LexisNexis® Legal Newsroom
Morrison & Foerster LLP: Estate of Saunders and the Federal Estate Tax Treatment of Claims against a Decedent’s Estate

By Genevieve M. Moore , of Morrison & Foerster LLP The recent Tax Court case, Estate of Gertrude H. Saunders et al. v. Commissioner , 136 T.C. No 18 (April 28, 2011) [ enhanced version available to lexis.com subscribers ], serves as a good reminder that there are limitations on the extent to which...

Year-End Tax Planning Tips

With the holidays upon us, it's time to do some planning that can help reduce your tax bill this year. Contributing to your retirement plan is a fast and easy way to cut your taxes, while building your nest egg. The federal limit for 401(k) contributions this year is $16,500 if you are under...

Substantiating Charitable Deductions

Taxpayers who claim income tax deductions for charitable contributions must request and obtain the written acknowledgement from the charity that the contribution was made. It is due by April 17, 2012, the time the income tax return is filed. Failure to have the required substantiation from the charity...

Caring for an Elderly Relative in Sarasota, Florida

Caring for an elderly relative isn't just costly and time-consuming but could even be harmful to your own health. Some companies and nonprofits are rolling out free and low-cost professional help for family caregivers. The bottom line is that "families need help keeping their loved one safe...

Ballard Spahr LLP: IRS Announces that Gifts to Single-Member LLCs Owned by Charitable Organizations Are Deductible

By Jean C. Hemphill and Christopher A. Jones The IRS has published welcome, long-awaited guidance regarding the deductibility of contributions made to a single-member limited liability company (LLC) owned by a charitable organization. For a variety of reasons, tax-exempt charitable organizations...

Morrison & Foerster LLP: Funding the Family Foundation: Qualified Appreciated Stock

By Joy S. MacIntyre , Morrison & Foerster LLP In an earlier post we described some of the tax benefits - and challenges - associated with donating corporate securities to a family foundation or other private foundation. On the right facts, the donor in such a case can claim a deduction equal to...