Estate and Elder Law

Recent Posts

Ask Liza: Reporting Foreign Gifts
Posted on 19 May 2015 by Liza Weiman Hanks

Dear Liza: Does a person receiving a gift from a sibling in another country have to pay gift tax on that gift in the United States? In the United States, gifts are not considered ordinary income, so you don’t have to report them or pay income tax... Read More

Unprecedented Gifting Opportunities
Posted on 20 Jun 2011 by karplaw

People with significant assets are currently enjoying an extraordinary opportunity to transfer more wealth to loved ones, estate tax and gift tax-free. But you know what they say: The IRS giveth and the IRS taketh away. December 31, 2012 is a taketh-away... Read More

Ask Liza: Annual Gifts and Lifetime Gifts
Posted on 14 Jun 2013 by Liza Weiman Hanks

Dear Liza, I would like to give my son $200k to upgrade homes. Can me and my wife each give $13,000 to my son, daughter in law, and two grand children? That would be $102,000, and then apply the remaining $98,000 to the unified tax credit. Can I write... Read More

Gifts of Real Estate really are Gifts - and the IRS is looking for them
Posted on 8 Jun 2011 by Deirdre R. Wheatley-Liss

Typical scenario - Client's child comes in and advises " Oh - and I own (all or part of) my parents' house. " For some reason the fact that they own another parcel of real estate is normally an afterthought. This leads to more questions... Read More

Gifts of Real Estate really are Gifts - and the IRS is looking for them
Posted on 8 Jun 2011 by Deirdre R. Wheatley-Liss

Typical scenario - Client's child comes in and advises " Oh - and I own (all or part of) my parents' house. " For some reason the fact that they own another parcel of real estate is normally an afterthought. This leads to more questions... Read More

Ask Liza: Should We Get Married? Estate Planning for Same Sex Couples Now
Posted on 27 Nov 2013 by Liza Weiman Hanks

By Liza Weiman Hanks | Dear Liza: My long term domestic partner of 30 years and I were registered domestic partners for a few years and then she decided she wanted to be totally financially independent of me so we terminated the agreement last year... Read More