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 | 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 | Jan 1, 2011 | News + Trends
With the new year, we have new legislation providing updated Estate, Gift and Generation Skipping Transfer Tax provisions affecting decedents dying between January 1, 2010, and December 31, 2012. Congress has finally given us a long-awaited answer to the question of...
by Manish C. Bhatia | Dec 1, 2010 | News + Trends
In order for a gift to qualify for the annual ($13,000) or lifetime ($1 million) Gift Tax exemptions, it must be a present interest gift. A present interest gift is one in which the beneficiary has an immediate, unrestricted right to the use, benefit, and enjoyment...
