Tax Wills, Trusts, & Estate Planning Commercial Real Estate

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Three Ways to Guard Heirs From Big Wine Realty Tax Bill

Estate-planning is often focused on reducing or eliminating estate tax at death. As the estate-tax exemption has increased in recent years — currently $5.45 million and counting — there is a shift to planning for income and...more

Fiduciary Alert: IRS Again Extends Time for Consistent Basis Reporting via Form 8971 until June 30, 2016

Effective March 23, 2016, the Treasury Department and Internal Revenue Service published Notice 2016-27, once again extending, until June 30, 2016, the deadline for executors and other persons to complete and file Form 8971...more

"Important FIRPTA and REIT Reforms Enacted"

The newly signed Protecting Americans from Tax Hikes Act of 2015 (the Act) includes several reforms to the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA) and the taxation of real estate investment trusts...more

Tax Considerations in Real Estate Dispositions

In a typical real estate transaction, the seller deeds the real property to the buyer. This transaction is simple and straightforward for both buyer and seller. Although it is simple, is it the best structure from a tax...more

How to Avoid Needlessly Exposing a Client's Assets to Creditors in an Estate Plan or Trust

Estate planners often recommend that their clients hold title in community property or in a trust in which the real property interests are held as community property. They do this primarily to give the client the benefit of...more

Six Recommendations For Clients With Connections to France

There have been a number of changes to EU laws recently that have had, or will have, a direct impact on your clients who have connections with France. There are six stand-out issues that are worth careful and immediate...more

IRS Extends Due Date for New Basis Reporting Rules

On July 31, 2015, the laws addressing the basis of property acquired from a decedent were revised. Among other things, the new laws require an executor to provide to the IRS and to each estate beneficiary a statement...more

New Law Steps Up Reporting Requirements for Executors

The laws addressing the basis of property acquired from a decedent were revised on July 31, 2015. Generally, property acquired from a decedent receives a basis equal to its fair market value at the decedent’s date of death,...more

Wimpy’s Investment Strategy for Foreign Real Estate Investors - Real Estate Deferral Options for Foreign Investors beyond the 1031...

Overview - I did not grow up watching much TV, or at least TV programming in English, growing up in the Panama Canal Zone. The Military’s AFRTS did not come on the air each day until around 4;30 in the afternoon. In the...more

New York State Department of Taxation and Finance To Disregard Single-Member LLC Interests for New York Estate Tax

In a recent New York State Advisory Opinion, the New York State Department of Taxation and Finance advised that a federal income tax entity classification election could impact whether property held by a nonresident through a...more

Insight on Estate Planning - August/September 2014

In This Issue: - Unintended consequences: After divorce, review your estate plan to avoid surprises - Protecting your real estate assets - How will the GST tax affect your estate plan? - Estate...more

In Frank Aragona Trust, Tax Court Holds that Trustees’ Activities as Employees Count for Purposes of Material Participation Under...

The issue of whether a trust has passive or non-passive income from its investment in a pass-through entity has taken on increased importance in light of the tax imposed on net investment income under Code Section 1411 of the...more

Some Practical Risk Management Steps for Any Land Trust

I. Perpetual Calendar—Make Sure You Have Time for Reasoned Decisions—Stop trying to remember so much, reduce your stress, and avoid the risk of missing an important date. Every item that you can record onto a perpetual...more

Joint And POD Accounts: Weapon of Choice Of Transferees When Exerting Undue Influence?

Joint And POD Accounts: Weapon of Choice Of Transferees When Exerting Undue Influence? by James F. McDonough, Jr. on October 1, 2013 Will contests alleging undue influence are not uncommon. A will was, for many years,...more

Key Questions to Ask During Business Succession Planning

Key Questions to Ask During Business Succession Planning by Frank L. Brunetti on August 30, 2013 Succession planning is an essential component to business continuity, a smooth transition, and effective estate and tax...more

American Airlines Nears Bankruptcy Exit, Merger

American Airlines Nears Bankruptcy Exit, Merger by Joel R. Glucksman on August 15, 2013 American Airlines parent AMR Corporation is gearing up to make its formal exit from bankruptcy proceedings, and to enter into a...more

Endicott Interconnect Technologies Seeks Bankruptcy Protection

Endicott Interconnect Technologies Seeks Bankruptcy Protection by Joel R. Glucksman on August 2, 2013 Endicott Interconnect Technologies has filed for bankruptcy protection with the U.S. Bankruptcy Court in Utica, and...more

High Net Worth Family Tax Report, Vol. 8, No. 2 -- May 2013

President’s fiscal year 2014 budget contains numerous tax provisions - President Barack Obama released his proposed budget for the government’s fiscal year 2014 on April 10, 2013, and, not surprisingly, the budget...more

Personal Use Of Corporate Property In A USRPI Holding Company Structure

To insulate the ultimate individual owners from U.S. estate taxes, nonresident aliens often hold U.S. real property in a U.S. corporation, which corporation is owned by a foreign corporation. The foreign corporation is owned...more

New law gives Pennsylvania Inheritance Tax exemptions for family farms

A recent law enacted by the Pennsylvania Legislature will enable farmers to pass their family farms to future generations without having to pay Pennsylvania Inheritance Tax. With proper estate and tax planning, this law will...more

New Taxes to Take Effect in 2013

The following two new taxes will take effect on January 1, 2013: 1. Investment Income Tax - A new 3.8% tax on investment income, and 2. Earned Income Tax - A new 0.9% tax on earned income Both of these taxes are...more

2011 Amendments to the New Jersey Bulk Sale Law and Their Application to Single- and Two-Family Residences

On Wednesday, September 14, 2011, Governor Christie signed into law amendments to the New Jersey Bulk Sale Law. Enacted as chapter 124 of the Public Laws of 2011, these amendments narrow the scope of N.J.S.A. 54:50-38, signed...more

Reporting Of Interests In Mexico Fedeicomisos

U.S. residents, and other nonresidents of Mexico, are restricted from owning certain real estate in Mexico. The Mexican Constitution prohibits foreigners from purchasing or owning real estate within 60 miles of an...more

PLR 201119003 No Gifts Triggered by Trust Transfers to Resolve Family Discord

Erskine Summary: The IRS has privately ruled that transactions between a marital trust and a decedent's children from his first marriage to resolve discord between his surviving spouse and her stepchildren over the management...more

Florida LLC Legislative Fixes for 2011

2010 brought a Florida Supreme Court decision that raised more LLC questions than it answered. The 2011 legislative changes brought answers to Florida lawyer questions....more

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