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

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).

 

Have You Revised Your Health Care Surrogate Forms?Effective October 1,2015, the Florida Legislature adopted sweeping revisions to the Florida Health Care Surrogates Act. These changes require practitioners to revise their designation of health care surrogate forms and spend additional time with their clients when executing them.

 

Proper timing for irrevocable life insurance trustsI was recently confronted with an old problem: when does an Irrevocable Life Insurance Trust ("ILIT") have to be in place? If a client applied for life insurance before the trust was complete, does the policy's death benefit come into the client's estate if he or she dies within three years? Clearly, the issuance of an insurance policy and the existence of an ILIT can have important tax consequences of which advisors, agents and clients should be aware.

 

 

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