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Inheritance
New IRS campaign on gifted homes
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 to go after people according to the Wall Street Journal.
This happens all the time, particularly in immigrant communities and often with poor results. If you plan to live in the home, whatever the tax result, don’t give away your home, even to your own son.
Under the Islamic Rules of Inheritance, so long as you are not in your last sickness and you are not giving the gift out of a desire to hurt others, you are free to give large gifts during your lifetime. However giving it away without reporting and when necessary, paying to the Federal government will have consequences.
Gender Issues and Islamic Inheritance in Washington DC
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. [...]
Islamic Inheritance and Estate Tax Issues
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 [...]
Estate Planning Specialist and what that means
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 [...]
New introduction to Islamic Inheritance on my website
Islamic Inheritance, an Introductory video
Islamic inheritance and Retirement Beneficiary Designations, IRAs and 401(k)s
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 [...]
A tax deduction you don’t want?
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 [...]
The Estate Tax will return, what do Muslims do?
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 [...]
Florida Workshops
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.
Islamic Inheritance: Masjid Taqwa Workshop after Ramadan
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 [...]
