Beginning on July 1, 2017, a new Uniform Power of Attorney Act (the “UPOAA”) will apply to most written, general, financial Powers of Attorney (“POAs”) created by individuals in Georgia. This Newsletter is Part 1 of our 3-part series on the UPOAA. Part 1 covers all aspects of the UPOAA other than the power provisions, Part 2 will cover the power provisions, and Part 3 will review the Statutory Form [...]
As I type, I am sitting in the New Orleans airport waiting for my flight home. I have just attended the 11th Annual Conference of the Academy of Special Needs Planners, and my brain is spinning with new information and new ideas as to how I can apply those ideas to my clients. I feel charged with energy, enthusiasm and renewed purpose and vision.
In the legal profession, precedent is a key pillar of litigation. Cases are almost always stronger when an attorney can establish precedent—a prior court decision or other proceeding that serves as authoritative support for a particular argument. Precedent comes in many forms, but
NEWS ALERT: Another Important IRS Filing Due by May 1, 2017, for Those Involved with Conservation Easements (IRS Notice 2017-10)
The Internal Revenue Service (IRS) has moved to put a yield sign in front of anyone wanting to invest in a syndicated conservation easement to gain a charitable tax deduction and, in this regard, has issued a Notice which retroactively applies to transactions entered into on or after January 1, 2010. The Notice states that the described type of transactions, or any substantially similar to it, will be considered as [...]
Big Changes Are Coming To The GA Trust Code, But Likely Not Until July 2018! (Originally Published March 2017 & Updated May 2017)
By Richard Morgan Many state legislatures over the last decade or so have been on a mission to modify state laws to become more friendly as to estate and trust laws. These changes have included, among others, the extension of the rule against perpetuities safe harbor from 90 years to either 360 years or longer, or a total termination of the rule (which effectively extends the number of years a [...]
NEWS ALERT: Important IRS Filings Due by May 1, 2017, for Those Involved with Micro-Captive Insurance Companies (IRS Notice 2016-66, as Modified by IRS Notice 2017-08)
The IRS has moved to put a yield sign in front of anyone creating or utilizing a micro-captive insurance company under IRC Section 831(b) by designating all (or mostly all) such micro-captives created on or after November 2, 2006, as transactions of interest which have significant notice requirements. These include the need for captive owners to file IRS Forms 8886 and every material adviser, which is anyone involved in a [...]
The IRS recently published IRS Information Letter 2016-0071. This Information Letter discusses rules that apply to anyone who has inherited an IRA account or other tax-deferred retirement savings account (which we will collectively refer to as “IRA accounts” for convenience in this post), and who is not the surviving spouse of the original IRA account owner (a “non-spouse beneficiary”). These rules are the Required Minimum Distribution (“RMD”) rules, and they [...]
NEWS ALERT: The IRS Just Confirmed That a QTIP Election Can Be Used With a Portability Election, Answering a Question That Has Existed Since 2010
The IRS recently answered a question that has existed for nearly six years now: whether Revenue Procedure 2001-38 would end up preventing the intentional use of a QTIP trust as part of planning aimed at using the new portability election to have a deceased spouse's Basic Exclusion Amount transferred to a surviving spouse.
The Not-So-Obvious Reasons that Estate, Trust, Conservatorship, and Guardianship Related Disputes Are Going to Explode in Number in the Future
Common sense tells us that, as the number of older people in our country increases, the need for estate planning, trust planning, conservatorships, and guardianships will increase. Common sense also tells us that a increase in these matters will tend to result in an increase in the number of disputes related to estates, trusts, conservatorships, and guardianships. However, there are a lot of other factors which will lead to an [...]
Beginning with the 2016 tax year (i.e., for Georgia income tax returns filed in 2017), the 529 Plan contribution income tax deduction for married couples filing jointly has doubled from a maximum of $2,000 per beneficiary account to a maximum of $4,000 per beneficiary account. When considering Georgia's flat 6% income tax rate, this will increase the maximum 529 Plan contribution tax benefit from the current $120 to $240 per [...]