Will the Estate Tax Be “Sensible” in 2016?
Congressman Sander Levin (D-MI), ranking member of the House Ways and Means Committee, and other Democrats recently introduced a bill, H.R. 4996, to adjust the estate, gift and generation-skipping transfer taxes to more “sensible levels.” Hence, the bill was given the catchy name, the “Sensible Estate Tax Act of 2016” (the “Act”). Currently, a U.S... read more →
We’re Hosting Breakfast!
Drucker Law Offices is pleased to announce that we will be hosting the breakfast on Friday morning, October 17, 2014 at the 34th Annual Southern California Tax & Estate Planning Forum. The 34th Annual Forum will be held in San Diego, California from October 16th through October 18th at the Manchester Grand Hyatt Hotel. This.. read more →
The Supremes Embrace Equality
This morning, the Supreme Court announced its decisions in two prominent cases dealing with same-sex marriage: United States v. Windsor, Executor of the Estate of Spyer, et al., 570 U.S. ___ (2013), and Hollingsworth et al. v. Perry et al., 570 U.S. __ (2013). The Court ruled in favor of marriage equality in both instances. .. read more →
Leaving a Life Estate in the House to the Boyfriend
Estate planning for unmarried couples, whether they are of the opposite sex or the same sex, is challenging from a tax perspective. Upon the death of the first partner to die (we will call this person the “deceased partner”), his or her estate is not entitled to the benefit of the unlimited marital deduction from.. read more →
Avoiding Capital Gains Taxes By Borrowing A Charity’s Tax Exemption
It is important to be mindful of opportunities to minimize taxes and retain your hard earned money and assets for you and your family rather than sharing those assets with Uncle Sam. One such opportunity arises when you have appreciated capital assets (such as stock, mutual funds, bonds, real estate or collectibles) that you wish.. read more →
Is a Private Foundation the Right Choice for You?
Many wealthy philanthropic people establish private family foundations in order to make a positive impact on the community, to educate their children and future generations about the importance of giving back to the community to make the world a better place, and to obtain charitable income, gift and estate tax deductions. You may have seen.. read more →
Planning With A GRAT
An effective estate planning method for transferring assets to family members with little to no gift tax consequences may be achieved through the use of a Grantor Retained Annuity Trust (a “GRAT”). What is a GRAT? A GRAT is an irrevocable trust established by a grantor (the creator of the GRAT) in accordance with Internal.. read more →
Is A Stuffed American Bald Eagle Worth $65 Million or $0?
Is a stuffed American bald eagle worth $65 million or $0? This is a question raised in the estate of the late art dealer Ileana Sonnabend. Ms. Sonnabend’s estate, valued at approximately $876 million, contains a sizeable art collection by such notable artists as Jeff Koons, Roy Lichtenstein, Andy Warhol, and Cy Twombly. Included in.. read more →
Saving For College On A Tax Favored Basis: The 529 College Savings Plan
Kids grow-up fast. Before you know it, they are ready to embark on their college careers. Unfortunately, the cost of college tuition has escalated substantially over the last 20 years, placing a significant financial burden on parents, grandparents and students alike. I recently performed an informal survey to find out what some California colleges are.. read more →