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Articles Tagged with Nathan Vinson

By Nathan Vinson, Attorney and Partner
English, Lucas, Priest and Owsley, LLP

estate planWe’ve had lots and lots of questions about the new tax law passed by Congress and signed into law by President Donald Trump in late 2017. It is a large, complicated and sweeping bill that the average person may have some trouble deciphering, which is understandable. We wanted to tackle here what we see as one of the major benefits for those planning their estates: doubling the exemption for estate taxes.

If you’re looking to a solid guide to all of the tax law changes, read The Motley Fool’s take on it here.

In 2011, this base was set at $5 million, and it was indexed for inflation, meaning that you could leave up to $5 million (plus the adjustment for inflation) to your heirs and your estate would pay no estate tax. For tax year 2017, that amount was $5.49 million once adjusted for inflation.

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By Nathan Vinson
Attorney, English, Lucas, Priest & Owsley, LLP

Tax season is behind us (ahh, it feels nice to type this…) but it’s never too early to remind folks what to look for in a tax preparer – particularly given the news out of the U.S. Department of Justice earlier this year.

2015-02-02 16.45.14The U.S. Department of Justice banned a Kentucky man from preparing tax returns for life after auditing several of his clients’ returns. He offered a service in which he would go to the home of a client and prepare their tax returns on the spot, but he filed fake deductions, including using his own relatives as dependents on their returns and falsifying letters from churches indicating that people had donated money that they had not. He is banned from preparing taxes for life, and rightly so. The Internal Revenue Service takes incidents like this very seriously and has taken a necessary step to help keep the tax preparation industry free of con artists.

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tax law booksBy Nathan Vinson, attorney

English, Lucas, Priest and Owsley, LLP

Life estates have long been an efficient and simple succession planning device for those who want to leave their homes to loved ones when they die.

Here is a basic illustration of how it works:  Mom has survived Dad and owns her house outright.  She still lives in the home, which has a value of $300,000.  Mom wants to leave the home to her Son at her death.  So, Mom gives her house to the Son (the “remainder interest”) and reserves the right to live in the home during her life (the “life estate”).

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