Estate and gift tax update: The estate and gift tax exemption for 2016 is $5.45 million and the annual exclusion amount for gifts remains at $14,000.
The IRA charitable rollover was made permanent on December 18, 2015, and is retroactive to January 1, 2015. This means that individuals who are 70 ½ or older may make “qualified charitable distributions” of up to $100,000 from their IRAs without paying any income tax on the distribution, and the distribution may serve to satisfy their required minimum distribution for a calendar year.
The Supreme Court issued an important ruling in 2014 holding that inherited IRAs are not retirement accounts for purposes of federal bankruptcy law. This means that inherited IRAs are subject to claims of creditors and additional considerations may wish to be undertaken to protect IRA assets that are passed down to the next generation.
Sally Mulhern has been appointed to the Complaint Screening Committee, to serve a three-year term, by the New Hampshire Supreme Court. The Committee screens grievances filed against New Hampshire lawyers.
On June 30, 2015, the Maine Legislature passed legislation setting the Maine estate tax exemption amount at the Federal level for decedents dying in 2016 and beyond. The Federal estate tax exemption amount for 2015 is $5.43 Million (indexed for inflation). This is an increase from the $2 Million Maine estate tax exemption amount currently in effect. In light of this change, Maine clients may wish to have their estate plans reviewed.
Kelli was recently quoted in a New Hampshire Magazine article regarding the importance of making a Will. The article can be found here.
The revised 3rd edition of Sally's book, “Estate Planning To Die For: An Insider's Guide For Financial Professionals,” is now available. The book has received accolades from the financial community. For more, click here.
Expert Beacon, a leading publisher on the topic of trust and estate law, asked Sally Mulhern to write an article on employer stock held in qualified plans. The article can be found here.
Sally and David Mulhern were recently featured prominently in a Seacoastonline.com article discussing recently passed legislation allowing for lifetime approval of Wills and Trusts in New Hampshire. The article can be found here.
Sally and Kelli, as members of the New Hampshire Trust Council, were very active and instrumental in the passage of new legislation allowing for lifetime establishment of the validity of Wills and Trusts. For more, click here.
David and Sally recently spoke at a presentation sponsored by Cornell University Office of Trusts, Estate, & Gift Planning. They discussed sophisticated estate planning options and charitable giving techniques.
Sally was a recent guest on two radio shows originating in San Diego, California. She discussed various issues associated with recent changes in the federal estate tax laws.
David Mulhern has co-authored an article with David P. Lyons, Esq., entitled “New Hampshire Creditor Protection Trusts: A Brief Practical Guide For New Hampshire Lawyers.” It has been accepted for publication in the NH Bar Journal and a copy of the article is available here.
David Mulhern recently gave a presentation on New Hampshire Asset Protection Trusts to a group at Discover Portsmouth. A copy of his presentation outline can be found here.