Resources

Posted on Jun 20, 2011

Planning for the Vermont Estate Tax

CAUTION: The Information Contained in This Article Applies to Estates of Vermont Residents (or Nonresidents Owning Vermont Property) Dying Before January 1, 2016. An Article Addressing the Vermont Estate Tax Applicable to Decedents Dying After 2015 Will Be Posted at a Future Time. By Ron R. Morgan, Esq., and Matthew D. Getty, Esq. It would be an understatement to say that estate planning to minimize potential federal and/or state estate tax liabilities has become considerably more complex in recent years. There are two principal reasons for this.

Information Reporting for Real Estate

As a result of the Small Business Jobs Act of 2010, a person receiving rental income from real estate is treated as engaged in the trade or business of renting property (amended IRC §6041(h), effective for payments made after 31 December 2010).

Living Well on Other People's Money

Co-authored by Paula McCann, Esq., and Ron R. Morgan, Esq. Vermont may be well on its way to a dubious number-one ranking: for that of thefts by fiduciaries from estates of all types. What lawyers need to know about preventing or prosecuting theft by fiduciaries.

Nonprofit Governance and IRS Form 990

If you are serving on a nonprofit board, you have a fiduciary duty of care in exercising oversight of the organization. One of the ways to ensure an active oversight role for your board is to review the annual filing of IRS Form 990.

New England Condo Q & A with Jack Facey

Firm partner Jack Facey has recently been answering questions for New England Condominium Magazine readers, a magazine published for owners, board members, lawyers and businesses working for condominium associations. The column is called “Ask a Lawyer.” The questions and answers posed to Mr. Facey follow.

Collection Procedures in Probate Court

As part of an article written by our Trust and Estate Department, we are proposing that litigants in probate court be able to use the same tools as are available in the Civil Division of the Superior Court to protect their financial interests when filing a petition and to collect final judgments. Current probate rules do not set forth the normal civil rules “tool kit” of pre-judgment mechanisms for finding assets and securing them until final judgment.

Spousal Share Rule

When the Vermont Legislature was considering the changes to the spousal share rules during the 2009-2010 session, the legislation originally contained a measure that would have criminalized thefts from any fiduciary relationship.

Tax and Medicaid Planning Aspects of the Standard Vermont Estate Plan—2007 Update

Judging from the interest generated by our 2004 CLE offering and by telephone calls and emails we have received since then, our article on the tax and Medicaid planning aspects of what we tongue-in-cheek termed the “standard Vermont estate plan” has led attorneys to explore alternatives to the rather common recommendation of a joint tenancy with a family member to pass a Vermont elder’s home to the next generation. Since the article was published (VBA Bar Journal, Summer 2003), the US Congress passed legislation that radically changes the Medicaid planning aspects of our article. In addition, the Vermont Supreme Court has issued three recent decisions that also must be considered in using the survivorship or remainder features in deeds to pass a home to surviving children.

Homestead Filing Change and Its Implications

By John C. Newman, Esq. & Matthew D. Getty, Esq. There has been a recent change in Vermont's homestead filing law. Read on to see how this affects the creation of life estates and/or transfers to trusts.

Termination of Ancient Endowments

One of the consequences of a prolonged economic downturn is a decrease in the size of institutional endowments just at the time when reliance on those funds may increase.


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