Christine Sabio Socrates

Oct 7, 2024 | jdsupra.com | Christine Sabio Socrates

The recent case of Richard Simmons, the beloved and iconic fitness guru, is a notable example of the conflicts that can arise when co-trustees are appointed to manage an estate. Co-trustees need to work together in order to fulfill the Grantor’s wishes and administer the assets in the best interest of the beneficiaries. However, as demonstrated by the Richard Simmons’ estate dispute, co-trustee relationships can sometimes lead to costly litigation and strained family relationships.

Aug 13, 2024 | jdsupra.com | Susan Friedman |Maribeth Meluch |Christine Sabio Socrates

Understanding the nuances of the Internal Revenue Code (I.R.C.) is crucial for effective estate planning and tax strategy. For example, estate planners must be familiar with the tax basis adjustment provisions in 26 U.S.C. § 1014. This article provides a detailed analysis of this section in light of a recent Internal Revenue Service (I.R.S.) revenue ruling.

Aug 7, 2024 | clevelandjewishnews.com | Susan Friedman |Christine Sabio Socrates

Wealthy American families are rushing to relinquish wealth before the end of 2025 when former President Donald Trump’s 2017 estate tax cuts are set to expire. Wealthy families are working with their advisers to find opportunities to make tax-free transfers in order to remove assets from their estates. The Changing Landscape of Estate TaxesIn 2017, Trump doubled the estate tax exemption to over $13 million per person or $27.2 million per couple.