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Articles by Patricia Malley
Tax Planning for Sports Franchise Owners, and the Rest of Us | JD Supra
Jim Irsay, the longtime owner and CEO of the Indianapolis Colts, died unexpectedly in May 2025. Irsay leaves behind not only a legacy in the NFL but also a sports franchise valued at approximately $4.4 billion. As Irsay’s family navigates his death they, like millions of other families, may be navigating tax implications resulting from the sports mogul’s passing.
IRS Announces 2024 Lifetime Estate and Gift Tax Exclusion & 2024 Annual Gift Tax Exclusion | JD Supra
The Internal Revenue Service recently announced the 2024 annual inflation adjustments to the lifetime exclusion for federal estate and gift tax (the “basic exclusion amount”) as well as the annual gift tax exclusion, among many others. For individual taxpayers who die in 2024, up to $13,610,000 of the decedent’s gross estate at death, decreased by lifetime taxable gifts, will be excluded from the imposition of federal estate tax (an increase from $12,920,000 for individuals dying in 2023).
MA Estate Tax Update: Estate Tax Exemption Is Now $2M | JD Supra
Today, Wednesday, October 4, 2023, Governor Maura Healey signed Bill H. 4104 into law, creating a Massachusetts estate tax exemption of $2,000,000. The new law exempts the estates of decedents dying on or after January 1, 2023 from the imposition of Massachusetts estate tax to the extent the federally taxable estate is not more than $2,000,000. The Massachusetts estate tax threshold had been $1,000,000 since 2006. This new change in law is relevant to our Trusts & Estates clients.
MA Estate Tax Update: Senate Accepts $2M Estate Tax Exemption | JD Supra
On Thursday, September 28, 2023, the Massachusetts Senate voted in favor of Bill H. 4104 to increase the Massachusetts estate tax filing threshold to $2,000,000. The Massachusetts House of Representatives approved the Bill on Wednesday, September 27, 2023. The Senate voted 38-1 to accept Bill H. 4104, which exempts the estates of decedents dying on or after January 1, 2023, from MA estate tax if the federal taxable estate is not more than $2,000,000.
MA Estate Tax Update: Major First Step as House Approves $2M Estate Tax Exemption | JD Supra
Today, September 27, 2023, the Massachusetts House of Representatives approved an increase to the Massachusetts estate tax filing threshold to $2,000,000. The House voted 155-1 on Bill H. 4104: An Act to Improve the Commonwealth’s Competitiveness, Affordability, and Equity, which amends Section 2(A) of Chapter 65C under the MA General Laws.
Client Alert: Massachusetts Enacts Millionaire’s Tax | JD Supra
On August 9, 2023, Massachusetts Governor Maura Healey signed the Fiscal Year 2024 state budget, which implements a four percent (4%) surtax on income exceeding $1 million. The surtax is effective for tax years beginning January 1, 2023 and is in addition to the 5% income tax rate already imposed by Massachusetts.
Client Alert: IRS Scam | JD Supra
Recently, the Internal Revenue Service warned taxpayers about a new scam rising in popularity – mailings regarding “unclaimed refunds.” Every year, scammers think of more creative ways to trick us into unwittingly handing out our personal information. This new scheme involves a mailing coming in a cardboard envelope from a delivery service.
Would You Judge This Judd? | JD Supra
Recent online articles have widely reported that Naomi Judd allegedly left nothing in her will to her two daughters, Wynonna and Ashley Judd, and appointed her husband of 33 years, Larry Strickland, as the executor of her estate. The internet appears to be up in arms questioning whatever could have caused Naomi to make this decision. But, did Naomi Judd actually disinherit her daughters from her estate by nominating her husband as the executor of her estate?
Summertime Sadness: Will My Grandparents’ Property Stay in The Family When They Die? | JD Supra
Many of us have fond memories of visiting our grandparents at their summer property, whether at a beach house on Cape Cod or in the middle of the woods in the Berkshires. But what happens to this property once your grandparents (or parents) die? Who gets to decide how a summer property is maintained or distributed? The death of older generations can result in many competing interests – children, grandchildren, a grandparent’s significant other – from which unanticipated problems can arise.
I Have a Secret Relationship. How Do I Include Them in My Estate Plan? | JD Supra
Typically, when couples put together an estate plan, they do so jointly with a single attorney representing both spouses. It is more cost-efficient, allows for open discussion with all parties, and ensures there are no conflicts within the estate plan itself. The downside is that the attorney represents both spouses and cannot keep one spouse’s secrets from the other.
Managing Your Favorites in Your Estate Plan | JD Supra
When it comes to creating your estate plan, how do you decide who to name as fiduciaries? How do you determine how to dispose of assets when you have favorite relatives? These are common issues that typically arise in situations with unmarried individuals who may or may not have children. When naming agents, there are many factors to balance and consider.
Top Six Things to Consider When Planning for Blended Families | JD Supra
The increase in divorce rates in the U.S. has resulted in a greater number of blended families. Blended families tend to give rise to unique estate planning circumstances and opportunities. The following should be considered when planning for blended families: Estate Plan. This may seem like a given considering the nature of the blog, but it is important to have an estate plan in place.
Too Young for an Estate Plan? Think Again | JD Supra
For young adults, the inevitable is typically not at the forefront when it comes to making future plans, precluding many from giving any thought to what may happen to their assets on death. In reality, all young adults should have some form of an estate plan in place. Durable Powers of Attorney and Health Care Proxies After turning 18, young adults should execute both a durable power of attorney and a health care proxy. This is particularly important for students who are going off to college.
Beware of These Common Estate Planning Scams | JD Supra
Estate planning offers are everywhere – on television, on the internet, through phone solicitations, and even through in-person presentations (albeit less so with the COVID-19 pandemic). So how do you ensure that your intentions are captured in your estate planning documents and no one is taking advantage of you? For starters, avoid the following prevalent estate planning scams. 1.
Using Disclaimers in Estate Planning: Examining the Austen Family | JD Supra
My colleague Hether Cahill previously discussed the use of a disclaimer exercised by a conservator for a single transaction. As Hether mentioned, disclaimers can be an excellent estate planning technique. A disclaimer is a refusal of something before it is received and is most commonly used for estate or gift tax savings. Section 2-801 of the Massachusetts Uniform Probate Code outlines the mechanics of properly exercising a disclaimer.
Valuing Business Interests for Gift and Estate Tax Purposes: Examining the Austen Family | JD Supra
To best enjoy this post, please be sure to first read A Family History of the Austens. Administering an estate can be time consuming, complicated and overwhelming, particularly when there are different types of assets involved. Additionally, estate administration frequently implicates lifetime gifting by a decedent, which adds another layer of complexity. Here, Jack gifted a portion of his membership interest in Oceanic Real Estate, LLC to his daughters, Kate and Claire, in 2013 and 2014.
The Estate Planning Implications of Adoption | JD Supra
To best enjoy this post, please be sure to first read A Family History of the Smiths & Alexanders. We welcome the New Year by continuing the saga of the Smith and Alexander families. Like the Smiths and Alexanders, many families are considered “blended,” meaning that adults bring children from previous relationships into a new relationship or new marriage. What does that mean from an estate planning perspective if you have stepchildren for which you wish to provide (or exclude)? Under M.G.L. c.
Powers of Appointment: Adding Flexibility to an Estate Plan | JD Supra
To best enjoy this post, please be sure to first read A Family History of the Smiths & Alexanders. The saga of the Smith and Alexander families continues with a discussion of powers of appointment and the implications of Johnny’s exercise of the limited power of appointment granted to him under his parents’ Family Trust. A power of appointment allows a beneficiary (also known as a donee or power holder) to direct where his or her interest in an estate or trust may go.
Planning for the Unplanned: The Smith & Alexander Family Saga | JD Supra
To best enjoy this post, please be sure to first read A Family History of the Smiths & Alexanders. As Tiffany mentioned in her introductory post, during the next few months, we will be dissecting important issues presented in our fact pattern involving the Smith and Alexander families. The opening paragraph of the fact pattern introduces the Smith family.
Planning for Incapacity or Disability | JD Supra
My colleague, Hether Cahill, previously addressed the relationship between a guardianship and health care proxy and a conservatorship and durable power of attorney. The purpose of this blog is to further explore the use of health care proxies and durable powers of attorney when planning for incapacity or disability. Massachusetts General Laws ch. 201D, § 5 governs the authority of a health care proxy in Massachusetts.
Special Needs Planning | JD Supra
Navigating governmental entitlement programs in Massachusetts can be confusing and overwhelming. In order to receive government assistance such as Medicaid (MassHealth) or Security Supplemental Income (SSI), income and asset limitations are imposed on a disabled individual. So how can a family member ensure that a loved one is fully provided for while receiving governmental benefits? One way is through the creation of a supplemental needs trust (also known as a special needs trust or SNT).
Estate Administration During a Pandemic | JD Supra
This month we will continue the discussion regarding our professional experiences during the COVID-19 pandemic. In my previous post, I addressed how our attorneys have continued working with clients to prepare and execute estate plans. While our attorneys have been busy putting clients’ wishes to paper, we have also been busy with another aspect of the trust and estates field – trust and estate administration.
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