Don’t let the tail of the increased federal exemption wag the estate planning dog
On December 22, 2017 the President signed the TAX CUT AND JOBS ACT (The “Act”) that became effective January 1, 2018. For estate tax purposes and for estate tax planning purposes, the Act essentially doubled the federal estate, gift, and generation-skipping transfer tax exemptions through the end of 2025. This means that as of January… Read more »
Maine’s bountiful seaweed. Who owns it?
A recent Maine case, Ross v. Acadian Seaplants, has made national news. The subject of this legal battle? Ownership of seaweed. Acadian Seaplants, Ltd., a Nova Scotian company, has appealed from a decision of a justice of the Maine Superior Court, which ruled in favor of two property owners that own waterfront property in Washington… Read more »
Paige B. Streeter to speak at York County Bar Association Family Law and Bench Trial Institute
Attorney Paige B. Streeter will be among a panel of presenters at the York County Bar Association’s Family Law and Bench Trial Institute on March 20, 2018. The CLE will take place over seven different modules spanning through May 24, 2018 and centered on family law advocacy in Maine. Attorney Streeter’s presentation will include discussion… Read more »
What are the penalties for drunk driving in Maine?
In Maine, drunk driving is called “operating under the influence,” or “OUI.” A person commits OUI if the person operates a motor vehicle while under the influence of intoxicants, or while having a blood-alcohol level of .08 grams or more of alcohol per 100 milliliters of blood or 210 liters of breath. The Maine Supreme… Read more »
New federal tax law eliminates alimony deduction – last chance for payors
On December 22, 2017, the Tax Cuts and Job Act (H.R.1: Public Law No. 115-97) became law and will have far-reaching effects on all aspects of our economy, including divorce. Under pre-Act law, alimony and separate maintenance payments were deductible by the payor spouse under Code Sec. 215(a) and includible in income by the recipient… Read more »
Valuation of businesses in divorce: personal goodwill and enterprise goodwill
A business’s goodwill consists of its “reputation, patronage, and other intangible assets that are considered when appraising the business.” Black’s Law Dictionary 703 (7th ed. 1999). Under Maine law, enterprise goodwill is quantifiable property subject to equitable distribution by the court. Ahern v. Ahern, 2008 ME 1, ¶ 14, 938 A.2d 35. Personal goodwill, in contrast, “is… Read more »
Federal tax legislation to dramatically change federal estate tax exemptions
Reported in Forbes/Personal Finance on December 21, 2017, it appears that the final Tax Bill passed by Congress, currently awaiting the President’s signature, will have dramatic effects on federal estate tax exemptions. According to Forbes, the new Tax Bill passed by the House and Senate on December 20, 2017 will temporarily double the exclusion amounts… Read more »
New federal law targets elder abuse and exploitation
According to a report by Rhonda McMillion, an editor of the ABA (American Bar Association) Washington Letter, a publication of the ABA Governmental Affairs Office, a new federal law championed by the ABA will fight elder abuse and exploitation. The report, which appeared in the December 2017 issue of the ABA Journal, notes the following:… Read more »
Keith P. Richard joins the firm as an Associate Attorney
Libby O’Brien Kingsley & Champion, LLC is pleased to welcome Keith Richard to the firm as an Associate Attorney. Keith’s practice will initially focus on civil litigation and family law matters. Keith joins the firm after having spent the past year serving as a law clerk for Associate Justice Thomas Humphrey of the Maine Supreme Judicial Court. For… Read more »
Tyler Smith successfully defends client against protection order extensions
Several years ago, our client’s ex-husband and daughter obtained protection orders. They used these orders to restrict our client’s activities and make various complaints to the police about perceived violations. In 2016, Attorneys Gene Libby and Tyler Smith won an acquittal for the client with regard to one of these complaints – that the client… Read more »