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More on Transfer Tax Issues Post Windsor and the Legalization of Same-Sex Marriage

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In a recent Notice, the Internal Revenue Service set forth some administrative procedures helping taxpayers recalculate gift and generation-skipping transfer tax exemption with respect to gifts and bequests made to or for the benefit of a same-sex spouse, or descendants of same-sex spouses before the Supreme Court Case United States v. Windsor was decided, even though the statute of limitation for claiming such exemption had expired.

Prior to the Windsor decision, the U.S. government (and by extension, the Internal Revenue Service) did not recognize marriages of same-sex couples. In the Windsor case, the estate of a decedent sought to claim the estate tax marital deduction for bequests to the decedent’s same-sex spouse (the couple was legally married in Canada and their marriage was recognized by their home state of New York prior to

Estate Planning Tips for College-Bound Children

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Originally posted on August 18, 2011 here.

It’s back to school time, and if you have college-age children, you’re probably busy helping them get organized to leave home.  While most packing lists include extra-long twin sheets and expressly forbid hotplates, there’s something else your budding intellectual shouldn’t leave home without: basic financial and medical estate planning documents.  If your children are over 18, federal privacy laws protect their financial and medical information.  Three basic estate planning documents will authorize you to act on behalf of your child, in the event that your child cannot make such decisions for him- or herself.

A Durable Power of Attorney for financial purposes designates an attorney-in-fact to act on your child’s behalf in all financial, tax, legal, investment, and insurance matters if your child becomes incapacitated

A Very Merry Un-Taxday To You

With research contributed by Melissa Fernley.

As the old saying goes, the two things you can’t avoid are death and taxes. But while the grim reaper may arrive unplanned, it’s generally understood in the U.S. that the taxman comes calling on April 15th – except when he doesn’t. This year, today, April 17th, is Tax Day. And last year, in 2011, it was April 18th. What causes this variation in the tax filing deadline? And why is Tax Day April 15th (ish) anyway? Read on for answers to all of your tax questions (that don’t actually relate to your taxes).