The South Dakota Supreme Court recently decided a unique case which may be persuasive to jurists in many other states that have adopted the Uniform Trust Code, particularly as it relates to literal compliance with shortened time frames for beneficiaries to take action under the Code. In doing so, the Court ruled that an informal objection to a revocable trust did not constitute an effective contest of the trust’s validity under their trust law, because it was not a timely filed suit. Read More
Types of Bankruptcies
Chapter 7. In a Chapter 7 bankruptcy, all of the debtor’s nonexempt property is liquidated and the proceeds distributed to creditors. Individual debtors receive a discharge of personal liability for pre-petition debts, subject to exceptions in §523, whether or not a proof of claim was filed or the debt was allowed under §502.727(b). Read More
President Donald Trump selected Judge Neil M. Gorsuch of the Tenth Circuit Court of Appeals to fill the vacancy in the Supreme Court. Judge Gorsuch draws much similarities to Judge Anthony Scalia, whom he is replacing, after his death in 2016. There are a lot of political decisions one might get into, but we are going to look at how some of the decisions Judge Gorsuch made on tax-related issues.
The new tax bill became law on December 22nd. Like many laws, some people will be affected more than others. The consequences of the new law will be felt as early as 2017, with some provisions set to start in 2018 and others in 2019. Below are a few of the items that may affect you.
Tax brackets have changed. There are still seven tax brackets, but income is now taxed at a different rate. Read More