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Estate Planning

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Secure Act’s New IRA and Retirement Plan Rules and the Effects on Estate Planning

The Setting Every Community Up for Retirement Enhancement Act of 2019 (commonly referred to as the “SECURE Act”) was signed into law in December 2019. The SECURE Act makes substantial changes to the taxation and distribution of IRAs and retirement benefits when the account ...

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Significant Estate Planning Opportunities for High Net Worth Individuals

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 $5,6...

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Extension to File 706 to Preserve Estate Tax Exemptions

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 f...

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Trusts for Disabled Family Members

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 assets to you...

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Ryan Schulz Named KDDK Partner

[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. ...

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New IRS regulations will soon have an adverse impact on many family owned businesses

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:

You Don’t Have to Be a Prince to Need a Will

[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 futu...

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Act Now: IRS Expected to Issue Regulations that will Adversely Affect Wealth Transfer

The IRS is expected to issue regulations this fall that will substantially limit the use of family limited partnerships and family limited liability companies.  These entities are often used as a method to gift assets to children and other family members at discounted values, often as much as 40%. ...

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Breaking News: Supreme Court Extends Same-Sex Marriage Nationwide

In an historic ruling, the Supreme Court of the United States has declared that same-sex couples have a constitutional right to marry anywhere in the United States. Read more: Read More

Advanced Directives: Who Needs Them and Why?

The Month of May is “National Elder Care Month.” While Elder Law encompasses a variety of legal matters impacting senior citizens, it is important that individuals of all ages understand the necessity of basic advanced directive documents such as durable powers of attorney, living wills and health c...

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