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 | 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 | Jan 31, 2011 | News + Trends
On January 13th, Illinois Governor Pat Quinn signed into law the Taxpayer Accountability and Budget Stabilization Act (the “Act”)—legislation that received significant national attention due to the 66% increase in state income tax. However, the Act also addressed the...
