Taxes

The Smaldino Case: Tax Court Opinion Leads to Estate Planning Angst

Just in time for Christmas, the tax court has handed down an opinion that gives us abject lessons in gifting, blended families, entity formalities, trusts and estate planning.  That should be a tip-off that the taxpayer did not fare well.  The Smaldino Case The case involved gift taxes, specifically on a gift of LLC interests to a dynasty trust. The interests were first funneled from the husband’s trust to his wife, who...

What Is IRMAA?

Seniors Avoid the Cliff! By Robert S. Morris Our practice of Elder Law includes all legal issues common to older people. One issue of concern to everyone on Medicare or Social Security is the issue of hidden taxes. What is the Income Related Monthly Adjustment Amount (IRMAA)? We are all aware of income taxes and payroll taxes but there are other taxes hiding out there. One of those is IRMAA, which stands for...

Non-Grantor Trust and State Income Tax Issues

Trusts and Taxes Case is Good News for the People If you have, or intend to have, any relationship with a trust in any capacity, then you need to know about the US Supreme Court’s opinion in Kaestner.  https://www.supremecourt.gov/opinions/18pdf/18-457_2034.pdf The issue is taxation.  Some background is necessary to set the stage.   Trusts and Undistributed Income Many trusts hold assets that generate income.  If any of that income remains in the trust at the...
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