Law Office of John S. Palmer Attorney at Law

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The Palmer Legal Blog

Life Insurance, Estate Taxes, and Divorce

Posted Friday, May 25, 2012 by John S. Palmer
Pursuant to section 2042 of the Internal Revenue Code, life insurance is included in the gross estate of a decedent for estate tax purposes, even though the proceeds are payable to third parties, so long as the decedent had any “incidents of ownership”… More >

“Reasonable Compensation” for Payroll Tax Purposes

Posted Friday, May 18, 2012 by John S. Palmer
The Federal Insurance Contribution Act (FICA) imposes a payroll tax on wages paid to employees for services rendered; however an employer need not pay FICA taxes on other types of employee income, such as dividends. The IRS has adopted the concept of… More >

Ensuring a Surviving Spouse Adheres to a Mutually Agreed-Upon Estate Plan

Posted Tuesday, May 15, 2012 by John S. Palmer
It is common for married couples to execute reciprocal Wills leaving all assets to the surviving spouse, and stipulating that after both spouses are deceased, all remaining assets are to be divided equally among their children. If the parties have… More >

Update On Washington's Same-Sex Marriage and Domestic Partnership Laws

Posted Monday, May 7, 2012 by John S. Palmer
Washington State’s new law permitting same sex couples to marry is scheduled to take effect on June 7th. However, implementation could be delayed, and the law could be repealed without taking effect, if enough signatures are gathered by June 6th to put a… More >

Liability for an Estate’s Tax Debt

Posted Thursday, May 3, 2012 by John S. Palmer
Normally, the executor of an estate is not personally liable for the debts of the estate. However, if an estate’s debts are not paid in the proper order, an executor and even heirs of an estate can be rendered liable for the estate’s federal tax… More >

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Law Office of John S. Palmer11911 NE 1st St, Ste. B204,Bellevue, WA 98005-3056