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Older Couples and Divorce
Payment of estate tax is the greatest economic loss faced by elderly couples who divorce. While married, each spouse may leave all or any portion of his or her estate to the surviving spouse, either in trust or outright, free of all estate and gift tax. This marital deduction, coupled with the applicable exclusion amount and prudent estate planning, saves a married couple a substantial amount of federal estate tax, and in some instances all estate tax, allowing more accumulated wealth to pass to their children and grandchildren.
An estate tax is imposed on everything an individual owns on the date of death. The federal estate tax rates for 2007, 2008 and 2009 are 46% of the decedent's taxable estate above the applicable exclusion (a sum of assets each individual can transfer upon death, estate-tax free), of $2 million (2007 and 2008) and $3.5 million (2009). The current law, the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA), provides for repeal of the estate tax in 2010. Commencing Jan. 1, 2011 and thereafter, estate tax rates will revert to the pre-2001 rates of 41% to 50% of the decedent's taxable estate above the applicable exclusion of $1 million. It is anticipated that Congress will pass a bill prior to Jan. 1, 2011 and at least increase the applicable exclusion to the 2009 amount of $3.5 million.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.