Marc J. Soss, Esquire. - Sarasota Estate Planning, Corporate & Probate Atty

Sarasota & Manatee County Florida Estate Planning, Corporate & Probate Lawyer Sarasota & Manatee County Estate Planning, Probate and Business Law Attorney

Estate Planning - Marc J. Soss, Esq - Sarasota Lawyer 01/25/2022

Each year, the IRS considers inflationary adjustments to the estate and gift tax exemption amount and gift tax annual exclusion amount. The 2022 adjusted numbers are:

2022 Exemptions and Exclusions: The estate and gift tax exemption amount has increased to $12.06 million per person in 2022 (from $11.7 million per person in 2021)

2022 generation-skipping transfer tax: The exemption amount has increased to $12.06 million per person.

January 1, 2026: If Congress takes no action between today and December 31, 2025, the exemption amounts will revert to pre-2017 Tax Act levels ($5 million per person, adjusted for inflation) of approximately $6.5 million per person.

Gift annual exclusion: Every year an individual is permitted to gift another individual, excluding their spouse, a certain amount without incurring any gift tax liability. Effective on January 1, 2022, the annual exclusion amount increased to $16,000 (up from $15,000). The annual exclusion is a powerful tax-saving tool because the person making the gift can transfer wealth without using any of his or her estate and gift exemption amount and without needing to file a gift tax return. A married couple can make a combined gift of $32,000.

Estate Planning - Marc J. Soss, Esq - Sarasota Lawyer 2070 Ringling Blvd., Sarasota, FL 34237 Tel: (941) 928-0310


Federal Court Affirms Employer Right To Require Employees To Be Vaccinated

On June 12, 2021, a federal judge in Houston, Texas issued the first federal court decision addressing whether an employer may require its employees to be vaccinated as a condition of employment. The federal judge ruled that Houston Methodist Hospital (the “hospital”) did not violate the law by requiring, as a matter of policy, that all employees be vaccinated against COVID-19 by June 7, 2021. The court rejected multiple arguments, including that the COVID-19 vaccines currently available “are experimental and dangerous,” the injection requirement violated public policy, employees cannot be required to receive “unapproved” medicines, and that “no currently-available vaccines have been fully approved by the Food and Drug Administration,” and that the hospital’s policy was “coercion.”


On April 8, the IRS released Notice 2021-25, which provided guidance in determining which meals may be fully deductible under the new IRS rules and which are remain subject to the fifty (50%) percent limitation. Under long-standing IRS rules, the deduction for food or beverage expenses is generally limited to fifty (50%) percent of the amount. In order to be deductible as a business meal, the food must not be lavish or extravagant or the taxpayer (or an employee of the taxpayer) must be present at the furnishing of such food or beverages.

The Consolidated Appropriations Act of 2021, expanded the deduction of business meals to one hundred (100%) percent, if the food or beverages for the meal are provided by a restaurant. This expanded deduction is only allowable for amounts paid or incurred during the calendar years 2021 and 2022. The term “restaurant” is defined as “a business that prepares and sells food or beverages to retail customers for immediate consumption, regardless of whether the food or beverages are consumed on the business’ premises.” The notice also clarified whether certain employer-provided meals would qualify as restaurants under the regulations.

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Our Story

Four (4) decades of legal experience assisting individuals and business entities on the Florida West Coast (Sarasota, Siesta Key, Longboat Key, Casey Key, Venice, Osprey, Nokomis, Englewood, Bradenton, Lakewood Ranch, University Park, Naples, Ft. Myers, Palmetto, and Ellenton) in the areas of Estate Planning (Wills, Revocable Trust, Power of Attorney, Health Care Surrogate, Living Will, ...), Asset Protection, Probate & Trust Administration and Litigation, Guardianship Administration and Litigation proceedings and Florida Business & Corporate Law (corporate entities, shareholders, LLC members and partners in business transactions, succession planning, mergers & acquisitions and business disputes).

Each client knows they will receive the highest quality legal representation based on my experience and integrity. Other lawyers, both inside and outside the state of Florida, regularly refer clients to me in my focus areas. I am honored by their confidence. I pride myself on my ability to form long lasting relationships with my clients.

It is my goal to provide you with personalized attention, high quality legal service and my years of expertise. Our legal services are tailored to your unique needs. My reward is satisfied clients! Call me to schedule an appointment in my Sarasota or Lakewood Ranch office. We can also visit you at home, if it is difficult for you to get around, or your office to accommodate your schedule.



2070 Ringling Boulevard
Sarasota, FL

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