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IRS extends portability deadline for Surviving Spouses to 5 years

July 18, 2022

Since the adoption of “portability,” which allows a surviving spouse to apply a deceased spouse’s unused exclusion amount (DSUE) to the surviving spouse’s gift and estate transfers, the IRS has been flooded with requests to extend the portability filing deadline in estates where an estate tax return was not required, i.e. where the value of the gross estate, adjusted for taxable gifts, fell below the federal exclusion amount for the decedent’s year of death. 

Is Same-Sex Marriage in Jeopardy?

June 27, 2022

The Supreme Court’s decision overturning Roe v. Wade has sent abortion-rights advocates reeling. In a 6–3 opinion, the Court ended a constitutional right that was the law of the land for nearly half a century. The ruling could put other constitutional rights in jeopardy as well. Many in the LGBTQ community are asking, “Is same-sex marriage next?”

Estate and Tax Planning Update – Nov. 19, 2021

November 19, 2021

This morning the House passed the latest version of President Biden’s $2 trillion social spending and climate package today, also known as the Build Back Better Act, but the threat of massive tax…

Perspectives from the Arbitrator: Tips for a Successful Arbitration

June 1, 2021

A misconception has developed that arbitration is no quicker than litigation. However, arbitration can be an effective and efficient alternative to the time consuming and costly process of litigation. The following tips can shed some light on to why arbitration should be a consideration before litigation, and how to effectively use arbitration to a successful resolution of legal issues.

Potential Tax Changes in 2021 Loom Large for Estate Planning

January 7, 2021

The U. S. House of Representatives has retained its Democratic majority, the Senate now tilts blue in large part to a historic assist from Georgia, and Joe Biden’s presidential victory has been certified. Get ready for higher taxes.   

Supreme Court Rules That Title VII of the Civil Rights Act Prohibits Employment Discrimination

June 16, 2020

On June 15, 2020, the United States Supreme Court, by a 6-3 margin, published a historic decision that greatly expands the definition of “sex” discrimination under the federal Civil Rights Act, also known as Title VII.  In Bostock v. Clayton County, Georgia, Justice Gorsuch, a Trump appointee, penned the Court’s majority opinion holding that an employer who terminates an employee due to the employee’s sexual orientation or sexual identity violates Title VII’s prohibition on workplace discrimination because it discriminates on the basis of sex.

Regulation Best Interest: Higher Standards for Broker-Dealers, Strengthened Protections for Investor

February 27, 2020

On June 5, 2019, the U.S. Securities and Exchange Commission (“SEC”) approved a new regulation that requires stock brokers to base their recommendations to investors on what is in an investor’s best interest.  This new higher standard, referred to as “Regulation Best Interest”, is intended to narrow the gap that currently exists between the different standards of care that a broker and an investment advisor must abide by when making recommendations to an investor.  The SEC will begin enforcing Regulation Best Interest on June 30, 2020.   

SEC Imposes New Requirements for Brokers and Advisers in Adoption of Regulation Best Interest

June 19, 2019

On June 5, 2019, the Securities and Exchange Commission (SEC) approved the Regulation Best Interest, setting a higher standard of care for broker-dealers, and their financial professionals, when making a recommendation to a retail investor regarding a securities transaction. The SEC also now requires that both broker-dealers and investment advisers provide the retail investor with a Customer Relationship Summary (Form CRS) to allow the retail investor to compare one financial professional’s services to another.