Estate and Elder Law

Recent Posts

Properly Reporting Gifts
Posted on 8 Jun 2012 by John Dedon

As 2013 approaches, there will be a flurry of activity by wealthy individuals seeking to take advantage of a gift tax exemption of $5,120,000, that will decrease to only $1 million in 2013. Taxpayers often gift closely held business interests or real... Read More

Tags: adequate disclosure , statute of limitations , IRC 6501 , Gifts , John Dedon , gift taxes , gift tax return

John Dedon On Estate Planning: 1031 Exchanges And End Of Year Planning
Posted on 5 Nov 2014 by John Dedon

My partner, David Lawrence, is an expert on Section 1031 tax-free exchanges involving investment real estate. His thoughts regarding end of year planning and the advantages of 1031s is below. Tax Straddling When Selling Investment Property Between... Read More

Tags: estate law , 1031 Exchanges , John Dedon , Estate Planning

Virginia Self-Settled Asset Protection Trusts
Posted on 18 May 2012 by John Dedon

Effective July 1, 2012, Virginia will be the 13 state to allow self-settled Asset Protection Trusts. Self-settled Trusts allow an individual to transfer assets to a Trust, protect the transferred assets from lawsuit and the transferor's creditors... Read More

Tags: Trusts , John Dedon , self-settled asset protection trusts

John Dedon on Estate Planning: Buy-Sell Arrangements and Irrevocable Insurance Trusts
Posted on 16 Jul 2015 by John Dedon

A common estate planning strategy for people with taxable estates is to have an irrevocable trust own life insurance, rather than owning the insurance themselves. Even with the current amount an individual can protect from estate tax at $5,340,000, some... Read More

Tags: estate law , John Dedon , Estate Planning

Income Deduction of Estate Planning Fees
Posted on 7 Mar 2012 by John Dedon

With April 15 th approaching, it reminds us of the need to file our income tax returns. When preparing estate planning documents, clients often ask, "are these estate planning fees deductible?" The cost to do a simple Will, Power of Attorney... Read More

Tags: Power of Attorney , income tax deductions , estate planning fees , will , John Dedon , medical directive

John Dedon on Estate Planning: Good news on Estate Tax Exemption
Posted on 3 Nov 2015 by John Dedon

The IRS recently announced the inflation adjusted figures for gift and estate tax exemption amounts for 2016. The annual exclusion amount remains at $14,000. That is the amount that can be gifted to US citizens each year without eroding the per person... Read More

Tags: IRS , Estate and Elder Law , Maryland Estate Planning , Virginia Estate Planning , John Dedon , DC Estate Planning , Estate Planning

The Future of the Estate Tax?
Posted on 24 Apr 2012 by John Dedon

In the last couple of weeks there has been a flurry of activity in the estate tax world. However, it simply has added to the continuing uncertainty regarding the future law. Absent new law, the $5 million exemption amount protecting taxpayers from gift... Read More

Tags: estate taxes , John Dedon

Properly Reporting Gifts
Posted on 8 Jun 2012 by John Dedon

As 2013 approaches, there will be a flurry of activity by wealthy individuals seeking to take advantage of a gift tax exemption of $5,120,000, that will decrease to only $1 million in 2013. Taxpayers often gift closely held business interests or real... Read More

Tags: adequate disclosure , statute of limitations , IRC 6501 , Gifts , John Dedon , gift taxes , gift tax return

  • Blog Post: Estate Planning for the New Year

    John Dedon
    Happy New Year The end of the year and the start of a new one is the traditional time for retrospectives and predictions. In the estate world, the dominate theme in 2011 was the extraordinary asset transfer opportunities available to the wealthy. Specifically, the right to give $5 million...
    on 3 Jan 2012

  • Blog Post: Income Deduction of Estate Planning Fees

    John Dedon
    With April 15 th approaching, it reminds us of the need to file our income tax returns. When preparing estate planning documents, clients often ask, "are these estate planning fees deductible?" The cost to do a simple Will, Power of Attorney and Medical Directive are personal expenses and...
    on 7 Mar 2012

  • Blog Post: The Future of the Estate Tax?

    John Dedon
    In the last couple of weeks there has been a flurry of activity in the estate tax world. However, it simply has added to the continuing uncertainty regarding the future law. Absent new law, the $5 million exemption amount protecting taxpayers from gift and estate tax will expire at the end of 2012 and...
    on 24 Apr 2012

  • Blog Post: Virginia Self-Settled Asset Protection Trusts

    John Dedon
    Effective July 1, 2012, Virginia will be the 13 state to allow self-settled Asset Protection Trusts. Self-settled Trusts allow an individual to transfer assets to a Trust, protect the transferred assets from lawsuit and the transferor's creditors, and yet receive assets from the Trust as a beneficiary...
    on 18 May 2012

  • Blog Post: Properly Reporting Gifts

    John Dedon
    As 2013 approaches, there will be a flurry of activity by wealthy individuals seeking to take advantage of a gift tax exemption of $5,120,000, that will decrease to only $1 million in 2013. Taxpayers often gift closely held business interests or real estate. The gift value of this type of non-marketable...
    on 8 Jun 2012

  • Blog Post: Election Consequences

    John Dedon
    Now that the election is over, the good news for those of us who live in swing states is that we will no longer be overwhelmed with negative ads telling us the opposing candidate is despicable. For those who were hoping to see an end to the estate tax, the news is not so good. President Obama's re...
    on 9 Nov 2012

  • Blog Post: Type III Supporting Organizations - Now That The Dust Has Settled

    John Dedon
    Type III Supporting Organizations ("SO"), which are those "operating in connection with" one or more supported organizations, are treated as public charities because they support one or more public charities. ("SO" herein refers exclusively to "Type III Supporting Organizations...
    on 12 Mar 2013

  • Blog Post: John Dedon On Estate Planning: Preparing a Certificate of Trust

    John Dedon
    Clients often ask about a Trust "Certificate" or "Certification." A Trust Certificate serves as a summary of the Trust provisions, and is designed to provide third parties, such as banks, insurance companies, or financial institutions, with essential but basic information for purposes...
    on 3 Dec 2013

  • Blog Post: John Dedon On Estate Planning: Estate Planning – What a Difference a Year Makes

    John Dedon
    In contrast to this time last year, when clients were frantically gifting to save estate tax before adverse tax law changes, this year has returned to the norm, with more traditional and routine end of year planning. In December 2012, Congress at the last minute preserved the $5 million exemption...
    on 3 Dec 2013

  • Blog Post: Dedon on Estate Planning: Ringing in the New Year With Good Estate Tax News

    John Dedon
    By John Dedon In the estate tax world, 2013 ended in stark contrast to the frantic planning during 2012. 2013 marked a return to fundamental estate planning; namely, using Wills, Revocable Trusts, Powers of Attorney and Medical Directives, to protect the family assets for a surviving spouse and children...
    on 9 Jan 2014

  • Blog Post: Dedon on Estate Planning: Disposition of Tangible Personal Property in a Side Letter

    John Dedon
    A common question asked by clients preparing their Wills is how to dispose of tangible personal property upon death. For example, I am asked, "I have jewelry and a coin collection, do I need to specify how those items are distributed among my children upon my death or can I simply tell the children...
    on 14 Feb 2014

  • Blog Post: Dedon on Estate Planning: The President’s 2015 Budget: Limitations on Crummey Withdrawal Rights

    John Dedon
    President Obama’s $2.9 trillion budget for the 2015 fiscal year includes several tax increases, particularly on the wealthy, to pay for increased spending without increasing the deficit. One increase that will not be widely reported pertains to "Crummey" power limitations. (I am limiting...
    on 10 Apr 2014

  • Blog Post: John Dedon on Estate Planning – Staying Current

    John Dedon
    Attached below is a July 3, 2014 Forbes article detailing the need for clients to review and update their estate plans. Now that I have been in practice for 30 years, approximately 25 percent of the legal work that I do comes from existing clients updating their estate plans for various reasons. Why...
    on 11 Jul 2014

  • Blog Post: John Dedon On Estate Planning: Planning Not Just For The ‘Very Wealthy’

    John Dedon
    Russ Alan Prince, for Forbes, published an article on October 13, titled "The Very Wealthy Embrace Severe Disaster Contingency Planning." The article outlined how today, "the exceptionally wealthy [are] vulnerable to geopolitical instability, market volatility, career criminals, and even...
    on 5 Nov 2014

  • Blog Post: John Dedon On Estate Planning: Is It R.I.P. For IRAs?

    John Dedon
    In an October online article in The Wall Street Journal , the reporter described how Congress is examining large IRAs, and IRAs holding real estate and closely held business interests. Congress’ concern is that IRA income tax advantages are being used by the wealthy in ways beyond that contemplated...
    on 5 Nov 2014

  • Blog Post: John Dedon On Estate Planning: 1031 Exchanges And End Of Year Planning

    John Dedon
    My partner, David Lawrence, is an expert on Section 1031 tax-free exchanges involving investment real estate. His thoughts regarding end of year planning and the advantages of 1031s is below. Tax Straddling When Selling Investment Property Between now and the end of the year, taxpayers can legally...
    on 5 Nov 2014

  • Blog Post: Dedon on Estate Planning: Pets and Estate Planning

    John Dedon
    Bella - A Tribute | Anyone who has not felt the sadness and loss from the death of a pet either has never owned a pet or is devoid of humanity. My three pound Yorkie, Bella (technically, my daughter's dog, but you know how that works), had neurological issues that affected her ability to see and...
    on 3 Mar 2015

  • Blog Post: John Dedon On Estate Planning: Are Asset Discounts on Family Transfers a Thing of the Past?

    John Dedon
    Perhaps the primary estate planning strategy utilized in reducing gift and estate tax for several decades has been taking advantage of discounts for family transfers of closely held businesses and real estate interests. These same discounts also apply to marketable securities if packaged properly in...
    on 7 Jul 2015

  • Blog Post: John Dedon on Estate Planning: Buy-Sell Arrangements and Irrevocable Insurance Trusts

    John Dedon
    A common estate planning strategy for people with taxable estates is to have an irrevocable trust own life insurance, rather than owning the insurance themselves. Even with the current amount an individual can protect from estate tax at $5,340,000, some affluent taxpayers will benefit if irrevocable...
    on 16 Jul 2015

  • Blog Post: John Dedon on Estate Planning: Good news on Estate Tax Exemption

    John Dedon
    The IRS recently announced the inflation adjusted figures for gift and estate tax exemption amounts for 2016. The annual exclusion amount remains at $14,000. That is the amount that can be gifted to US citizens each year without eroding the per person exemption amount. The exemption amount increases...
    on 3 Nov 2015

  • Blog Post: John Dedon on Estate Planning: Kardashian Family Continues to Teach Estate Planning Lessons

    John Dedon
    My March 30, 2015 Post, discussed how Kris Jenner, the matriarch of the Kardashian family, was confused about the difference between 1) her Will and the role of the Executor, and 2) her Living Will and the role of the agent. In an episode of "Keeping Up with the Kardashians," Kris told her...
    on 3 Nov 2015