July 8, 2010
2010 has brought with it many challenges associated with the one-year repeal of the Federal estate tax. Read More
May 17, 2010
The Community Living Assistance Services and Supports (CLASS) program, part of the new Health Reform Bill, creates a voluntary government program for eligible participants to receive long-term care benefits. The Department of Health and Human Services (HHS) will develop details of the CLASS program over the next two years. Following is a description of the current provisions of this new program. Read More
Jan. 28, 2010
2010 has brought with it with several changes in Federal estate tax law – the temporary repeal of the Federal estate and generation-skipping transfer (GST) taxes, the imposition of modified carry-over cost basis for assets held by a decedent, and the reduction in the gift tax rate to 35%. Read More
Sept. 10, 2009
On June 25, 2009, Governor Bredesen signed into law legislation changing the types of income that can be classified as passive income for purposes of determining whether a limited liability company, limited partnership or registered limited liability partnership can qualify as a FONCE (“family-owned non-corporate entity”) and therefore be exempt from the Tennessee F&E tax. Read More
March 1, 2009
As each new year generally brings changes in various federal and state tax exemptions and exclusions, 2009 sees an increase in both the federal gift tax annual exclusion amount and the federal estate tax exemption amount. This update highlights those changes and discusses potential tax traps that may affect your current estate plan. Read More