By: Matthew Getty New legislation (H.231) has been introduced in the Vermont House of Representatives to increase the Vermont estate tax exclusion to $5.75 million by 2022. The text and status of the bill can be found here: https://legislature.vermont.gov/bill/status/2020/H.231. The Vermont exclusion would remain separate from the federal exclusion, which is currently $11.4 million per […]
Short-Term Rentals and the Vermont Meals and Rooms Tax
By: Matthew Getty Winter is, indeed, coming, but nearly every season in Vermont attracts tourists (Mud Season and Black Fly Season excepted). Many people, both Vermonters and out-of-staters, own vacation properties that are rented for short periods of time in order to offset the cost of ownership. Recent years have seen an increase in such […]
How Vermont Business Owners Can Begin Planning NOW for the New Federal “Pass Through Entity Income Tax Deduction” under Section 199A
By: Ron Morgan Effective for tax years from 2018 through 2025, new Internal Revenue Code Section 199A generally provides for a deduction of 20% of “qualified business income” received from sole proprietorships or so-called “pass through” entities (partnerships, limited liability companies, and S corporations). The deduction does not apply to W-2 income that you receive […]
What Is A Revocable Trust, And Do I Need One?
By: Matthew Getty I frequently receive questions about revocable trusts from clients who have heard something about them but aren’t quite sure what they are. Sometimes these clients have become convinced that they need to have a revocable trust, but they don’t have a clear understanding of what a trust will do and whether it […]
What To Bring: Meeting An Attorney About Opening a Vermont Probate Estate
By: Denise Tuttle Imagine you have just lost a dear loved one. Your thoughts are jumbled and your world has been turned upside down. You have an appointment scheduled to meet an attorney for the first time to discuss where to go from here. You may be anxious about this appointment, despite having enough already […]
Do I Need a Will?
By: Matthew Getty A common threshold question in estate planning is “Do I need to do anything?” The answer to that question depends a great deal on your personal preferences and whether you will be satisfied with the default results. The disposition of your assets will depend on the form of ownership and Vermont law. […]
DOCUMENT UPDATES
By: Matthew Getty We are sometimes asked by clients whether it is necessary to update certain documents, particularly powers of attorney and advance medical directives. A power of attorney is a document that appoints an agent to manage affairs on your behalf. The scope of a power of attorney is usually quite broad, but it […]
TERMINATION OF ANCIENT ENDOWMENTS
By: Matthew Getty One of the consequences of the 2008 recession was a decrease in the size of institutional endowments, just at the time when reliance on those funds may have increased in order to offset a simultaneous reduction in contribution income. The Dow Jones Industrial Average has tripled since the depths of that market […]