with Disabilities, just released by Technical Assistance Collaboration, Inc., shows that in 2010, the basic cost of shelter, represented by the average rent for a modest one bedroom apartment, was more than the entire income of an individual receiving Supplemental Security Income (SSI). To read the entire report click Priced Out 2010 Report The Beliveau Law Group: Massachusetts | Florida | New Hampshire The attorneys at
In Intermountain, the Court of Appeals for the District of Columbia has reversed the Tax Court and upheld the regulations for Code section 6501(d)(1)(A) that treat a basis overstatement as triggering the 6 year limitations period for when a taxpayer omits from gross income an amount that is greater than 25% of the amount of gross income stated in the return. In upholding the regulations, the DC Court of Appeals joins the Court of Appeals for
Additional Information: I have a traditional 401(k), ROTH 401(k), ROTH IRA, a checking account, a savings account, a health savings account, and a taxable brokerage account. I’m in my early 30s and my total of all these accounts is less than $1 million. I believe I can designate a beneficiary for all of these accounts to avoid probate. But I don’t want to grant these accounts to beneficiaries outright. For one, most of the beneficiaries (my
The Centers for Medicare and Medicaid Services (CMS) issued a letter on June 10, 2011 to advise States on options regarding spousal and domestic partner protections related to liens, transfer of assets, and estate recovery. According to the letter, States have the flexibility to permit same sex couples the same protections of assets and finances for which heterosexual couples qualify when one partner receives Medicaid for long-term services and supports. Read letter here. Margaret L. Cross-Beliveau,
The Fourth Circuit reversed the Tax Court and joins with the Third and Seventh Circuits upholding Reg. 1.6015-5(b)(1), which proves that a spouse must request equitable relief under Code Sec. 6015(f) no later than two years from the first collection activity against the spouse in Jones v. Comm., (CA 4 6/13/2001) 107 AFTR 2d 2011-930 IRS Commissioner Doug Shulman has directed the IRS to review the two-year period regulation noting that the courts are at odds
Wells Fargo has announced that it will no longer issue new reverse mortgages but will continue to service its current mortgages citing that home prices are too unpredictable. Reuters article Margaret L. Cross-Beliveau, Esq., LL.M. The Beliveau Law Group: Massachusetts | Florida | New Hampshire The attorneys at The Beliveau Law Group provides legal services for estate planning (wills and trusts), Medicaid (planning and applications), probate (estate and trust administration), business law (formation and operation), real
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