In February of 2019, Barnes Law Firm, P.A., as counsel for the trustees, was successful in its arguments to have the children declared the proper beneficiaries of the trust based on the intent of the deceased.

The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020.

As I have told my clients, “if you want a good result in March or April of the following year, you need to work on getting that result in the prior calendar year.” What many people fail to realize is that you make history from January 1st to December 31st. You merely record it on March 15th and April 15th of the subsequent year.

Based on the studies that we are seeing, approximately 40% of the wealth in this country will transition from the baby boomers to the next generation. By and large, most of these individuals are ill-prepared to transfer this wealth either because they have done no planning to do so, or it is very difficult to transfer it. 

In a unanimous decision, the United States Supreme Court has ruled states cannot utilize a beneficiary’s residence, alone, to subject undistributed trust income to state income tax.