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SCHEY, PILLER, ALSPAUGH & WONG, P.C. Attorneys at Law |
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ANNUAL GIFT TAX EXCLUSIONThe Internal Revenue Service has announced that the annual gift tax exclusion increased as of January 1, 2009 from $12,000 to $13,000. ESTATE TAX APPLICABLE CREDIT AND EXCLUSION AMOUNTS FOR 2009The estate tax applicable exclusion for decedents dying in 2009 has been increased to $3,500,000 per person from $2,000,000 from 2008. TAX INCENTIVES FOR WATER STOCKEnhanced Like-Kind ExchangesP.L.110-234 amends the like-kind exchange rules under Code Sec. 1031 to permit the exchange of water rights in the form of mutal ditch, reservoir and irrigation company stock. The new like-kind exchange treatment would apply to exchanges completed after the date of enactment. IMPACT This provision creates an exception to the general rule that stock is not property for like-kind exchange treatment and could open the door to future changes to the strick like-kind exchange rules. For the time being, however, this provision narrowly applies to certain stock representing a holding of water rights that is recognized as real property under state law. (from the CCH Tax Briefing: Farm/Military Tax Relief Acts of 2008 May 27, 2008 Speical Report: 2008 CCH) |
Areas in which the firms specializes include Elder Law, Medicare counseling and planning, fundamental and complex estate planning and administration; wills; trusts; charitable foundations; corporate organization, consulting, and commercial transactions; real estate development and transactions; water law; commercial, real estate and construction litigation in all courts including appeals courts. The firm also emphasizes representation of clients injured in accidents and workers compensation cases. More than five million dollars has been recovered for injured clients the firm has represented.
For More Information Contact: SCHEY, PILLER, ALSPAUGH & WONG, P.C. | ||
ISSUES AND ANSWERS: ANSWER: A person has to initiate a lawsuit against the party responsible for the injuries not later than three years from the date of the accident. Suit cannot be brought If that deadline is missed. Also, if a person suffers injuries in the accident which result in death, the deadline is shortened to two years. |
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