Pursuant to IRS Revenue Procedure 2016-55, the 2017 Estate, Gift and GST Tax
exemptions are as follows:

A. Estate Tax

• The maximum Estate tax rate will be 40%. I.R.C. §2001.
• The Estate tax exclusion amount for year 2017 is increased to $5.49 million (adjusted annually for inflation).  I.R.C. §2010.

B. Gift Tax

• The maximum Gift tax rate will be 40%. I.R.C. §2502(a).
• The annual Gift tax exclusion amount for 2017 remains at $14,000 (adjusted annually for inflation).  I.R.C. §2503(b)(2).
• The annual Gift tax exclusion amount to a non-U.S. citizen spouse for 2017 is increased to $149,000 (adjusted annually for inflation).  I.R.C. §2503 and §2523(i)(2).
• The lifetime Gift tax exclusion amount for year 2017 is increased to $5.49 Million (adjusted annually for inflation).

C. Generation-Skipping Transfers (GST) Tax

• The maximum GST tax rate will be 40%.
• The GST tax exclusion amount for year 2017 is increased to $5.49 Million (adjusted annually for inflation).

We just completed a long, tumultuous presidential election, and the only thing that remains certain still is death and taxes. To a great extent, we do not know if and how a Trump presidency will affect the federal tax system. President-elect Trump campaigned on the promise of lowering the top corporate tax rate from 35%, to 15%. He also promoted the idea of allowing owners of small businesses the option to elect a flat tax of 15% on pass-through income. Read more…

As an experienced estate planning and elder law attorney, I regularly assist clients who are preparing to incur the significant costs associated with receiving adequate medical care for our senior citizens. Read More…

Revocable Living Trust Agreements (“Trusts”) offer many additional op- tions and benefits in comparison to other methods of wealth transfer at death… Read more

Real estate is often one of the most valuable assets owned by individuals or businesses. As such, it is important to be familiar with various forms of ownership to determine how best to protect against lawsuits and nursing home costs,transfer the property most efficiently to heirs, to reduce or eliminate taxation at death. This brief outline can provide a very basic introduction to terms and concepts in this very complex area of law that affects nearly every one of us on a daily basis.

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The first step for business owners is to develop a comprehensive estate plan. A comprehensive estate plan includes a Last Will and Testament, Revocable Living Trust, Durable Power of Attorney (for financial affairs) and Patient Advocate Designation (for medical affairs). The estate plan will also consider current tax laws.

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As an experienced estate planning and elder law attorney, I regularly assist clients who are preparing to incur the significant costs associated with receiving adequate medical care for our senior citizens. Further, I regularly witness the great concern that my senior citizen clients and their families experience when a loved one falls ill and is in need of an extended nursing home stay.

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Dedicated to his faith, family, and profession, the D Profile recognizes George Fekaris, Partner of Morello Law Group, P.C. as one of our 2015 Men of Distinction.

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Asset protection (a fancy way of saying methods to protect your money and assets) is something that is on everyone’s minds. I constantly find that people want to know how they can protect their money from future creditor claims. They also want to know how they can ensure that their retirement “nest egg” will remain secure as they get older. Lastly, many want to feel confident that the money and assets they will be leaving to their children will also be protected. With these issues in mind, I have put together a brief list of asset protection and estate planning issues that you should think about to help you protect your money.

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Real estate is often one of the most valuable assets owned by individuals or businesses. As such, it is important to be familiar with various forms of ownership to determine how best to protect against lawsuits, nursing home costs, transfer the property most efficiently to heirs, and to reduce or eliminate taxation at death. This brief outline can provide a very basic introduction to terms and concepts in this very complex area of law that effects nearly everyone of us on a daily basis.

Read the full article