While the House recently passed a bill to reinstate the estate tax in 2010, last week the Senate rejected a measure to temporarily extend it.
As we previously announced, the House of Representatives voted to permanently extend the present 45% estate tax rate, and the $3.5 million (per person) exclusion from estate taxes.
HoganWillig is pleased to welcome Thomas R. Cassano as Executive Counsel to our firm’s Matrimonial and Family Law Department. Mr. Cassano has limited his practice almost exclusively in the area of matrimonial and family law for more than thirty years. He was recently appointed to the New York State Matrimonial Law Advisory Committee and serves on the Executive Committee of the Family Law Section of the New York State Bar Association. Since 1981, Mr. Cassano has been a Certified Fellow of the American Academy of Matrimonial Lawyers and a former Vice President of the organization’s New York Chapter. He has also been named as one of the “Best Lawyers in America” in the area of family law every year since 1993.
Homeowner’s insurance provides coverage in event of damage to your property. Your homeowner’s insurance may cover damage from fire, smoke, windstorm, hail and/or snow. Everyone’s homeowner’s insurance covers different damage to their property and you should review your homeowner’s policy to see what type of damage is covered. The date the damage occurs on is usually referred to by your insurance carrier as the “date of loss.” The time in which you have to file a lawsuit is known as the statute of limitations and is measured from the date of loss.
Last week, the House voted 225 to 220 to permanently extend the estate and gift tax in its current form. This means that the first $3.5 million of an individual’s gross estate – and the first $1 million of gifts made during an individual’s lifetime – would be exempt from tax. The highest rate applied to the taxable portion of an estate would remain at 45%.