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A New (2008) Tax On You At The Top Gift And/Or Estate Tax Rate If You Receive A Gift Or Bequest From A “Covered Expatriate”; Who Is That?

Section 301 of the Heroes Earnings Assistance and Relief Tax ("HEART") Act of 2008 added new sections 877A and 2801 to the Internal Revenue Code ("IRC"). These sections generally apply to any U.S. citizen who relinquishes his or her U.S. citizenship and any long-term resident of the...

Morrison & Foerster LLP: Gifts and Bequests to Employees

By Wendy M. Greenberg, Esq. , Morrison & Foerster LLP It is not at all uncommon for our clients to make provisions for long-time employees in their wills or trusts. Most of the time, we don't think twice about these bequests, because we know that our clients think of the beneficiaries as friends...