Adler & Adler Blog

Forms of Real Estate Ownership
Adler & Adler, PLLC Team

Ownership of real estate is determined by how title is held. Different kinds of ownership interests: Tenants in Common Tenants in common is when two or more people own real estate together. Tenancy in common can have equal ownership or they can each own in different percentages. Tenants in common can obtain the property together,…

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New Regulations Update Life Expectancy Tables
Adler & Adler, PLLC Team

The Internal Revenue Service has issured final regulations relating to the life expectancy and distribution period tables used to calculate required minimum distributions from IRAs, and qualified retirement plans. These regulations are of importance to plan participants, designated beneficiaries, and plan administrators of these qualified retirement plans, as well as owners, beneficiaries, trustees and custodians…

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Unlimited Marital Deduction
Adler & Adler, PLLC Team

A key element of the unified estate and gift tax system is the unlimited marital deduction. The estate and gift tax structure permits essentially unlimited transferability of property between spouses (gifts during lifetime and transfers upon death) free of any tax. This policy is embodied in the gift tax marital deduction, and the estate tax…

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Taxation of Non-grantor Trusts
Adler & Adler, PLLC Team

Non-grantor trusts, are separate taxpaying entities. Income taxes generated by the trust are paid for by the trust. The trust must file fiduciary income tax return (Form 1041). In simple terms, if any portion of trust income is distributed to a beneficiary, the trust will take a deduction and the beneficiary will be responsible for…

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What is a Trustee?
Adler & Adler, PLLC Team

What is a trust? A trust exists when one person (the trustee) holds title to property for the benefit of another person (the beneficiary). A person called the grantor (also known as the settlor or trustor) creates the trust and transfers property in the trust. The grantor, trustee, and beneficiary can be different people. It…

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Same Sex Spouse and Estate Tax
Adler & Adler, PLLC Team

For federal estate tax purposes, the terms “spouse,” “husband,” and “wife” includes individuals of the same sex who were lawfully married. However, the terms “spouse,” “husband,” and “wife” do not include individuals (whether of the opposite sex or the same sex) who have entered into a registered domestic partnership, civil union, or other similar formal…

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