On July 4, President Trump signed into law the “One Big Beautiful Bill Act” of 2025. The legislation is 1,018 pages in length, and therefore certainly can be described as big. There is only one way in which this voluminous bill impacts estate planning. Effective January 1, 2026, 1 the estate and gift tax exemption […]
Spring is finally here. The grass is green, the trees are budding, and Mother’s Day is this Sunday. It also means that my portable television can now be transported outside, where I can enjoy streaming baseball games by our backyard firepit. My portable television is more useful to me now, in May, then it was […]
In the iconic comic strip, Peanuts, Charlie Brown is repeatedly invited by Lucy Van Pelt to kick a football held to the ground by her, ostensibly ready for Charlie’s strong kick. Each time, the football is withdrawn by Lucy at the last moment, causing Charlie to whiff on his kick, leaving Charlie on the ground, […]
The late comedian Bob Newhart was famous for his fictional one-sided telephone comedy routines. In the spirit of the Newhart one-sided telephone call, imagine the following one-sided call, heard from the perspective of a father calling his adult son. Hi Son. Yes, Dad here, how are you? Great. Good to hear. Hey, listen, my attorney […]
The Veritage Law Group recently enjoyed an “escape room” experience as part of our annual Christmas Party. Our group “escaped” the room after successfully solving the various riddles. While none of us are particularly adept at such riddle games, we regularly advise clients attempting to “escape” estate taxes on behalf of their children at death. […]
Our family has been amazed by the athleticism currently on display in the 2024 Summer Olympic Games. While the precise movements differ between events, one attribute common among them is that their legs or arms (or both) move much quicker than mine. To win a medal, an athlete must move at least as rapidly as […]
Compared to world events expected to occur in 2024, upcoming tax law changes are, admittedly, relatively tame. Perhaps you are looking forward to the Paris Summer Olympics, or hold guarded optimism about your child or grandchild’s big game or musical performance. You certainly know about the newest season of your favorite streaming television show. You […]
This was a great Thanksgiving, but who will host Thanksgiving next year? Based on calls we receive from clients in the weeks following Thanksgiving, we know that home and cabin ownership planning is a common discussion topic during Thanksgiving. In this month’s update, I provide a brief overview of a Qualified Personal Residence Trust (“QPRT), […]
The IRS announced last month that it plans to increase audits of wealthy individuals and partnerships, with a special focus on the seventy-five largest partnerships. According to the IRS announcement, the purpose of the audits will be to, “identify sophisticated schemes intended to avoid taxes.” In response to this IRS announcement, in this month’s update […]