News
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
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".
February 2010 Katz Baskies LLC Newsletter
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