A client forwarded me an article last week. Same client who forwards me an article every couple of months. The article was real. The estate tax it described was real. It just doesn’t apply to anyone who lives in Florida. There is no Florida estate tax. There hasn’t been one in over twenty years. Florida’s...
Taxes
In my previous post, I wrote that contrary to media reports, it was highly likely that the Michael Jackson Family Trust did not distribute his assets to his mother and children outright. Various sites reported that the mother “gets” 40%, the three children receive 40% between them, and charities receive 20%. But his estate had...
On February 3, 2010, the Tax Court released its decision in Estate of Shurtz v. Commissioner. This case is interesting for a number of reasons. First, even though it involves a family limited partnership, the case is not about the estate taking substantial discounts. In fact, the word “discount” is not even mentioned in the...