estate planning lawyer Tag

Real Estate Developers May Be Able to Avoid Gift Taxes When Passing On Developer Units

In February 2016, two Central Park condos owned by then-candidate Donald Trump had an estimated market value of $790,000 and $800,000. In April 2016, Trump sold these condos to his son, Eric Trump, for pennies on the dollar ($350,000 each, to be exact). For most people, this family-friendly sweetheart deal would typically incur hundreds of thousands of dollars in gift taxes. Not so for Donald Trump. Why? Because he was a real estate developer. A real estate owner who sells a piece of property for less than it’s estimated worth typically has to pay gift tax on the difference between the sale...

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New Medicare Benefit – Helping You Make Your Wishes Known

Note: This article is courtesy of DocuBank® Starting this year, Medicare is making it easier for people to have conversations about their medical wishes.  This is good news.  These conversations are important.  They help you think about what’s important to you and help you get the care that you want when it matters most. With the benefit available, now is the time to talk with your lawyer, loved ones and doctor about your wishes, and make sure both have copies of your advance directives (if you do not already have these important documents drafted, schedule a time to meet with your estate planning...

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Get the Most Out of Maryland’s MOLST Form

If you live in Maryland and have a life care plan, you may have heard of something known as a “MOLST” form. If you’ve never heard of this form, have no worries. We’re going to explain exactly what this form is and how to utilize it in your estate plan. What is a MOLST Form? MOLST stands for Maryland Order for Life Sustaining Treatment. A MOLST form signifies written medical orders by a physician or nurse practitioner regarding life-sustaining treatments, according to Miemss.org. The objective is for the MOLST form to be a portable and enduring medical order form that...

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DOMA Decision and the Impact on Estate Planning

In a groundbreaking U.S. Supreme Court decision, United States v. Windsor, the Supreme Court decided that Section 3 of the Defense of Marriage Act (i.e. DOMA) was unconstitutional. To read a summary of the decision, check out this page. Section 3 defined “marriage” to be between a man and a woman for Federal benefits. The result of Windsor is that same-sex married couples will now be treated as spouses for purposes of numerous Federal statutes. With regards to estate planning benefits, the following benefits will now be afforded to same-sex couples. (i.) Deferring income taxes where a spouse inherits a deceased...

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