Category

Estate Planning
President Joe Biden’s proposed “Build Back Better Act” (the Act) is quickly moving through both houses of Congress and may become law soon. Traditionally, changes to the Tax Code have an effective date after the first of the new year or even later; however, this time, certain provisions go into effect on the date of...
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In an effort to relieve financial stress caused by COVID-19, the Federal Emergency Management Agency (FEMA) has introduced a program designed to provide financial assistance to individuals who have incurred COVID-19 funeral expenses for loved ones.  Such applicants must be over eighteen years of age, and a U.S. citizen, non-citizen national or qualified alien.  The...
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The recent $1.9 trillion COVID relief bill is planned to be followed by further economic stimulus measures under the Biden administration.  It is widely anticipated that these additional stimulus packages will be paired with proposals for various tax increases on those earning over $400,000 annually.  One such proposal is to increase federal estate tax revenue...
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The SECURE Act of 2019 makes substantial changes to the taxation and distribution of IRAs and retirement benefits. How does it affect your estate plans? KDDK tax and estate attorney Mark S. Samila explains.
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With the signing of the Tax Cuts and Jobs Act (the “Act”) by President Trump on December 22, 2017, the most sweeping tax legislation in decades has been enacted.  The Act doubles the estate and gift tax exemption amount to $11,200,000 to those individuals dying in 2018, up from what was to be a $5,600,000...
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Portability has become an important concept in estate planning and administration since it was first codified in 2010, and made permanent under the American Taxpayer Relief Act of 2012.  For individuals passing away after 2010, portability provides that if the spouse who passes away first does not fully use his/her gift and estate tax exclusion...
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If you have a loved one who is physically or mentally disabled, then you know firsthand how difficult it can be to plan for the future. You may have asked yourself who will care for your loved one when you are gone. Or perhaps you have wondered how you or other family members can leave...
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[vc_row][vc_column][vc_column_text]Kahn, Dees, Donovan & Kahn, LLP (KDDK) – an experienced full-service law firm dedicated to effectively serving the legal needs of business and individual clients since 1908 – is pleased to announce that Ryan M. Schulz has been named a partner in the firm, effective January 1, 2017.[/vc_column_text][vc_row_inner][vc_column_inner width=”1/4″][vc_single_image image=”1898″][/vc_column_inner][vc_column_inner width=”3/4″][vc_column_text]Ryan M. Schulz focuses his...
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On August 2, 2016, the Internal Revenue Service issued proposed regulations that will have a significant adverse effect on the valuation of many family owned or controlled businesses for federal estate and gift tax purposes. These regulations, if finalized, would: Eliminate or substantially reduce lack of control and minority interest discounts for many transfers involving...
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[vc_row][vc_column][vc_column_text]You may not have an estate worth $300 million like Prince, but having a Last Will and Testament and plan in place makes good sense regardless of the value of your assets. As we watch things unfold for Prince Rogers Nelson, with a multitude of heirs and unknown future royalty values, there will likely be...
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