A group of Princeton University’s neighbors think it should lose its tax exempt status under New Jersey law. In the law suit, Plaintiffs argue that Princeton University violates the provisions of its tax-exempt status because it is earning hundreds of millions of dollars in patent royalty income and is distributing some of that money to… Read More
The IRS has hit the estate of former Detroit Pistons owner, William Davidson, with a $2 Billion tax bill. Yes, that’s a “B”, not an “M” — $2 Billion. William Morse “Bill” Davidson, who died in March 2009 at age 86, was President, Chairman and CEO of Guardian Industries, one of the world’s largest manufacturers… Read More
The American Taxpayer Relief Act of 2012 (“ATRA”) extended the qualified charitable distribution (QCD) provisions through December 31, 2013. In general, distributions from IRAs must be included in gross income in the year in which distribution occurs, and income taxes must be paid on the taxable portion. A qualified charitable distribution (“QCD” or charitable rollover)… Read More
Pennsylvania’s 2013-14 budget passed the legislature and was signed into law by the Governor on July 9, 2013. Tucked away in Section 34 on page 143 of the 165 page Act 52 is a new inheritance tax exemption for qualified family-owned businesses. It states: “A transfer of a qualified family-owned business interest to one or… Read More
James Gandolfini, the actor best known for playing Mafia boss Tony Soprano in the TV show “The Sopranos,” died on June 19, 2013 while on vacation in Italy. He was 51. Gandolfini left a will, but thanks to poor planning and drafting, the IRS will be the biggest beneficiary of his estate. With an estate… Read More
Every one of the 50 states and the District of Columbia have statutes that provide that a will must be in writing. Most of them say it must be signed “at the end”, and many of them require two or three witnesses. Nevada has a ground-breaking statute that permits digital wills, but apparently the software… Read More
The Governor signed a new piece of legislation amending the Probate, Estates and Fiduciaries (PEF) Code on July 1, 2013. See the statute Small Est 50K.pdf. The new statute amends §3101 of the PEF Code allowing a bank, or other financial institution, to pay up to $10,000 directly to a spouse, child, father, mother, sister… Read More
The Defense of Marriage Act (DOMA), signed into law by President Bill Clinton in 1996, prevented same-sex couples whose marriages were recognized by their home state from receiving benefits available to other married couples under federal law. U.S. v. Windsor is the Supreme Court Case that held last week that Section 3 of DOMA was… Read More
Strategic solutions for solo to mid-size firms. Omni Bedford Springs Resort. I will be presenting on “Tax Aspects of the Healthcare Act” and “Probate and Estate Administration for the Solo / Small Practitioner.” Check out the brochure: Solo-Small-Firm-Conference-2013-final.pdf. Hope to see you there!
Philadelphia coin dealer Israel Switt died in 1990. In 2003, 13 years after Switt died, his daughter and grandsons drilled open a safe deposit box in Switt’s name and found 10 rare gold coins. The coins were 1933 Saint-Gaudens double eagle $20 gold coins and were valued at approximately $80 million. The coin is named… Read More