by Manish C. Bhatia | Nov 3, 2011 | News + Trends
As the end of the calendar year approaches, it is important to take advantage of the annual Gift Tax exemption, which expires on December 31st and cannot be carried forward. If you are making gifts directly to your beneficiaries, it is crucial that such gifts be made...
by Manish C. Bhatia | Nov 3, 2011 | News + Trends
It seems outrageous that the estate of one of the wealthiest men in the world, with an estimated net worth of $7 billion,1 likely will not owe any estate tax, but your estate might receive a hefty tax bill from your State and Federal governments. However, this is not...
by Manish C. Bhatia | Nov 3, 2011 | News + Trends
The United States Tax Court has issued a stunning decision regarding the notice requirement for present interest gifts. As discussed in the December 2010 Newsletter, a present interest gift is one in which the beneficiary has an immediate, unrestricted right to the...
by Manish C. Bhatia | Oct 1, 2011 | News + Trends
On June 1st of this year, the Illinois Religious Freedom Protection and Civil Union Act(the “Act”) went into effect and the State of Illinois began recognizing Civil Unions. As a result, members of Civil Unions should enjoy the same protections and benefits allowed...
by Manish C. Bhatia | Sep 1, 2011 | News + Trends
According to a recent survey by Harris Interactive, people despise addressing their estate planning needs so much that one-third of those participating in the survey would rather do their taxes, get a root canal, or give up sex for a month rather than create or update...
