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Canadians who own US Real Estate – US Estate Tax Implications

Many Canadians own US-situs real estate, whether it is in New York, Florida, California or elsewhere in the US. It is often a surprise (or a “trap for the unwary”) to Canadian clients (or for that matter, any non-US client)...more

IRS Issues Revenue Ruling Holding that Assets Held in an Irrevocable Grantor Do Not Receive a Step-Up in Basin at Death

In a recently-issued Revenue Ruling (Rev Rul 2023-02), the IRS has held that the basis of the assets in an irrevocable grantor trust, where the assets are not included in the grantor’s gross estate for federal estate tax...more

Business Succession Planning – Should I Own My Business In A Trust?

Closely-held businesses come in all shapes and sizes. Some owners own 100% of their businesses. Some have partners. Some have children in the business. Some do not. A common question that a client asks the business and...more

Gift Planning In 2021

Trust and estate planners are still catching their breath from the 2020 year-end and dealing with the wave of gifting transactions that many clients completed. It seems the ink is not dry on those December transactions and...more

Court Finds That Penalty For Late Filing Of Estate Tax Return Was Arbitrary And Capricious

Seasoned trusts and estates practitioners know certain truths, such as: Stuff happens. Some estate tax disputes should not be litigated, but they are anyway. Sometimes justice is done....more

10/22/2019  /  Estate Planning , Estate Tax , IRS , Tax Returns

Supreme Court Unanimously Rules That States Cannot Tax Trusts Based Solely On Location Of Beneficiaries

In a closely-watched decision, the U.S. Supreme Court unanimously ruled that a beneficiary’s residence within a state alone does not subject a trust to such state’s income tax. In North Carolina Dept. of Revenue v. Kimberley...more

Failure To Plan and Inaction Lead To Increased New Jersey Estate Tax

The New Jersey Tax Court recently released its opinion in Estate of Ruth Oberg, NJ Tax Court, Docket No 000240 (October 24, 2017), upholding the Division of Taxation’s assessment of additional New Jersey estate tax. The case...more

11/27/2017  /  Estate Planning , Estate Tax , IRS , Valuation

The Repeal of the New Jersey Estate Tax: Is it Now Safe to Move Back to New Jersey?

On October 14, 2016, Governor Christie signed into law a transportation funding bill that also included the repeal of the New Jersey Estate Tax. Here is what you need to know: - The New Jersey Estate Tax repeal will be...more

IRS Issues Proposed Regulations Under Code §2704 Impacting Gift and Estate Taxes

The IRS has at last issued long-anticipated proposed regulations under Code §2704. We perceive the proposed regulations as an attempt by the IRS to curtail the use of discounts – such as minority interest and lack of...more

Who Gets the Little Red Corvette? We’ll Never Know. The Importance of Having a Will.

Prince was not the first famous person to die without a Will. Others who died intestate include: Abraham Lincoln, Ulysses S. Grant, Howard Hughes, Martin Luther King, Jr., Sonny Bono and Pablo Picasso. Dying intestate is...more

Estate Planning and Administration – Be Prepared for the Year That Follows the Death of a Loved One

The loss of a loved one is a traumatic event and it can be among the most challenging of times to make important financial decisions. Proactive planning with an attorney and financial planner can significantly lessen the...more

Important Changes to New York Estate and Gift Tax Laws

Estate tax exemption increase. Effective April 1, 2014, the New York State estate tax exemption increased to $2,062,500 for New York residents dying between April 1, 2014 and April 1, 2015 and will increase to $3,125,000 on...more

Estate/Gift Tax and Residency Update – New York

There have been important new developments for New York taxpayers over the past two months, some of which may require your immediate attention. ...more

After the Fiscal Cliff — A Summary of the New Federal Gift and Estate Tax Law

Congress took the fiscal cliff negotiations over the brink but was finally able to reach a deal resulting in the American Taxpayer Relief Act of 2012 (“2012 Act”). The 2012 Act makes the estate and gift tax laws “permanent,”...more

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