Special Alert

Immigration I-9 Audits Results in Stuff Fines for San Diego Employers (08/19/10)

I spoke to a colleague who is an immigration specialist and he tells me the Department of Homeland Security has a special program going on to comprehensively audit the I-9 forms of businesses. The fine is $1,000 per violation and the auditors are citing even ministerial or technical violations.  He said there are 80 some pending cases in San Diego and the fines are up to six figures. He said the violations include not having an I-9 for the owners daughter who helped over the summer and not filling in the green card number on the I-9 and instead (thinking it would be even better) attaching a copy of the green card.

Business owners may be well served to consider self-auditing their I-9 forms....

Changes in the Estate Tax Laws – Why EVERYONE MUST Review Their Estate Plan (03/30/10).

On 12/31/09, the estate tax exemption was $3.5 million and the top estate tax rate was 45%. Today, the estate tax exemption is unlimited because there is no estate tax. On 01/01/11, the estate tax exemption is scheduled to be $1 million and the top estate tax rate is set to be 55%.

What does this mean for you? 

These roller coaster changes in the law could mean disaster for your current estate plan (namely, your will and/or revocable trust), especially if you died in 2010. 

For example, if you are married you may want to consider if your “A-B” trust is still desired if the exemption amount is lowered to $1 million or if you instead want an “A-B-C” trust

Also, your estate plan may now want to anticipate certain expected changes in the law by providing, if such changes occur, the irrevocable “Trust B” in a married person’s estate plan is no longer needed since the first spouse to die can allow his or her spouse to use his unused exemption.

This is simply a heads-up that the reader should review his or her estate plan and meet with his or her estate planning counsel.  Regularly doing so is important, but this “perfect storm” of estate law circumstances make it especially important to do RIGHT NOW!