The Social Security Administration has just announced the 2023 COLA – Cost of Living Adjustment – will be the highest since 1981. The 8.7% increase tops the previously highest increase of 5.9% in 2022. That was the highest in forty years also. The monthly benefit increase for the average Social Security retiree will be $146 […]
Continue reading…Elder Law Attorney Stephen J. Silverberg Named To 2022 Super Lawyers and Scott B. Silverberg Named Rising Star 2022
For the sixteenth consecutive year, Stephen J. Silverberg has been named to the New York Metro Super Lawyers list as one of the top New York metro area lawyers for 2022. Each year, the research team at Super Lawyers selects only five percent of the lawyers in the state to receive this honor. Super Lawyers […]
Continue reading…Inflation’s Impact on Estate and Gift Tax Exclusions
Most of our content is original, but every now and then I come across an article I believe is so important I want to be sure clients, colleagues and friends have an opportunity to read it. Thanks to Steve Leimberg and Peter Tucci, as per the citation at the end of the article. The following […]
Continue reading…No Inheritance Tax for Charles III
It’s good to be King. One of many reasons— not having to pay any inheritance taxes. For example, King Charles III inherited a royal-sized inheritance, as if becoming the King of the United Kingdom wasn’t enough, and it’s primarily tax-free. Charles takes the title of Duke of Lancaster and the corresponding duchy, valued at $750 […]
Continue reading…Football Season Begins—But Franchise Owner Estate Battles Are Forever
With 11 controlling owners of NFL franchises 75 years and older, the next few years will see many teams changing ownership and the potential for epic battles off the field. Ten years before his death, the Denver Bronco’s owner Pat Bowlen did what he was supposed to do. He met with attorneys to create a […]
Continue reading…Anne Heche Had No Will–Another Celebrity Estate Planning Lesson
Like many people who don’t expect to die in the near future, Anne Heche did not have a will. She leaves behind one minor child and one adult child, who is asking the court to be named her administrator. The Heche case follows in the footsteps of many celebrities—and regular people—who may not realize the […]
Continue reading…IRS Waiving Late Filing Penalties
The IRS announced yesterday its waiving $1.2 billion in late-filing penalties for income tax returns, letting about 1.6 million taxpayers off the hook. What is behind this decision from an agency not known for forgiveness? From our perspective, the reason is less about caring for taxpayers and more about an organizational disaster. The IRS has […]
Continue reading…Stephen J. Silverberg, Esq. Named to 2023 Edition of The Best Lawyers® In Elder Law
For the ninth consecutive year, Stephen J. Silverberg has been selected by his peers in the 2023 Edition of The Best Lawyers in America® in the practice area of Elder Law. For the 2023 edition of The Best Lawyers in America®, over 12.2 million votes were cast, which resulted in over 71,000 leading lawyers honored in the […]
Continue reading…Climate Change Bill Brings a Bright Spot of Good News for Americans
We welcome any good news in a dismal news cycle, but the healthcare provisions built into the “Inflation Reduction Act” are worth a special mention. The New York Times calls it “the most substantial changes to health policy since the passage of Obamacare in 2010.” Passed by the U.S. Senate on August 8 and expected […]
Continue reading…IRS Extends Time to File for Portability Election from Two to Five Years After Death
The IRS has added a rare spot of good news this summer. On July 8, the Internal Revenue Service released procedures extending the time when a surviving spouse can file an estate tax return to elect portability without a private letter ruling from two years after death to five years after death. Revenue Procedure 2022-32 […]
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