Feb 21, 2012
Posted by vanderhave in Blog - "Altman Speaks"
Who’s On First?
The government’s handling of Hal Steinbrenner’s tax refund was about as smooth as Abbot explaining to Costello the lineup for the St. Louis Wolves. In 2009, Hal Steinbrenner, son of George Steinbrenner and co-owner of the New York Yankees, filed an amended 2001 tax return in which he sought a... Read More
Feb 17, 2012
Posted by vanderhave in Blog - "Altman Speaks"
Discretion is the Better Part of Valour
In the great majority of our trusts, you will see the terminology “as the Trustees shall deem advisable, in their sole and absolute discretion.” These words reference the power granted to Trustees to make distributions to beneficiaries based on their sole and absolute discretion. While this... Read More
Feb 15, 2012
Posted by vanderhave in Blog - "Altman Speaks"
Proposed 2013 Budget Calls for Comprehensive Tax Reform
The President’s proposed budget for 2013, issued this week, would permanently restore the estate tax rates to those that were in effect in 2009 and restrict some popular strategies used to shift assets to future generations. Below is a break down of the proposed estate and gift tax... Read More
Feb 14, 2012
Posted by vanderhave in Blog - "Altman Speaks"
If Form 706 is Not Timely Filed, Portability Election May Still Be Possible
As explained in earlier blogs, until December 31, 2012 (or sooner or later depending on Congressional action), decedent’s estates are able to elect portability of the estate tax exemption between spouses. In order to claim the benefit of portability, a timely filed estate tax return (Form 706)... Read More
Feb 13, 2012
Posted by vanderhave in Blog - "Altman Speaks"
The Evolution of IRA’s: Why Designating the Right Beneficiary is Only the Beginning
In a recent blog, “The Importance of IRA Distribution Planning,” extensive analysis was provided as to the importance of naming a trust as an IRA beneficiary rather than any one individual, especially a minor child. A common misconception is that when assets are transferred to an IRA and the... Read MoreConnect with us!
