OUR PHILOSOPHY

At Katz Baskies Wolf PLLC we are dedicated to providing premier legal service to clients engaged in private wealth creation, preservation, management and transfer, for themselves, their families, and the community.

Our practice areas include the broad scope of income tax planning, sophisticated wealth transfer planning (including gift and estate tax planning), estate and trust administration, prenuptial and postnuptial agreements, and documentation of corporate and partnership transactions applicable to entrepreneurs.

 

 

NEWS OF INTEREST

Possible Estate Planning Strategies Arising From The Tax Cuts and Jobs ActThe Tax Cuts and Jobs Act (TCJA), signed Into law on December 22,2017, and effective as of January 1,2018, increased the lifetime gift tax exemption from $S million ($5,490,000 for 2017 as adjusted for inflation) to $10 million ($11,180,000 for 2018 as adjusted for inflation). This increase presents planners and their clients with a tremendous opportunity to transfer more wealth without paying any federal transfer tax. For some clients, the tax changes will allow them to transfer additional sums to already existing irrevocable trusts, or to reduce any outstanding debts by reducing or eliminating existing promissory notes. Other clients may terminate QTIP trusts or use their exemptions on new planning strategies altogether.

 

Jeff Baskies on Ramos v. Motamed: Gym Records Blow Up Bogus Asset Protection Plan in a Novel Florida Homestead Exemption CaseIn a novel Florida homestead case, a debtor’s claim to a homestead exemption (from his creditors’ claims) was denied when the evidence in trial (including his gym records) belied his claim of being a Florida resident.

 

Art Discount Disputes Are Alive and Well - Tax Court Rejects Estate's Expert's Value, but Allows Unique DiscountsIn Estate of Kollsman v. Comm’r, the Tax Court redetermined the value of two 17th Century “Old Master” paintings after rejecting the estate’s expert’s appraisals. The estate’s expert was ignored, as the court found the expert/appraiser: (a) was conflicted and motivated by personal economic interests, (b) exaggerated the risks associated with cleaning the artworks, and (c) didn’t offer comparable sales analysis and didn’t adequately explain how one of the paintings was sold a few years post death – by Sotheby’s – for approximately 5 times his estimated value (for tax purposes).

 

 

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