You may have heard that the best interest of the minor child is used to determine parenting time for a minor child, but what does it mean to say that a court will make the decision based on the “best interest” of the child? In Arizona, the judge considers multiple factors in determining the best …
Don’t Believe Everything You Hear – You Can Terminate Your 401(K) Safe Harbor Match Formula Mid-Year (Usually)
I have recently had two separate employers tell me that they wanted to stop making safe harbor matching contributions to participants in their 401(k) retirement plans in the middle of a plan year. The employers had very different reasons for wanting to eliminate their safe harbor match mid-year, but they had identical stories about what …
Should I Just Tell My Lawyer What He or She Really Needs to Know?
Divorce cases involve some of the most personal and important aspects of a person’s life. Information regarding your spouse, your children, your money, and your job are all very personal. It is only human nature to want to keep private as much information about one’s personal life as possible. It can also be embarrassing to …
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Tax Tip: Generation-Skipping Transfer Trusts
Generation-Skipping Transfer (GST) trusts have long been a popular estate tax planning tool used to defer transfer tax to a future generation. While the estate tax exemption is at a historical high, the GST tax exempt status of existing trusts is still important when planning for a family’s overall tax situation. Trusts established by a …
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The Best Interest of the Children: Putting the Kids First in Your Divorce
When I first heard the term “conscious uncoupling” during Gwyneth Paltrow’s divorce I thought “that’s so Hollywood”. However, the more I thought about it the more it made sense. If more divorcing parents could follow the famous couple’s lead the better their children would be. The reality in a divorce with children is that your …
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IRS Issues New Form For Reporting Non-Deductible Fines and Penalties
Internal Revenue Code Section 162, as amended by the 2017 Tax Cuts and Jobs Act (TCJA), provides that no deduction is allowed for any amount paid to, or at the direction of, a governmental entity in relation to the violation of any law. A corresponding obligation to report the receipt or imposition of such “fines …
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How Will a Court Determine Who Can Make Decisions Concerning the Children After Divorce?
You may have heard the word “Custody” or “Legal Custody” used in connection with a parent’s right to make decisions concerning education (such as school choice), medical decisions (such as whether a child will receive certain immunization) and religion (such as religious preferences). However, Arizona does not use the word “custody” in making decisions about …
2018 Gift Tax Returns
If you made gifts in 2018 now is the time to begin thinking about filing a gift tax return. If you made gifts in 2018 in excess of the gift tax annual exclusion amount ($15,000 per donee in 2018, or $30,000 if a husband and wife elect to split gifts and a gift tax return …
Do I Need a Right of First Refusal in My Parenting Plan?
Parenting time can be one of the most contentious issues in a divorce. Deciding which parent sees the children, how much and under what circumstances can be a very tricky and emotionally charged effort. As part of any divorce the parents must either agree to, or a court will order, a Parenting Plan. The Parenting …
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