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Breaking: IRS Commissioner Sets Forth Plan for Deductions for Madoff Victims
In testimony before Congress this morning, IRS Commissioner Douglas Shulman [No Relation] testified that the Service will be issuing guidance as to how victims of Ponzi schemes can treat their losses for tax purposes. According to the New York Times: The plan, which applies to victims …
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Do You Need a Revocable Living Trust?
I was at a networking event today, and I was talking with a guy in his twenties — healthy, unmarried, no children, minimal assets and minimal debt. He said he wanted to talk to me about me doing a "revocable living trust" for him. When …
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Feds to Seize Madoff’s (and his Wife’s) Assets
Although I’m sure that it is of little comfort to his victims who had their lives ruined (and there are quite a few of them here in South Florida), the United States Government has filed a notice of intent to seek the forfeiture of not …
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Review (and revise) Your Estate Plan After a Signficiant Change in your Finances
There was a short article yesterday in the Bristol (CT) Press by Connecticut Attorney Daniel O. Tully pointing out that "If your finances have changed markedly since you wrote your will, you should check your estate plan to see if you need to make any …
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Estate Planning is about Planning for disability as well as death
In my previous post, I discussed why a Will is essential for almost everybody, so that a person can decide how his property is disposed of upon his death, instead of having the State decide for him, per a preset list of rules. And while planning …
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Don’t let the state decide how your property is disposed of upon your death
I meet people all the time — single people, married people, with and without children who have none of their estate planning documents in place. There are a number of reasons as to why people don’t get their documents in order — worry about the …
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Update: Court Stays out of Anna Nicole Smith Case
Just a quick update to my earlier post on Anna Nicole Smith’s attorneys petitioning the Supreme Court to intervene in their case. According to Howard Bashman’s How Appealing Blog, the AP is reporting that ""Supreme Court Justice Anthony Kennedy has turned down a plea for …
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Charitable IRA Contributions Still Available in 2009 (Even Though RMDs Aren’t Required)
The year 2009 is shaping up to be interesting when it comes to making decisions regarding your IRA. First, despite the mini-rally of the past four days, the market is still at a longtime low. But second, there are two unique and temporary laws that …
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Jon Stewart vs. Jim Cramer
One of the greatest issues facing estate planners today is the vast decline in so many of our clients’ wealth. This is especially true in South Florida where the real estate market has collapsed, and Bernie Madoff’s clients abound. The list of people whose "fault" …
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Time Magazine: Another Victim of the Ponzi Schemers: The IRS
Time magazine published an article today discussing what many tax attorneys and CPAs had already been discussing amongst themselves on internet listservs and at wild and crazy tax attorney/CPA parties for the past few months — the massive amount of tax refunds that are going …
