Blog - "Altman Speaks"

Technology Allows Caretakers to Keep Tabs on Aging Family Members

Leaving elderly or disabled loved ones alone for any amount of time can be a nerve-wrecking ordeal. Will they fall? Will they eat? Will they remember to take their medication? Is it time to bring someone in to help or find an assisted living facility? These are just a handful of the questions plaguing caretakers […]

Death, Taxes, and Uncertainty

We all know Ben Franklin’s quote about the certainty of death and taxes, but for at least one family in Connecticut, the death taxes were not certain enough. In May of 2011, the Connecticut legislature passed a law lowering the amount of estate tax that a Connecticut estate would owe the state from $3.5 to […]

Back to Square One: Court of Appeals Dismisses Case for Lack of Jurisdiction

It is not rare that our office is contacted by individuals looking for guidance on their rights as a beneficiary to a trust. Similarly, we often have beneficiaries requesting a variety of information from our clients who are trustees. We often advise our clients that transparency is always the best course of action. Furthermore, it […]

Who's On First?

The government’s handling of Hal Steinbrenner’s tax refund was about as smooth as Abbot explaining to Costello the lineup for the St. Louis Wolves. In 2009, Hal Steinbrenner, son of George Steinbrenner and co-owner of the New York Yankees, filed an amended 2001 tax return in which he sought a $670,000 tax refund because the […]

Discretion is the Better Part of Valour

In the great majority of our trusts, you will see the terminology “as the Trustees shall deem advisable, in their sole and absolute discretion.” These words reference the power granted to Trustees to make distributions to beneficiaries based on their sole and absolute discretion. While this may seem restrictive, in that it creates a barrier […]

Proposed 2013 Budget Calls for Comprehensive Tax Reform

The President’s proposed budget for 2013, issued this week, would permanently restore the estate tax rates to those that were in effect in 2009 and restrict some popular strategies used to shift assets to future generations. Below is a break down of the proposed estate and gift tax changes: Restoration of 2009 levels. The estate, generation-skipping […]

If Form 706 is Not Timely Filed, Portability Election May Still Be Possible

As explained in earlier blogs, until December 31, 2012 (or sooner or later depending on Congressional action), decedent’s estates are able to elect portability of the estate tax exemption between spouses. In order to claim the benefit of portability, a timely filed estate tax return (Form 706) must be filed, even if the decedent’s estate […]

The Evolution of IRA’s: Why Designating the Right Beneficiary is Only the Beginning

In a recent blog, “The Importance of IRA Distribution Planning,” extensive analysis was provided as to the importance of naming a trust as an IRA beneficiary rather than any one individual, especially a minor child. A common misconception is that when assets are transferred to an IRA and the proper beneficiary is designated, the planning is […]

The Super Bowl, Caribbean Style

For the past several winters, my wife, Liz, and I have taken a cruise to the Caribbean in order to get out of the cold and recharge our batteries. This year, for a change of pace, we went to beautiful island of St. Thomas, US Virgin Island for a few days of sun and relaxation. Not only did we sleep on the beach and by the pool, […]

Proposed Changes in Senate Could Impact / Eliminate Stretch IRAs

Senate Finance Committee Chairman Max Baucus (D-Mont.) yesterday announced he will release a modified Chairman’s Mark of The Highway Investment, Job Creation and Economic Growth Act of 2012 ahead of the Committee’s consideration of the bill. The modified mark will incorporate amendments and altered revenue proposals from both parties to build broad support. One of […]

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Recent Posts

Don’t Take the Money and Run: Winning the Lottery or Receiving a Large Inheritance Can Be a Losing Proposition Without Proper Planning

Not Your Father’s Record Collection: Passing on Music in a Digital World

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Happy Labor Day!

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