The Higher $5,430,000 Per Person Estate Tax Exemption & Exemption Portability Creates Both Opportunities and Issues For Married Couples”

Since the beginning of 2013, the federal estate tax exemption has exceeded $5 million per person. The current per person exemption for 2015 is $5,430,000. This means that a married coupled combined federal estate tax exemption is $10,860,000 dollars. In addition, the federal estate tax law has been amended to allow “portability of exemption” between spouses. This means that the unused exemption of a first spouse to die can be preserved for use at the surviving spouse’s death.

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The Problem of the Disputed Joint Tenancy Bank Account

Many seniors reach a point in their lives when they wish to enlist the help of their children or friends in managing their financial affairs. In many instances, this help includes assistance with the paying of their bills. Often a joint tenancy bank account is established between the senior and the person helping them with the task of paying bills. During lifetime of the senior, the joint tenancy account works as designed with the third party, typically a child, being able to write checks, transfer funds, and facilitate automatic bill payments on the account, etc.

Bank personnel prefer this joint tenancy account…

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Animal Law: The Importance of Creating a Pet Protection Trust for Your Clients

The field of “animal law” covers everything from companion animal issues
in local communities (dog bites, dangerous dog issues, leash laws and breed specific legislation) to larger national and international issues involving the use of animals for food, clothing and biomedical research.

Animal law education has also affirmatively and permanently entered the law school…

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