January 29, 2021 MEMORANDUM TO: Clients of Thomas, Fisher & Edwards, P.A. RE: Consolidated Appropriations Act, 2021 (Second COVID Relief Legislation) On December 27, 2020, President Trump signed the Consolidated Appropriations Act, 2021 (the “Act”)—reportedly the longest bill ever passed by Congress—into law. The Act notably contained the Coronavirus Response and Relief Supplemental Appropriations Act, […]

In a previous blog post, we discussed how a Health Care Power of Attorney can be used to give someone the power to make medical decisions on your behalf if you are unable to make such decisions for yourself. However, an incapacity would affect aspects of your life beyond just your healthcare and medical decisions. […]

Have you ever been asked by a doctor, nurse, or the staff of a medical facility if you have a “health care power of attorney?” Have you ever wondered why you were being asked that question?   Think, for a moment, about any medical procedure where the patient is under general anesthesia. Is it possible that […]

The U.S. generation-skipping transfer tax (“GSTT”) imposes a tax on both outright gifts and transfers in trust to or for the benefit of unrelated persons who are more than 37.5 years younger than the donor or to related persons more than one generation younger than the donor, such as grandchildren. Wikipedia Consider Tom, who has […]

Testacy vs. Intestacy  At its most basic, a Last Will and Testament (“Will”) is a legal document that provides for the distribution of your assets (often referred to as your “probate estate”) upon your death. Generally, your Will does not control the disposition of non-probate assets on your death. Common examples of non-probate assets include […]

Updated August 17, 2022 In general, when one individual transfers money or property to another and does not receive an adequate return (i.e., makes a gift), the transfer is a potentially taxable event for the transferor. Such transfers made during life are inter vivos transfers subject to the federal gift tax, while such transfers made at […]