American fitness guru Jack LaLanne died at his home in Morro Bay, California, at the age of 96. The cause has been reported as failure due to pneumonia. LaLanne was an american fitness, exercise, and nutritional expert and motivational speaker. LaLanne has been referred to as “the godfather of fitness.” LaLanne was married to Elaine Doyle LaLanne for over 50 years and had three children, one from his first marriage, Yvonne LaLanne, one from Elaine’s first marriage, Dan Doyle, and one together, Jon LaLanne. Full article: cnn.com.
The new 2011 estate tax laws took effect January 1, 2011. Estates with a taxable estate over $5 million will have to pay taxes. All under estates under $5 million will be exempt. There is also an advantageous “stepped-up basis” in all inherited property. Stepped-up tax basis means that if you inherit property, the new tax basis of the property is its value on the date of death. As a result, if you inherit property and later sell it, you will pay capital gains tax based only on the value of the property as of the date of death.
The attorneys at Leeds, Morelli & Brown, P.C. have worked with a variety of families in Nassau and Suffolk counties, Manhattan, Queens, Brooklyn, Bronx, and Staten Island. For questions regarding estate planning, please contact an attorney at the Leeds Morelli & Brown P.C. law firm for a free consultation at 1-888-556-2529 or visit the firm’s website at www.lbestatelaw.com.