News
Client Update (January 2013) - Highlights of the American Taxpayer Relief Act
Taking effect January 1, 2013, the American Taxpayer Relief Act extended/increased the gift, estate and generation-skipping tax exclusions, while increasing the gift, estate and generation-skipping tax rate to 40% and increasing certain income tax rates as well.
The Community Foundation of Broward County recently invited Tom Katz to speak on end of year gift and income tax planning. Click on this link to read his outline.
Client Update (Aug 2012) - Act Now to Take Advantage of $5 Million Gift/GST Exemptions
In a recent client update, Katz Baskies LLC advised that now is the time to contact us to review your estate plan to determine if there are planning strategies that can be implemented before year-end to utilize the $5 million gift and GST tax exemption and take advantage of what could be a “once in a lifetime” opportunity.
Recent Case Highlights Concerns for Naming Revocable Trust as Life Insurance Beneficiary
In light of a recent Florida case, if you have a revocable trust plan and if you have life insurance, you should review the beneficiary designation for your life insurance. If the revocable trust is named as beneficiary, you may wish to change your beneficiary designation.
Firm and Members Recognized by Best Lawyers/U.S. News
In its 2012 "Best Law Firms" publication, U.S. News and World Report/Best Lawyers listed Katz Baskies LLC as one of only a handful of top Tier Boca Raton Trusts and Estates and Tax boutique law firms. In addition Tom Katz (Tax law) and Jeff Baskies (Trusts and Estates law) were again included in the annual Best Lawyers publication.
Firm Members Recognized in 2012 Florida Super Lawyers Lists
Super Lawyers Magazine annually publishes a list of top lawyers in Florida (approximately the top 5%) and re-prints the list in the Wall Street Journal, Miami Magazine and other media. As in past years, Tom Katz and Jeff Baskies were both included in the list, and Justin Savioli was again recognized as a Rising Star. Finally for the 4th consecutive year, Jeff Baskies was included in the list of the "Top 100" lawyers in Florida.
Prior to July 1, 2012, Florida law provided that divorce terminated rights of an ex-spouse under a Will or Revocable Trust, but not as to assets with beneficiary designations. However, a new statute which takes effect July 1, 2012, clarifies the impact of divorce on non-probate and non-trust assets.
The President’s Budget Proposal Includes Major Estate-Tax Related Initiatives
On February 13, 2012, President Obama released his fiscal year 2013 federal budget. Within the proposal are numerous provisions that, if enacted, would significantly affect estate planning and many of the sophisticated tax-planning techniques we use. (Read more)
Tom Katz Quoted in "Advising Trustees: The 5 Biggest Pitfalls"
Firm partner, Tom Katz, is extensively quoted in this article addressing some of the issues in selecting a trustee and in Trustee services.
Katz Baskies LLC Handles Recent M & A Transactions
Katz Baskies LLC recently represented XN Insurance in the sale of its assets and also represented the acquirer of the stock of Waveguide Communications, Inc.
Although the rumored November 23 reduction in the federal gift tax exemption obviously never occured, a new bill was proposed in Congress to significantly alter the estate, gift and generation-skipping transfer ("GST") tax rules. Clients investigating opportunities to utilize their new $5 million gift tax exemption should consider acting soon.
Rumors Abound Regarding Fate of Gift Tax Exemption
Rumors of a November 23 roll back of the federal gift tax exemption may be an "urban legend"; however, they provide an important reminder to those considering using part or all of the "new" $5 million gift tax exemption. The time to act is now.
Significant New Changes Made to Florida Law Impact Estate Planning and Probate Administration
In the 2011 session the Florida legislature enacted several important changes to Florida law impacting estate planning and probate. Some of those key changes will be highlted in this summary.
Tax Update: IRS Announces 2012 Inflation-Adjusted Estate and Gift Tax Terms
The Inflation-Adjusted Estate and Gift tax terms for 2012 were announced and several important items are going up next year, including the gift, estate and GST tax exemptions.
New Tax Relief Act Includes Major changes to Estate Planning
On December 17 the President signed the “The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010” (“The Tax Relief Act”). Importantly, the Tax Relief Act adopts a $5 million Gift, Estate and Generation-Skipping Transfer Tax exemption and applies a 35% tax rate on taxable transfers. It also extends many favorable income tax provisions, including the charitable rollover for IRA distributions. However, the Tax Relief Act only lasts two years; therefore, further changes may be coming.
Top 10 Planning Ideas to Consider Before the End of 2010
Before the end of 2010, there are many important estate and tax planning opportunities clients should consider. The firm has compiled a list and explanation of 10 of the most important opportunities.
For clients with Florida LLCs, a review of the new Supreme Court decision is vital. The decision clarifies that creditors can take a single-member LLC to satisfy a claim, and the decision also highlights that a charging lien is not the exclusive remedy for a creditor even in a multi-member LLC.
Katz Baskies quoted on Cyrogenic Planning
Thomas O. Katz was recently quoted with regard to the unique estate tax planning issues for those wishing to be cryogenically preserved and retain the benefits of insurance proceeds.
New Bill Would Dramatically Alter GRAT Planning
For years, GRATs (“Grantor Retained Annuity Trusts”) have offered clients a convenient estate planning tool. GRATs are irrevocable trusts which offer an essentially zero-risk transfer tax savings opportunity. Due to legislation Passed by the House of Representatives in late March and pending before the Senate, anyone that has considered using a GRAT in his or her estate planning should act now while many of the benefits are available.
Katz Baskies LLC Represents Interactive Response Technologies in Merger with CCT Group
Katz Baskies handles complex business merger.
Learn about Roth IRA Conversions
Click here to see a video of Jeff Baskies and Marjorie Horwin discussing Roth IRA conversion Issues
Firm and Partners Recognized by Peers:
Katz Baskies and its lawyers continue to receive peer recognition.
Katz Baskies January 2010 Client Newsletter
Read the Firm’s January 2010 Newsletter.
Three Estate-planning Changes Coming Your Way
The Obama administration's proposed budget calls for lots of changes that could affect your estate plans, and ignorance isn't bliss -- it's foolhardy.
2010 Investment Guide: The Roth Conversion Question
Katz Baskies quoted in Forbes story on Roth IRA conversions
While the federal estate tax has temporarily lapsed for 2010, 19 states still take a bite out of their residents' estates.
Obama's budget: Impact on your taxes
President Obama, in his proposed 2011 budget, is calling on Congress to make a number of tax changes for individuals.
Newsletters
January 2013 Katz Baskies LLC Newsletter
With the anticipation of significant changes to the tax law, a great deal of the focus of the last several months has been on the planning opportunities resulting from the higher gift and estate tax exemptions in effect prior to December 31. The government rang in the New Year with the American Taxpayer Relief Act of 2012, which included a continuation of some things and major overhaul to others. We are happy to discuss how the new law affects your income and estate tax planning.
October 2010 Katz Baskies LLC Newsletter
Many clients face the frustrating process of finding decent returns on investments during this period of low interest rates. But for estate planning purposes, low interest rates can present tremendous opportunities. For example, some families use limited partnerships (thus known as "family limited partnerships") as part of their overall wealth management. It is very important to remember to follow all of the formalities of a limited partnership, because if you don't, the IRS definately won't. A helpful reminder is provided.
July 2010 Katz Baskies LLC Newsletter
If
you are like most people, you don't start income tax planning until the
end of the year. It isn't too early, however, to contemplate the
increased tax rates for 2011 and the planning that might occur in 2010.
Learn more below.
March 2010 Katz Baskies LLC Newsletter
Now that the President has signed the health care legislation, perhaps Congress will turn its
attention to the estate and gift tax. No one knows whether there will
be legislation this year, and if there is, whether it will be
retroactive to January 1.
April 2010 Katz Baskies LLC Newsletter
In
a prior newsletter, we highlighted the benefits of gifting - especially
in 2010 when the gift tax rate has dropped to 35%. In addition to
outright gifts, there are a variety of ways to "leverage" gifting
opportunities. An effective technique in periods of low values and low
interest rates is a "Grantor Retained Annuity Trust" or "GRAT".