The new tax bill signed into law last week affects estate planning in the following ways, effective January 1, 2011: The federal estate tax exemption is now $5,000,000 per person (but there is still no tax when property passes to a surviving spouse). This is the amount that can pass free of federal estate taxes. (This was $3.5 million in 2009.) The federal estate tax rate is now 35% (this was 45% in 2009). The New York State estate exemption … read more »
How to Pick a Divorce Lawyer
The New York Times has been running a fantastic series about Divorce and Money. Tonight they asked people to comment on the best way to pick a divorce lawyer. Here is my answer: The best way to pick a divorce lawyer is to find someone who will try to optimize the situation for everyone involved (particularly the kids), not just for you. Think about the emotional and psychic costs as well as the financial costs. I am an attorney who only … read more »