February 17, 2015 |
Malcolm Butler Gets MVP Truck… and the Tax Consequences
A Chevrolet truck presented to Tom Brady for recognition as the New England Patriot’s MVP during the Super Bowl will instead pass to his teammate, ...
Learn MoreMalcolm Butler Gets MVP Truck… and the Tax Consequences
A Chevrolet truck presented to Tom Brady for recognition as the New England Patriot’s MVP during the Super Bowl will instead pass to his teammate, Malcolm Butler. If Brady had received the truck and decided to pass it on to Butler as a gift, the vehicle valued at $35,000 may have created a taxable income event for Brady. If Brady has already exceeded his lifetime gift giving under the tax code, he, too, would have been in the midst of a taxable event.
Butler will be responsible for paying the income taxes linked to receiving the vehicle instead. The idea was spurred when Brady told a Boston radio station shortly after the Super Bowl that he’d like to give the vehicle to Butler, a rookie player who helped the Patriots earn their big win with his interception of Russell Wilson’s goal-line pass.
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February 16, 2015 |
Whitney Houston’s Estate in Question
The sole heir to Whitney Houston’s estate, Bobbi Kristina Brown, has been in a medically-induced coma since the end of January. The $20 million worth ...
Learn MoreFebruary 13, 2015 |
Mork from Ork – RIP; Obama’s foot down on Tax ‘Step Up’; ‘SUCCESS’ion Planning and Medicaid Mistakes (This Week’s Blog Summary)
Hear Neel Shah, Managing Attorney of the Law Firm of Shah & Associates, P.C. describe the highlights of this weekly Blog Posts. For the ...
Learn MoreFebruary 13, 2015 |
What Are the Responsibilities of A Successor Trustee?
When a trustee becomes incapacitated or passes away, a successor trustee takes their place. In addition to managing the duties held by the previous trustee, ...
Learn MoreFebruary 12, 2015 |
Why is Succession Planning a “Must” For Business Owners?
In the wake of the last recession and an increase in competition throughout many markets, businesses can do a lot for themselves by planning ahead ...
Learn MoreFebruary 11, 2015 |
Medicaid Qualification Mistakes: Spending Down Errors
When your loved one is preparing to enter a nursing home, you may do some research on your own or even consult with a financial ...
Learn MoreFebruary 10, 2015 |
Obama Suggests Ending “Step Up” For Capital Gains Tax
During the State of the Union address, Obama suggested a proposal to end the “step-up” provision for capital gains taxes. Although this would require the ...
Learn MoreFebruary 9, 2015 |
Robin Williams Estate Shows Importance of Detailed Planning
Susan Schneider, the widow of Robin Williams, is taking the children from Williams’ prior marriage to court, arguing that they have been removing property from ...
Learn MoreFebruary 6, 2015 |
Avoiding a Financial Catastrophe From a Failed Second Marriage
Second marriages can be rewarding and fulfilling, but they can also introduce a whole new spectrum of financial problems if they don’t work out. Thankfully, ...
Learn MoreFebruary 5, 2015 |
Family Business Owners Positive About Performance, Concerned About Succession Plans
A new study shows that the majority of families with a business don’t have a successor in place and that many parents are not even ...
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