This & That: The B&G Blog
Welcome to our blog and the portal to our newsletter articles. To the right, you can view past articles and blog posts by category, and below, we share some of the latest news and views from around the web and within the firm. Please note that the information provided is meant for informational purposes and is in no way a replacement for professional legal, tax, or therapeutic advice.
Tax Limits for 2019 Announced
The IRS has announced the 2019 limits for estate and gift taxes: the estate/gift tax exemption will go up to $11.4 million (from $11.18 million), meaning married couples can give a way up to $22.8 million without being subject to any estate tax. The annual gift exclusion amount stays at $15,000 so you can still give as many people you wish (if married, $30,000) without tapping into your $11.4 million limit. Happy Holidays.
Art to Be Auctioned to Pay Legal Fees
Robert Indiana’s executors have to sell off some art the late artist collected to pay legal fees. Auctioning the two works could bring in $4 million.
A Guide to Getting Started on Your Estate Plan
Getting started on an estate plan is usually the biggest obstacle to making one, and this article has some good points. Among them: consider a trust, clue you kids in (a little), think about lifetime gifts, and, unless your situation is extremely simple, hire a lawyer.
Astor’s Grandson: Still Fighting for People Like Brooke
Philip C. Marshall, the grandson of Brooke Astor who famously exposed his father’s elder abuse, continues to advocate for the vulnerable and has formed a foundation called Beyond Brooke to help. Here, he talks about red flags and preventative measures.
Estate Planning in Eight Steps
Taking any task step by step helps make it more manageable. So for those who find estate planning daunting, here are the eight essential steps. Get going.
Quirky IRA Rules That You Might Not Know
IRAs, as most know, come with lots of rules, and here are five that are some of the quirkiest.
Elderly Cat: Companion and Teacher
A aging cat provides his owner with valuable insights on getting older, whether human or feline.
Estate Planners Can Be Resource, But It Can Be Tricky
Estate planning attorneys can be great resources for grown children, but, as this article points out, you have to lay the groundwork with a parent before a dialogue can begin.
Major Creditor of Glen Campbell? His Widow
Glen Campbell’s widow, Kimberly, is claiming that her husband’s estate owes her $1.3 million, and a special administrator appointed to evaluate her claims doesn’t agree. A hearing is set for Nov. 21.
The Perils of Missing an RMD
Retirement accounts require minimum distributions each year if the owner is over 70 1/2 and if it’s an inherited account. The penalty for not doing so — and the effort to get out of a penalty if you have an excuse — are significant.
Paul Allen: Probably an Estate Well-Planned
Microsoft co-founder Paul Allen died October 15, and it will be a long time before his extensive holdings are sorted out. But his estate is likely to proceed in an orderly fashion; he was known to visit his attorney often, and probably did so in the months following the return of cancer he’d beaten twice before. It didn’t take long before it was announced his sister, Jody, had been named executor.
Survey: Many Caregivers Skip Self-Care
Relying on family members for care is common, and for some, the responsibility amounts to a full-time job (or more). Turns out (surprise), the caregivers’ health needs often suffer. One idea posed here: doctors should treat patients and their caregivers as a unit.