If you give your home away to your child, it may be a taxable event. If you give a gift larger than $13,000.00, you have to report it to the IRS. The IRS is now in the middle of a program of sifting through county records to see if there were unreported gifts in order [...]
Karamah, Muslim Women Lawyers for Human has asked me to presented a program in Washington D.C., meant primarily for lawyers but will include many other community members as well. The primary aim is to educate the community of this important obligation of Islamic Inheritance. However gender issues in inheritance will be discussed extensively. [...]
I updated the section of my step by step guide on Islamic Inheritance related to tax issues. Recently there have been some changes with the new extension of the Bush Tax Cuts, but caused a return of the estate tax, which was abolished last year. However very few families have to worry about the Estate [...]
Recently I became a Specialist in Estate Planning, Trust and Probate Law, as Certified by the State Bar of California Board of Legal Specialization. Thats a big deal for me. In California, a lawyer is not allowed to say they are a “specialist” in anything unless they can support this fact with a [...]
Islamic Inheritance, an Introductory video
If your retirement plan, such as a 401(k), an IRA or any asset that is “beneficiary designated” your will or your trust does not decide how the assets are going to be distributed. They won’t decide that even if the language in the will or trust says that your retirement assets are to be distributed [...]
I posted an article on my main law practice website (where I write about Estate Planning that is not necessarily “Islamic”) on the unlimited marital deduction. The trap created by the unlimited marital deduction is the same for Muslims as it is for non-Muslims. However, the difference when it comes to Muslims is that it [...]
As has been widely publicized, the “Bush tax cuts” are set to expire at the end of 2010. The vast majority of people who did any estate planning in the past three years did not have to worry much about the estate tax. They just planned for probate and justice; now they need to look [...]
At the invitation of Naushad Virji of Virji Investments, I plan to do a series of workshops in Florida. This includes Ft. Myers on September 30, Tampa on October 1st and Orlando on October 2nd.
I had previously posted I will be at Masjid Taqwa on August 7. This has been moved. I do not anticipate any Islamic Inheritance workshops until after Ramadan. Masjid Taqwa in Altadina, CA will be one of these insha Allah. I will also announce a few others inside and outside California coming in the next [...]