Blog - "Altman Speaks"

Legislative Alert - Transferring Certain Firearms into Your Gun Trust

If you own firearms, precisely one with an attached stabilizing brace or pistol brace, consider transferring the firearm to a Gun Trust as soon as possible. The Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF) recently published a new rule that regulates the possession of firearms with such a brace. The rule will reclassify such […]

Hiring a Professional to Be Your Trustee

I am often asked during the estate planning process by clients, whom do we name as trustee? Choosing a trustee to manage your estate is one of the most important estate planning choices you must make. An executor’s responsibilities deal with the execution of your will. A trustee has responsibilities for the execution of the […]

Withholding on Distributions to Foreign Beneficiaries of U.S. Estate Six-Step Process

Determining the U.S. tax to be withheld on distributions made to foreign beneficiaries of U.S. estates requires consideration of several factors. These six steps can help fiduciaries in navigating this process. One: Determine the Tax Status of the Beneficiary This step entails confirming that the Beneficiary is in fact a nonresident alien (NRA) and not […]

I am asked this question often as an Estate Planning Attorney

What is Revocable Trust? Is it the Same as a Living Trust? A revocable trust, a living trust, and or a family trust are all terms used in estate planning that mean the same thing. You are often called the grantor who transfers your assets into the name of the trust, naming yourself as trustee. […]

December is the perfect time to discuss your philanthropic goals in your estate plan.

It’s the time of year, the Holidays when 30% of all charitable giving takes place. A steady increase in gifts has occurred, 18% since 2018, even with the increase in the standard deduction under the Tax Cuts and Jobs Act. Recently Wealth Management Magazine examined the gifting activities of 1,000 private foundations with assets between $1 […]

Donors To Donor Advised Funds Beware

A recent case in the US District Court for the Northern District of Texas upheld the IRS’s denial of a charitable deduction stemming from the donation of interest 1 in a Limited Partnership. The partnership donated to a Donor Advised Fund violated the contemporaneous written acknowledgment (“CWA”) requirement for donations to Donor Advised Funds. 2 […]

“Taxachusetts” Strikes Again!

Massachusetts voters recently passed the so-called “Fair Share Amendment” or “Millionaires Tax” to amend the state constitution. This new rule imposes a 4% additional tax on incomes over $1 million (as indexed for inflation). This brings the total state tax to 9%. It is important to note that windfall gains and irregular income, such as […]

International Tax Series Part 4: Reporting Obligations of Superannuation Accounts

Having an Australian superannuation account can create additional U.S. tax and reporting obligations for an Australian who is a “United States Person” (generally, a U.S. citizen, tax resident, or green card holder). In this Part 4, we consider some IRS forms that may need to be included with the U.S. Tax Return of a “United […]

Update: IRS Releases Inflation Adjustments for 2023

Inflation is hitting Americans hard. Recently, the consumer price report showed an increase of up to 8.2 % compared to a year ago. Every year the IRS adjusts for next year’s taxes. The increases are part of the government’s annual inflation changes affecting income tax brackets, standard deductions, estate tax, and many other provisions. Inflation […]

Is Your Estate Plan Complete? Have you Considered These Points?

Roughly two-thirds of Americans do not have an estate plan, according to a recent survey from Caring.com. 1 If you are among the minority of US adults who have prepared a will, living trust, and other end-of-life documents, you may think that your estate plan is settled. But think again. An estate plan is a […]

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