The unified estate and gift tax exclusion amount will increase from $11,180,000 to $11,400,000. The GST exemption will rise accordingly. The annual gift tax exclusion will remain $15,000. The special use valuation reduction limit will rise from $1,140,000 to $1,160,000. The annual exclusion for gifts to non-citizen spouses will increase from $152,000 to $155,000. The…
Texas Supreme Court – Can’t Sue for Interference with Inheritance Rights in Texas
On June 22, 2018, the Texas Supreme Court finally answered the question of whether Texas courts will recognize a claim that someone can interfere with the “inheritance rights” of another. The Court flatly said, “No.” This had been an issue about which lower Texas courts had been divided. Some of the Courts of Appeals said…
Do-It-Yourself Wills
Do-it-yourself wills present a lot of problems. One problem is highlighted in a recent Texas Supreme Court case, Knopf v. Gray, decided March 23, 2018. In that case, the parties were in a dispute over the ownership of a tract of land. Vada Wallace Allen died, leaving a do-it-yourself will. She specifically referred to 316…
Alternative Minimum Tax Exposure (AMT)
The recent tax bill passed by Congress and signed by the President is generally being referred to as the Tax Cuts and Jobs Act of 2017 and makes some sweeping changes in income tax laws. The intent of this post is simply to educate you on one broadly touted change in the tax law that…
More on New Tax Act
This is another letter to update you on an aspect of the new tax act. This one deals with the new limitations on deductions for state and local taxes, and, in particular, property taxes. This is not intended as legal advice for your particular situation, so please consult your tax advisor ASAP. Much has been…
Tax Cuts and Jobs Acts of 2017
The recent tax bill passed by Congress and signed by the President is generally being referred to as the Tax Cuts and Jobs Act of 2017 and makes some sweeping changes in income tax laws. The intent of this letter is simply to educate you on one aspect of its impact on charitable giving (this…
Merry Christmas!
The year has gone by so quickly! Now we are in the middle of the holidays and the end of 2017 is just a couple of weeks away. For me and my family, this is the Christmas season during which we celebrate the birth of Jesus. If you too are celebrating Christmas, we wish you…
Thank You, Veterans
At 7:55 AM (11:55 AM Dallas time), on December 7, 1941, Japanese planes attacked the US at Pearl Harbor. Over the next few years, an epic struggle ensued, and our freedoms here were protected by the men and women of America’s armed forces. Fewer than ten percent of those who served then are still with…
Election to Board of Governors of the Dallas Estate Planning Council
Glast, Phillips & Murray, PC is pleased to announce that James V. “Jim” Roberts has been elected to a two-year term on the Board of Governors of the Dallas Estate Planning Council 2016-2018 Jim is Board Certified in Estate Planning and Probate Law by the Texas Board of Legal Specialization, and has been honored by…
Deducting Business Expenses – Factors to Consider
Getting the IRS to approve your business deductions is not always easy and sometimes you have to take them to court. An interesting case was decided by the US Tax Court and the opinion released on April 20, 2016 in Amy Ndiaye Delia v. Commissioner of Internal Revenue, T.C. Memo 2016-17. It’s a fun case…