The 7520 rate for June 2020 decreased to 0.6%.
The June 2020 Applicable Federal Interest Rates can be found here.
As a result of the COVID-19 pandemic, many states have temporarily authorized remote witnessing and notarization of estate planning documents. These laws present a unique set of litigation risks, which can be mitigated with careful planning.
BCLP Partner, Doug Stanley, and Associates, Andrew Bleyer and Sasha Riedisser, will be discussing this topic on a Federal Bar Association webinar on Friday, May 15 at 2 p.m. CST. You can register for the webinar here.
BCLP Partner, Stephanie Moll, and Global Innovation Team member, Kristi Smith, will be presenting with Neota Logic on the International Legal Technology Association’s product briefing webinar Friday, May 29. Moll and Smith will discuss new challenges law firms may be facing that can be overcome through a multidisciplinary approach to digitizing legal services, and will showcase their latest COVID-19 application that was built in the Neota platform. This application helps people impacted by COVID-19 identify the bare minimum requirements for execution of wills, trusts & powers of attorney in the age of social distancing.
You can register for the Webinar here.
The IRS has published a series of questions and answers that provide guidance with respect to COVID-19 relief for estate and gift taxes, which can be found here.
In Rev. Proc. 2020-20, the IRS provides relief to nonresident taxpayers who have been in the United States long enough to be considered resident aliens under the substantial presence test of IRC 7701(b)(3) as a result of the COVID-19 pandemic. This Revenue Procedure also provides relief to taxpayers who would otherwise be ineligible for treaty benefits on services income. While this expansion is welcome, it is limited to excluding days falling after January 31 and through May 31.
Typically, under IRC 7701(b), persons who are otherwise not permanent US residents but who spend a sufficient amount of time in the country will be treated as US residents for income tax purposes under the substantial presence test. This test counts the number of days that an individual spent in the country in a given tax year or over a three year “look back” period to determine whether such person spent a
BCLP Counsel Elizabeth Schlesinger will be presenting at the Human Rights Campaign Webinar on estate planning documents that can help protect you and your loved ones during the COVID-19 crisis and beyond. The Webinar will be held on April 20, 2020 at 4 p.m. EST.
Register for the Webinar here.
Atlanta partner Tiffany McKenzie was featured in The Mortmain, which is the Atlanta Bar Association Estate Planning and Probate Section’s newsletter. This article discusses McKenzie’s lecture, held on December 11, 2019 at the Estate Planning Section’s breakfast meeting, detailing how to create the ultimate digital estate planning checklist for clients. The complete article can be found here.