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Older Couples and Divorce
Payment of estate tax is the greatest economic loss faced by elderly couples who divorce. While married, each spouse may leave all or any portion of his or her estate to the surviving spouse, either in trust or outright, free of all estate and gift tax. This marital deduction, coupled with the applicable exclusion amount and prudent estate planning, saves a married couple a substantial amount of federal estate tax, and in some instances all estate tax, allowing more accumulated wealth to pass to their children and grandchildren.
An estate tax is imposed on everything an individual owns on the date of death. The federal estate tax rates for 2007, 2008 and 2009 are 46% of the decedent's taxable estate above the applicable exclusion (a sum of assets each individual can transfer upon death, estate-tax free), of $2 million (2007 and 2008) and $3.5 million (2009). The current law, the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA), provides for repeal of the estate tax in 2010. Commencing Jan. 1, 2011 and thereafter, estate tax rates will revert to the pre-2001 rates of 41% to 50% of the decedent's taxable estate above the applicable exclusion of $1 million. It is anticipated that Congress will pass a bill prior to Jan. 1, 2011 and at least increase the applicable exclusion to the 2009 amount of $3.5 million.
Staying Married vs. Getting Divorced
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Removing Restrictive Covenants In New York
In Rockwell v. Despart, the New York Supreme Court, Third Department, recently revisited a recurring question: When may a landowner seek judicial removal of a covenant restricting use of her land?