A district court has held that almost $12 million paid from an estate to a charity under a settlement agreement between the decedent’s son and the charity qualified for an estate tax charitable deduction even though the bequest was not included in decedent’s Last Will and Testament.
The most popular way to reduce the deficit, according to 81% of Americans? Put a surtax on federal income taxes for those who make more than $1 million per year. — NBC/Wall St. Journal Poll, March 2, 2011
A Medicaid home health services recipient may not deduct the expenses paid for additional in-home services if those services were coverable by Medicaid.
Daughter, acting as Power of Attorney for her mother, breached fiduciary duty to her mother by refusing to surrender life insurance policy in order to qualify her mother for Medicaid.
A discretionary support trust for the benefit of a Medicaid applicant is deemed a countable asset for eligibility purposes.
Estate may be subject to a negligence penalty for failing to disclose, on an estate tax return, the decedent’s life-time gifts.
In its latest effort to help struggling taxpayers, on February 24, 2011, the Internal Revenue Service announced a series of new steps to help people get a fresh start with their tax liabilities.
Trial court rules that the state could recover the value of life-time Medicaid benefits from a piece of real estate that the Medicaid recipient co-owned with her son.
Refunds totaling more than $1.1 billion may be waiting for nearly 1.1 million people who did not file a federal income tax return for 2007. However, to collect the money, a return for 2007 must be filed with the IRS no later than Monday, April 18, 2011. The IRS estimates that half of these potential … Continued
IRS imposes late payment penalty and interest on an estate whose CPA submitted a flawed request for an extension of time to pay estate tax.