Marc J. Soss, Esquire Estate Planning, Business & Corporate & Probate Attorney

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Estate Planning and Wealth Transfer Topics on the Horizon:
Reduction to the exemption for estate, gift and Generation Skipping Transfer Tax (GST). Without new legislation, the current exemption is $11.7 million (or $23.4 million per couple) for estate and gift taxes and is set to expire on Decemb...

The cost of long-term care is a concern for all Florida seniors. The annual cost continues to rise and makes it untenable for most to afford it. It is estimated that an individual turning age 65 has a seventy (70%) percent chance of needing long-term care at some point. The most expensive state f...

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Consulted Marc Soss and found him very helpful and considerate. He is an honest and very capable attorney.

Estate Planning Adjustments for Tax Year 2020
With 2020 quickly approaching it is important to be aware of the changes you can expect. For tax year 2020, taxpayers will see their Federal Exclusion amount (and GST Exemption amount) increase to $11,580,000, from $11,400,000 (an $180,000 increase)....

The Internal Revenue Service has announced the inflation adjustments for the estate and gift tax exclusion, the generation-skipping transfer tax exemption, the gift tax exclusion, and other estate planning rates for 2020.

- The federal estate and gift tax exclusion amounts will increase from $11...

Check out this 5 star Google My Business review by Lori:
I called regarding a matter with my parents and Marc was very helpful.
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Prior to the Tax Cuts & Jobs Act of 2017</a> ("ACT"), a divorced spouse could deduct any alimony payments made to his former spouse. The former spouse had to claim the alimony received as income. The ACT eliminated this tax deduction effective January 1, 2019. The implementation of this change r...

CONNECTICUT IS THE LAST STATE WITH A GIFT TAX
Currently, the State of Connecticut holds the distinction of being the only state that imposes a gift tax. While the legislation was again proposed, which included a repeal of the Connecticut gift tax retroactive to January 1, 2019, and would have lim...