Adamsky Law Offices Blog

A form is required for this year (2010) due to the law that phased out the estate-tax (which law "sunsets" on 12/31/10) to get a "step-up" in basis on a portion of the assets of an estate that might otherwise have been subject to the estate-tax. The need for this form was created in 2001 when the law was passed. But nobody (especially the IRS) expected the law to reach 2010 unchanged. Surprise! It did! So, did the IRS figure out how to deal with this in late 2009? No. Did the IRS figure out how to deal with this in early 2010? No. Have they figured it out yet for sure? No. How many days left in 2010? (15 as I write this). So, a lawyer friend of mine got his hands on an advance copy of the form (already a previous advance version had been released and withdrawn) and posted it on his blog. [see the link below] You can read his write-up on the law and go to the link to see the form. But, really, why bother, the IRS will probably change things again. You have until the

For those doing some family research, or trying to write an obituary, or those just trying to find a notice of someone they know has passed, there is a website for that. Check this out: Newspaper Obituaries, Genealogy, Obituary, Funeral Resources

The Social Security Administration has eliminated a loophole that had allowed Social Security recipients to start receiving benefits when they first became eligible but then gave them a chance to re-do their benefits at a higher level later on. Anyone can collect Social Security benefits starting at age 62, but if you elect to get early benefits, your monthly check will be much lower than if you wait until full retirement age. Many people elect early benefits, but then realize it was a mistake. Because of a rule allowing you to change your mind, many people were electing early benefits as a planning technique. A provision of Social Security law had allowed beneficiaries to apply for early benefits but at a later age they could withdraw their application, reapply and receive full retirement benefits. All they had to do was pay back all of the benefits they had received. Since there was no interest added to this, it gave those who could afford to do the pay-back a second look at their

The House and Senate have both passed a revised Homestead bill for Massachusetts and it is expected that the Governor will sign the bill and it should become law around April of 2011. The revised Homestead law seeks to eliminate several issues and questions regarding the older version. The newest addition to the law is an automatic homestead of $125,000 for everyone without the need to take any action. This matches the Homestead exemption under Federal Bankruptcy law and gives a minimum protection to everyone without the need to see a lawyer or fill out a form and file it at the Registry of Deeds. However, there still is the $500,000 exemption that you must claim by filling out a Declaration of Homestead and filing it with the Registry of Deeds. Everyone should really do this, so if you haven't done so already, get it done! You can use an attorney, or do it yourself. Forms are available on the Registry of Deeds website and in many other places. (see http://www.lowelldeeds.com/ ) So

President Obama announced yesterday a compromise "framework" to resolve the year-end standoff over the extension of Bush era tax cuts, unemployment benefits and other issues. House and Senate members will meet today to discuss the plan and a timetable for action. The compromise is reported to include the following: * Reinstate and extend the estate tax at a 35 percent rate and an exemption level of $5 million for two years * Cut Social Security payroll taxes from 6.2 to 4.2 percent for one year * Extend the 2001 and 2003 Bush tax cuts for all income levels for two years * Extend emergency unemployment benefits for 13 months * Allow businesses to write off the full cost of capital investments for one year * Extend through 2011 the alternative minimum tax (AMT) patch (to prevent millions from having to pay the AMT) * Extend some of the Obama economic stimulus law proposals To see the President's remarks go to : http://www.whitehouse.gov/the-press-office/2010/12/06/statement