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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

Nelson: IRS Prevails In Defined Value Provision Case

On June 10, 2020, in Nelson v. Commissioner, T.C. Memo 2020-81, the Tax Court ruled in favor of the IRS and against a taxpayer who attempted to use a defined value provision to value a transfer of assets. The taxpayer’s...more

IRS Withdraws Proposed Code §2704 Regulations On Lapsing Rights And Restrictions

The IRS has withdrawn the controversial proposed regulations under Code §2704 that would have significantly affected the use of discounts in US estate planning. Code §2704 provides that certain “applicable restrictions” on...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

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

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