Coronavirus Crisis Brings Estate Tax Opportunity

  The coronavirus is causing major economic impacts as can be seen with the declining stock market. This adverse impact and the uncertain prospects for the future are a source of concern and worry for us all. However, this set of unfortunate circumstances has created a unique opportunity for the very wealthy to minimize or avoid estate taxes. There are three factors that play roles in this opportunity:   The current reduction in investment account values people are seeing in … Continued

Oklahoma tried to pass a law that would invalidate Islamic wills. What is an Islamic will?

  Incredibly specific inheritance laws. Verses 11, 12, and 176 in the fourth book of the Quran lay out exactly how a Muslim should dispose of his wealth after death. Two-thirds must be distributed as follows, when applicable: One-sixth should go to your father; one-sixth to your mother; half or one-quarter to your husband, depending on whether you’ve had children; and one-quarter or one-eighth to your wife, also depending on whether you’ve had children. As for those hypothetical kids, the … Continued

Press Release – Do-It-Yourself Wills Leave Families Unprotected

So, you really do get what you paid for! For some, this includes crafting DIY-wills, relying upon generic documents acquired from the Internet or purchasing books with forms. Unfortunately, this approach can have serious negative repercussions.The biggest problem with a self-created will is that the creator will not understand any potential problems until it is too late to make any changes and remedy these issues. The plans for asset distribution outlined in a will only take effect upon the death … Continued

Now, computer generated wills! – The Economic Times

  The verdict? Only after I tested all of the online services and analyzed their differences did I really feel as if I had a solid handle on the options available to me and what might be missing. That’s not to say that three of my four wills weren’t perfectly fine legal documents. But even though they seemed easy to draft, I still needed a lawyer to help decode some seemingly standard clauses and their consequences in my home state … Continued

New Life for Charitable Lids

  One common estate planning technique the IRS has opposed or blocked for years is “charitable lid planning.” This technique relies on “defined value” and “value adjustment” clauses or similar provisions in wills, deeds or other transfer documents to cap the transfer taxes on estates, gifts or generation-skipping trusts at some predetermined amount. The IRS has consistently argued against defined-value clauses on the basis of the Fourth Circuit’s holding in Commissioner v. Procter (142 F.2d 824 (1944)) that such clauses … Continued