by Manish C. Bhatia | Aug 1, 2011 | News + Trends
The Gift Tax was first enacted in 1924 to prevent individuals from making deathbed gifts in order to avoid the Estate Tax. Today, there is $13,000 annual exemption from the Gift Tax which allows any individual to give any other individual up to $13,000 per year...
by Manish C. Bhatia | Jul 2, 2011 | News + Trends
I will be hosting EP Café on Saturday, July 16, at Café Mozart in Evanston from 10:00 a.m. to 2:00 p.m. You are welcome to come by, have a cup of coffee and have your Estate Planning questions addressed in a friendly, casual environment. There is no fee and no...
by Manish C. Bhatia | Jul 1, 2011 | News + Trends
An issue that arises when gifting specific property by Will or Trust is whether the beneficiary is entitled to anything if the property is sold prior to the giftor’s death. The doctrine of “ademption” provides that a bequest may only be satisfied with the specific...
by Manish C. Bhatia | Jul 1, 2011 | News + Trends
As discussed in the January 2011 Newsletter, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the “Act”) applies to the estates of decedents through 2012. As a first step towards progress beyond 2012, President Obama’s proposed...
by Manish C. Bhatia | May 31, 2011 | News + Trends
One of the most important features of Estate Planning is to give individuals of your choosing the power to make decisions for the benefit of yourself and your loved ones if or when you are unable to do so. The alternative to such planning is to allow the courts to...
