Do you know the origin of the word “jubilee?” A Jubilee, in the most ancient sense of the word, was a special year in which slaves would be freed, debts forgiven, and great feasts eaten.
In our practice, we’ve been getting a lot of questions about potential upcoming student loan forgiveness, debts, and potential tax consequences. Under normal circumstances, creditors that discharge debt will issue a corresponding Form 1099-C Cancellation of Debt for inclusion in that year’s income. Although this is a nuanced situation, we asked our friends at the AAEPA what they thought about potential developments. Please see their article here for a more detailed view.
Estate Planning Attorney at Slaton Schauer Law Firm, PLLC
Before practicing exclusively in Estate Planning Law, Mr. Slaton-Freeman worked in research contracts for Texas A&M University, for a major international defense contractor, and the Texas Office of the Attorney General. His background includes trial litigation, business law, analysis of complex contracts, and estate planning.
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