The Truth About Gift Tax

true <p>One of the most common areas of confusion with respect to estate planning is gift tax. Gifts are made for a myriad of purposes, including celebrating occasions, helping a child or other family member, protecting assets from potential nursing home costs or even reducing an estate for estate tax purposes. Gifts are often made without the realization that certain gifts must be reported to the government via a gift tax return. When taxable gifts have been made, the gift tax return must be filed by April 15<sup>th</sup> of the following year – i.e. along with your income tax returns.<br /><br />Massachusetts does not impose a gift tax regardless of the amount that has been given away. For Massachusetts residents, tax is imposed only by the federal government. That being said, most people believe that they can gift $10,000 per year without reporting it. In fact, the annual exclusion amount is based upon the Consumer Price Index, and the exclusion has increased gradually from $10,000 in 1997 to $13,000 in 2009. Recently, the Internal Revenue Service announced that the 2010 gift tax annual exclusion will remain at $13,000. This means that an individual can give up to $13,000 to as many people as desired in 2010, and there is no requirement to file a gift tax return reporting the gifts. A married couple can gift $26,000 to as many individuals as desired, as each spouse receives their own exclusion. If no gift tax return is required, then obviously no gift tax will have to be paid.<br /><br />You may read more at the link below. </p> <p>Gina M. Barry, Esq.</p>

2010-03-10T21:23:53Z

416 /var/www/bacon-wilson.com/public/publication/image/416/GMB-1-08web.jpg March 2010 /var/www/bacon-wilson.com/public/publication/pdf/416/3-10GiftTax.pdf 398

2010-03-01

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Prime The Truth About Gift Tax

2010-03-10T22:05:20Z

the_truth_about_gift_tax true <p> </p> <div>Do you remember the day that you received your driver’s license? Most people experienced a rush of excitement and a sense of freedom that they can clearly recall many years later. Now imagine losing this mobility and freedom... or even worse, being the one who has to inform an elderly driver that their driver’s license should be limited or even taken away. </div> <div>The thought of having this often awkward and painful conversation tempts loved ones to procrastinate; however, adequately preparing for this conversation with an elderly driver who poses a danger to himself and others, and understanding the resources available to both you and the loved one, can facilitate what otherwise can be an extremely traumatic experience.</div> <div>It is important to recognize that everyone ages differently. As such, age alone should never be a dispositive factor in determining whether or not an elder has the requisite capability to drive. However, there is no denying that a person’s physical and cognitive abilities often deteriorate with age. As we age there is a greater likelihood of becoming inflicted with chronic diseases such as arthritis, dementia and hearing impairment. In addition, elderly people are more likely to be injured than younger people in similar automobile accidents. </div> <div>You may read more at the link below.</div> <p>Todd C. Ratner, Esq.</p>

2010-03-10T21:34:11Z

417 /var/www/bacon-wilson.com/public/publication/image/417/TCRweb.jpg February 1, 2010 /var/www/bacon-wilson.com/public/publication/pdf/417/2-1-10ElderlyDrivers.pdf 399

2010-02-01

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BusinessWest Elderly Drivers: an Age-old Problem - How To Tell Your Loved One That It’s Time to Hand Over the Keys

2010-03-10T22:05:08Z

elderly_drivers_an_age-old_problem_-_how_to_tell_your_loved_one_that_its_time_to_hand_over_the_keys true   <p>Times have changed, and many committed couples are now choosing to delay marriage, sometimes indefinitely. Although they are not married, they present themselves as a married couple would. They live together. They raise children together. They share their assets and their debts. While this arrangement may allow the happy couple to live in bliss while each partner is alive and well, trouble begins when one or both of the partners lose their competency or pass away. Your partner, which is essentially a boyfriend or a girlfriend, does not have the same legal rights as would your husband or wife. In fact, their legal rights are usually no more than a stranger would have. Fortunately, with proper planning, you can provide your partner with appropriate legal rights even if you are not married.<br /><br />The first potential issue to be addressed is incapacity. If you lose your capacity, your partner will have no power to handle your financial affairs unless you have executed a valid Durable Power of Attorney. A Durable Power of Attorney i...</p> <p>You may read more at the link below.</p> <p>Gina M. Barry, Esq.</p>

2010-01-14T22:42:15Z

409 /var/www/bacon-wilson.com/public/publication/image/409/GMB-1-08web.jpg February 2010 /var/www/bacon-wilson.com/public/publication/pdf/409/2-10ForTheLove.pdf 392

2010-02-01

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Prime For the Love of Your Partner . . . Plan Now

2010-03-09T21:32:51Z

for_the_love_of_your_partner_plan_now_2 true <p>The close of 2009 has brought about several developments in employment law that have had an impact on claims involving disability and sex discrimination under Massachusetts law and federal law. While the facts outlined below may be similar to something experienced in your own business, it is critically important that your review the facts of any particular employment decisions with employment counsel to assure a proper analysis.</p> <div>Employers in Massachusetts must comply with both state and federal law. The federal courts are empowered to handle claims under federal Law and Massachusetts Law when the claims are brought together. Typically, the laws are very similar so this case law can be helpful in guiding employers. </div> <div>In Sensing vs. Outback Stake House of Florida, the First Circuit Court of Appeals examined the issue of constructive discharge. In this case, the court found that the plaintiff had established facts demonstrating that she was constructively discharged when her employer modified her work schedule, making it impossible for her to comply despite her disability. </div> <div></div> <div>In addition, regardless of the schedule modification, the court found that the employer engaged in discriminatory action when it removed the employee from her work schedule after...<br /><br /> </div> <div>You may read more at the link below.</div> <p>Kevin V. Maltby, Esq.</p>

2010-03-10T22:14:54Z

418 /var/www/bacon-wilson.com/public/publication/image/418/KVMweb.jpg February 1, 2010 /var/www/bacon-wilson.com/public/publication/pdf/418/2-1-10CasesInPoint.pdf 400

2010-02-01

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BusinessWest Cases in Point - 2009 Disability and Discrimination Lawsuits Provide Powerful Lessons

2010-03-10T22:19:44Z

cases_in_point_-_2009_disability_and_discrimination_lawsuits_provide_powerful_lessons true <p>Imagine that your spouse or parent is in an accident or develops an illness that renders them incapacitated.  Certainly, you would be dealing with worry and fear due to their situation, and you would most likely want to do all that you could to assist them.  Unfortunately, when adults lose capacity to make their own decisions, if they do not have the proper documents in place, it is necessary to petition the court to have a guardian and/or conservator appointed.  In order to have a guardian and/or conservator appointed, the court must first declare the incapacitated person to be incompetent.  While guardianship and conservatorship laws have existed in the Commonwealth for many years, the laws changed dramatically with the enactment of the Uniform Probate Code ("UPC") on July 1, 2009.<br /><br />Recently, the Probate Court has endured harsh criticism.  Many felt that guardianships and conservatorships were obtained too easily and that there were not enough due process protections in place for the incapacitated person.  With the enactment of the Uniform Probate Court, additional safeguards have been put in place to protect the incapacitated person and to ensure that their rights are protected throughout the process.  While this is beneficial to the incapacitated person, it means additional time, expense and consternation for the petitioning party.<br /><br />Prior to the UPC, a guardian could be appointed...</p><p> </p><p>You may read more at the link below. </p> Gina M. Barry, Esq.

2010-01-15T01:10:00Z

411 /var/www/bacon-wilson.com/public/publication/image/411/GMB-1-08web.jpg January 2010 /var/www/bacon-wilson.com/public/publication/pdf/411/1-10WholeNewWorld.pdf 394

2010-01-01

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Healthcare News A Whole New World - Navigating the Uniform Probate Code

2010-01-15T01:10:00Z

a_whole_new_world_-_navigating_the_uniform_probate_code