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Dubai forms special tribunal to resolve disputes on sale of inherited residential property

Dubai forms special tribunal to resolve disputes on sale of inherited residential property
March 17, 2021
Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum, who is also the vice president and prime minister of the United Arab Emirates, has ordered the formation of a special tribunal to resolve disputes between heirs in relation to the sale of inherited residential property. WAM
DUBAI Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum, who is also the vice president and prime minister of the United Arab Emirates, has ordered the formation of a special tribunal to resolve disputes between heirs in relation to the sale of inherited residential property. ....

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Change in Control of Congress May Signal Seismic Shift in Future Estate Planning Opportunities | Stroock & Stroock & Lavan LLP

Approximately $2,639,200
Approximately $7,271,200
As always, the potential estate, gift and GST tax savings should be weighed against the potential loss of the step-up of income tax basis for assets included in a decedent’s taxable estate (assuming that the Biden proposal to eliminate the step-up in basis is not enacted).
Popular Wealth-Transfer Techniques to Leverage Expanded Federal Gift and GST Tax Exemptions Remain Viable – At Least For Now!
Individuals who wish to reduce or eliminate future estate and GST taxes may consider maximizing their use of the increased federal gift and GST tax exemptions before the exemptions revert to pre-2018 levels on January 1, 2026 (unless reduced sooner by new legislation). Strategies that are attractive include dynasty (generation-skipping) trusts, spousal lifetime access trusts (“SLATs”), grantor retained annuity trusts (“GRATs”), intra-family loans and sales to intentionally defective grantor trusts (“IDGTs”). ....

New York , United States , West Virginia , New Yorker , Janet Yellen , Joe Manchin , Barack Obama , Elizabeth Warren , Kamala Harris , Georgia Senate , Senate Democrats , Federal Exemptions , Secretary Janet Yellen , New Yorkers , Biden American Rescue , Current Law , President Biden , Tax Cuts , Jobs Act , Donald Trump , Inherited Property , Fair Market , Biden Tax Plan , President Barack Obama , Democratic Vice President Kamala Harris , Democratic Senators ,

Punjab law minister to table to two new women-oriented bills

Basharat claims proposed laws aimed at further empowering women
APP
March 09, 2021
LAHORE:
Punjab Minister for Law, Parliamentary Affairs, and Cooperatives Muhammad Basharat Raja on Monday said the Punjab Assembly is introducing two new important legislation to empower females.
In a message on the occasion of International Women s Day, he said that the provincial government was taking effective steps for the welfare and protection of women at large.
He highlighted that the bills on Women Hostels Authority, as well as Inherited Property, would help ensure legal empowerment of women.
“It would enable easy access to rights, right after the bills are assented to by the assembly members and governor,” he explained. ....

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Julie Jason: Is it an inheritance or a gift? It matters

Julie Jason: Is it an inheritance or a gift? It matters
March 7, 2021
FacebookTwitterEmail
Is it an inheritance or a gift? It matters
Last week, we talked about “Ivan” and the challenges he faced 20 years after his grandparents gifted him stocks. If you recall, Ivan was thinking about selling the stocks, but first he had some hurdles to overcome. He had to find out his grandparents’ cost bases (the original prices) for the various stocks he received as gifts decades ago. He also needed to find the cost bases of the additional shares he himself purchased through dividend reinvestments.
Depending on the records Ivan already had on hand, there potentially was a lot of work ahead for him. He would need to consult with a tax adviser or accountant to form a game plan for gathering the missing information. ....

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Proposed Bill Would Delay Controversial Property Tax Law

Proposed Bill Would Delay Controversial Property Tax Law
A local state senator is working to delay a recently passed proposition that could cause the taxable value of inherited homes to rise.
Sen. Patricia Bates (R-Laguna Niguel) has introduced a bill that would delay the implementation of a portion of Prop. 19 until February 2023.
“While Prop. 19 is now law, the measure is silent on some issues regarding implementation,” Bates said in a statement. “A two-year delay will give the state time to clarify how it will implement the ‘Property Tax Fairness for Family Homes’ provision. It will also give families additional time to seek professional advice on how a transfer of property to children will affect potential tax liabilities.” ....

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