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...
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...
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...
Founded in 1984, Hammerle Finley Law Firm represents clients at every stage of life. Our areas of practice include business law, litigation, employment law, family law, estate planning, probate & guardianship, banking law, and personal injury.