by Manish C. Bhatia | Aug 1, 2010 | News + Trends
With the Federal estate tax legislation stalled, Senator Robert Casey (D-PA) has added a provision to the “Extend COBRA Premium Assistance Program Act of 2010” to require a minimum 10-year term for Grantor Retained Annuity Trusts (GRATs). The bill was referred to the...
by Manish C. Bhatia | Aug 1, 2010 | News + Trends
On July 13, 2010, former New York Yankees owner, George M. Steinbrenner III, passed away, leaving behind his wife, four children and an estate estimated to be worth $1.1 billion (Forbes). Based on this estimate, Steinbrenner’s estate is potentially saving...
by Manish C. Bhatia | Jul 1, 2010 | News + Trends
A Pourover Will is a document that pours all of the creator’s assets into his or her Trust at death. The Trust document then controls the distribution of the assets. Proper funding of a Revocable Living Trust during the individual’s life is important, but the...
by Manish C. Bhatia | Jul 1, 2010 | News + Trends
On March 18, President Obama signed the Hiring Incentives to Restore Employment (HIRE) Act into law, which includes several unrelated provisions intended to generate revenue. Consistent with the increased scrutiny on foreign investments that we saw in 2009, the HIRE...
by Manish C. Bhatia | Jul 1, 2010 | News + Trends
Senator Bernie Sanders (I-VT) introduced an Estate Tax bill on Thursday, June 24, with a new twist: the Billionaire’s Surtax. The bill, which is co-sponsored by Senators Sheldon Whitehouse (D-RI), Tom Harkin (D-IA) and Sherrod Brown (D-OH) and would be retroactive to...
by Manish C. Bhatia | Jun 1, 2010 | News + Trends
It is common practice for one spouse to name the other as his or her agent for health care and property, but what happens to those Powers of Attorney if the couple gets divorced? The Illinois legislature has provided a direct answer for this situation. Section 2-6(b)...
