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Thursday, July 10, 2014

State "Conversion Laws" Could Change Existing Same-Sex Legal Relationships and Have Uncertain Tax Implications

Brian K. Duffey, Esq.

The following is a very brief overview of some of the key points, which were addressed in an article recently authored by Patrick J. Duffey and Alexander Popovich.  For more information and citations please see: Implications of State “Conversion” Laws for Same-Sex Couples, Estate Planning, July 2014, Vol 41 number 7.


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Tuesday, June 3, 2014

5 Key Thoughts on Florida Estate Planning

Thousands of books and articles have been written on the subject of estate planning.  Creating a plan to serve the best interests of your family and loved ones, requires a significant level of knowledge, experience and expertise.  Clearly estate planning is a complicated topic which encompasses a broad array of issues such as family, taxes, divorce, state and federal laws, accounting, substance abuse, investments and much more that cannot be dealt with on a deep or meaningful level within the confines of a brief article such as this one.  Nonetheless, this article will explore some key concepts and hopefully provide you with some important points to begin your planning process.


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Wednesday, September 12, 2012

President Obama’s Tax Plan for 2013

Published by the Department of the Treasury in February of 2012, the General Explanations of the Administration’s Fiscal Year 2013 Revenue Proposals (the so-called “Greenbook”) outlines the Administration’s specific policy positions on tax for 2013.  Given the upcoming election and the scheduled sunset of the recently extended Bush-era tax cuts, the 2013 Greenbook takes on particular significance for those individuals and families that are considering estate planning issues.


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Friday, March 23, 2012

Paul Ryan’s New Tax Plan


Paul Ryan and the Republican party cite coming debt crises as necessity for major tax changes.  Democrats react with charges that the Republican budget proposal hurts seniors without focus on revising or eliminating the tax breaks for the wealthy.

Ryan’s plan sets discretionary spending at $1.028 trillion for FY 2013.  This budget is approximately $19 billion less than the spending cap agreed to by President O’Bama and the Republican party on the deal to raise the national debt ceiling.
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Saturday, December 18, 2010

New Obama Tax Law

President Obama signed the “Middle Class Tax Relief Act of 2010” yesterday December 17, 2010.

Key points of the New Tax Law:

  • $5 Million Dollar Exemption for Estates
  • $5 Million Dollar Exemption for Lifetime Gifts
  • $5 Million Dollar Exemption for Generation Skipping Transfers
  • Portability of the Estate Tax Exemption for married couples

Read more . . .


Tuesday, December 14, 2010

States to Lose Revenue Under Obama – Republican Tax Deal


One aspect of the Estate Tax Deal which passed its first legislative hurdle in the Senate last night is the loss of potential revenue to the States.

California could lose as much as $2.7 Billion due to the change in the Estate Tax Law according to a Bloomberg.com report dated 12/14/10.

Under the current law, the Estate Tax would allow for a $1 Million Dollar Exclusion in 2011, and any amount over that would be taxed at 55%.


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Tuesday, December 14, 2010

Opportunities Under New Estate Tax Law

Initial reports out of Capital Hill indicate that the new Estate Tax Law contained in the “Framework” agreed to by Obama and the Republicans could be a real opportunity for wealthy Americans.

According to sources on the Hill, not only will the Estate Tax Exemption Amount be $5 Million Dollars, but the Gift Tax Lifetime Exclusion Amount and the Generation Skipping Transfer Tax may also be set at $5 Million Dollars!

That would potentially provide wealthy Americans with an opportunity to transfer significant assets to second and third (and more remote) generations without the penalty of transfer taxes.

Some taxpayers may consider utilizing their lifetime gift exemptions to transfer up to $5 Million Dollars to children and grandchildren in trusts known as “Dynasty Trusts” or “Generation Skipping Transfer Tax Exempt Trusts.”

Properly structured strategies could result in beneficiaries receiving the benefits of significant wealth over many generations without any imposition of transfer taxes at each generational level.

Stay tuned for more details as the bill makes its way to the President’s desk!


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Wednesday, December 8, 2010

Obama Cuts Tax Deal with Republicans!

ESTATE OF CONFUSION

Obama held a press conference on 12/6/10 to announce new Tax Deal with Republicans!  Here is what we know so far:

  • 1) two year extension of the Bush Tax Cuts (no restriction on taxpayer income);
  • 2) one year 2% reduction on Social Security withholding tax;
  • 3) Capital Gains and Dividend income will be taxed at 35% (for two more years) but perhaps the most contentious item of all -
  • THE ESTATE TAX EXEMPTION AMOUNT – $5,000,000.

Read more . . .


Wednesday, January 13, 2010

No Estate Tax in 2010 Could Mean Major Problem for Surviving Spouse

When the law was passed in 2001, almost no one believed that Congress would actually allow the Estate Tax to end in 2010, even for just one year.  When the Senate failed to act this past December, the unthinkable happened – the Estate Tax was repealed!  There is no Estate Tax for individuals dying in 2010!  You might think that is good news but you might be wrong!  The repeal of the Estate Tax may be a major problem for the surviving spouse and it could cost the beneficiaries of the estate significant tax dollars as well!  Here’s why.


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Tuesday, June 30, 2009

New Florida Residents

Residency & Domicile

Perhaps you recently moved to Florida, perhaps you’ve had a residence in Florida for years, but recently have decided to change your domicile from your former Northern state (New York, Pennsylvania, Massachusetts, New Jersey, etc) to Florida  – what do you need to do in order to change your domicile so that you can avoid your “former” Northern state’s taxing regime?


Read more . . .


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