Read Wills, Trusts, & Estate Planning updates, articles, and legal commentary from leading lawyers and law firms:
The Greatest Gift: Your Individual + Family Estate Plan
The 2010 Tax Relief Act and your estate plan
Are your estate planning documents protecting your assets?
Same-Sex Marriage Cases in 90 Seconds
Should you Opt-Out of the Voluntary Disclosure Program?
Death and Foreign Asset Disclosure. What you don't know can cost you…a lot
Safeguard Your MVA: Devising a Business Succession Plan that will Preserve your Most Valuable Asset
Divorce can be costly, especially when it reveals undisclosed foreign assets.
Estate Planning: Wills, Trusts, & Power of Attorney in Arizona - Putting Family First
Foreign Asset Disclosure Program
Owners of residential property in Michigan, including cottages, wanting to transfer the property to a relative without uncapping the value for property tax purposes, may be in luck. The Michigan Legislature has adopted a new...more
The coming of the New Year brings new Federal and Rhode Island estate tax exemption amounts as both exemptions are adjusted annually for inflation. The Internal Revenue Service recently announced the new Federal Exemption...more
A recent Tax Court case addressed some interesting issues relating to the estate tax value of an LLC interest. Below is a summary of these issues....more
The constructive general inter vivos power of appointment is the product of the marriage of power of appointment doctrine and creditors’ rights doctrine. It is a topic that is taken up in §4.1.3 of Loring and Rounds: A...more
In This Issue:
Timely Year-End Tax Planning Can Reduce Taxes; Income Tax Cost Basis Planning; and Marriage and Taxes in 2013.
Excerpt from Timely Year-End Tax Planning Can Reduce Taxes -
Two significant events in 2013 underscored the nexus of marriage and taxes that make it possible for many couples to radically simplify their estate planning.
In this issue -
- Federal Estate, GST and Gift Tax Rates
- Annual Gift Tax Exclusion
- Federal Income Tax Rates
- President’s Budget Proposal for Fiscal Year 2014
- Important Planning...more
Prior to the recent and significant increases in the federal estate tax exemption amount, many clients engaged in planning the purpose of which was to ensure the use of both spouses’ exemption amount through the use of a...more
Year-end tax planning could be especially productive this year because timely action could nail down tax breaks that won’t be around next year unless Congress acts to extend them, which at the present time, looks doubtful....more
The American Taxpayer Relief Act of 2012 (ATRA) made the estate tax exemption “portability” feature permanent. This allows a surviving spouse to take advantage of a deceased spouse’s unused federal gift and estate tax...more
What you need to know:
As the result of the Supreme Court’s recent decision in United States v. Windsor and a subsequent ruling by the IRS, same-sex couples who are legally married in a jurisdiction that recognizes...more
Most people make the bulk of their charitable contributions during the year-end holiday season. This post summarizes some of the charitable giving ideas and opportunities, as well as some planning reminders, that donors may...more
Plan sponsors should consider whether they need to make certain plan amendments or provide certain plan notices prior to the end of the year.
The end of the year marks the deadline by which sponsors of qualified...more
Now that the federal gift and estate tax exemption is permanently set, many people are feeling more relaxed about the need for estate planning. But it’s important not to overlook state death taxes. Without planning, these...more
In This Issue:
- State death taxes can be hazardous to your estate
- Can portability help preserve retirement benefits?
- Provide for family members with special needs using an SNT
My largest asset is an IRA. I hear there is not much I can do with an IRA in terms of estate tax planning. Is that true?...more
I’ve been putting these tables together since 1990 – formerly on paper and mailed out, now on our firm’s website. Below are the updated 2014 tables with the recent inflation adjustments....more
In This Issue:
- 1031 Exchanges with a Twist
- Firearms in Estate Planning
- Estate Administration 101: What You Need to Know to Effectively Administer an Estate Qualifying as Executor
- Excerpt from 1030...more
Effective December 31, 2013, a parent can transfer residential real estate located in Michigan to his or her child without uncapping the taxable value of the property if the child continues to use the property for residential...more
A regular part of planning for high net worth families are dynasty trusts – long term multi-generational trusts that are exempt from generation skipping tax. The trusts are more attractive than ever, with expanded generation...more
One way you can make a year-end charitable gift is to write a check to the charity and take a charitable deduction on your income tax return. The problem is that you're using “after tax dollars” to make the gift....more
Entrepreneurs in Miami and elsewhere are familiar with making and receiving loans as commonplace tools in the management of their businesses. One need look no further than the growth of Miami’s skyline through debt-financed...more
Now that the recession appears to be fading into memory, Section 1031 Exchanges are on the rise. Section 1031 of the Federal Tax Code allows property owners to defer taxes by exchanging the sale property into one or more...more
In a recent Tax Court case, a decedent had sold properties to trusts in exchange for fixed annuity payments. The decedent died during the term of the annuities, and the IRS sought to include the value of the transferred...more
The Pennsylvania Supreme Court reversed the Commonwealth Court and held that property owned by the Board of City Trusts acting as trustee under the will of Stephen H. Girard was immune from real estate taxation because the...more