Estate Planning Income Taxes Estate Tax

Estate Planning is a process where individuals prepare or plan for the settlement of their personal affairs in the event of incapacitation or death. Estate plans typically include provisions relating to the... more +
Estate Planning is a process where individuals prepare or plan for the settlement of their personal affairs in the event of incapacitation or death. Estate plans typically include provisions relating to the disposition of assets, guardianship of minor children, and appointment of representatives to make medical and financial decisions. Effective estate planning can decrease tax liability and facilitate the probate process.  less -
News & Analysis as of

High Net Worth Family Tax Report, Vol. 9, No. 2

What You Need to Know About Corporate Inversions - It seems like every day brings news of another possible corporate inversion transaction. The news reports usually describe these transactions as another United States...more

Adapting to the times: Estate planning focus shifts to income taxes

As the gift and estate tax exemption has significantly increased, and the estate tax rate decreased, individual income tax and capital gains tax rates have increased. This means that those who expect to have little or no...more

Trusts and Estates Planning Opportunities Arising From Recent Changes to the New York Estate Tax and Trust Income Tax Regimes

On April 1, 2014, the New York state 2014–2015 budget (the "Budget") became effective. The Budget includes legislation (the "Budget Legislation") that makes several significant changes to New York's estate tax regime and to...more

Action Needed by March 31, 2014 to Avoid Proposed Changes to New York Estate Taxes and Trust Income Taxes

If Governor Cuomo’s proposals are enacted, New Yorkers and non-residents with property located in New York may be facing new taxes this April Fools’ Day. - New York Estate Tax First, the good news — under the...more

Significant Changes Proposed to New York Estate and Income Tax Laws

The New York State Legislature is considering some significant proposed changes to the New York estate tax law, the tax treatment of gifts by New York residents, and New York income taxation of certain trusts. Some important...more

What's New for Tax Year 2013 (When Filing in 2014)

The following are select tax topics affecting individuals and businesses for tax year 2013. Individuals - Top Tax Rates: Single filers with taxable incomes exceeding $400,000 ($450,000 for married...more

"The Estate Planner" – January/February 2014

In this issue: - Planning For The Net Investment Income Tax - The Stretch IRA: A Simple Yet Powerful Estate Planning Tool - Do You Know How To Address IP In Your Estate Plan? - Estate Planning Red...more

Q&A With Bilzin Sumberg's Richard Goldstein

Richard M. Goldstein is chairman of the tax and wealth preservation group in Bilzin Sumberg Baena Price & Axelrod's Miami office and represents numerous family businesses, U.S. residents and nonresident aliens, multinational...more

Equal Tax Treatment for Same-Sex Couples in the Wake of Recent Supreme Court Ruling and IRS Guidance

Same-sex marriages now are being recognized under federal tax law for the first time. In June 2013, the Supreme Court released its decision in United States v. Windsor, 530 U.S. 12 (2013), declaring Section 3 of the federal...more

Appellate Court Limits Illinois Power to Impose 'Permanent' Tax Residency on Inter Vivos Trusts

Under the Illinois Income Tax Act (“IITA”), an Illinois resident taxpayer is taxable on 100 percent of its income and a non-resident taxpayer is taxable only on Illinois source income. Until December 2013, whether a taxpayer...more

2013 Year-End Estate Planning Advisory

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

Income Tax Cost Basis Planning

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

DID YOU KNOW? News You Need Now From Perkins Coie's Family Office Services Group

Welcome to the Family Office Services Group's new update series "Did You Know?" It is an easy-to-read, timely and brief focus on legal issues and developments facing you and Family Offices throughout the year. ...more

How Does DOMA Ruling Affect Your Estate and Tax Planning?

The Supreme Court’s decision in Windsor v. U.S. has effectively struck down Section 3 of the Defense of Marriage Act, also known as DOMA, retroactively. Here are some tax advantages now available to married same-sex...more

DOMA Undone

Signed into law in 1996, the Defense of Marriage Act, known as DOMA, defined “marriage” for purposes of federal law as a union between one man and one woman as husband and wife, and “spouse” as a person of the opposite sex....more

Personal Planning Strategies - July 2013

On June 26, 2013, the United States Supreme Court issued its decisions in Windsor v. United States and Hollingsworth, et. al. v. Perry et. al., thus ending a four year "fast-track" judicial expedition of the validity of the...more

Estate Planning Opportunities Arising from Recent Landmark Supreme Court Decisions Concerning Marriages of Same-Sex Couples

On June 26, 2013, the US Supreme Court (the “Supreme Court”) struck down Section 3 of the federal Defense of Marriage Act (DOMA) as unconstitutional in the case of United States v. Windsor (“Windsor”). In a related case, the...more

A long engagement: Married same-sex couples finally receive post-DOMA access to federal tax and estate planning benefits

The U.S. Supreme Court’s ruling in United States v. Windsor will forever change many facets of the lives of same-sex couples....more

Landmark US Supreme Court Decision May Extend US Tax Benefits to UK Civil Partners

On Wednesday, 26 June 2013, the US Supreme Court ruled that Section 3 of the Defense of Marriage Act (“DOMA”), which limits the definition of “marriage” to “a legal union between one man and one woman as husband and wife” and...more

Supreme Court Overturns Defense of Marriage Act

On June 26, 2013, the Supreme Court of the United States overturned Section 3 of the Defense of Marriage Act ("DOMA") in Windsor v. United States. Prior to the Supreme Court's decision, Section 3 of DOMA, a federal law, had...more

Estate Planning Alert: New Civil Marriage Law Could Increase Income Tax Costs, May Offer Estate Tax Benefits

On May 14, 2013, Governor Dayton signed a bill modifying Minnesota Statutes Sections 517 and 518. The bill enacts changes in Minnesota's marriage law, effective August 1, 2013....more

Alert: Estate Planning - January 2013

For the first time in more than a decade, clients and advisors can plan their estates with a significant degree of certainty. The new tax law passed by Congress on January 1, 2013 and signed into law by President Obama...more

2013 Tax Update Letter

Dear Clients and Colleagues: This letter provides you with a summary of the American Taxpayer Relief Act of 2012 (the “Act”) with respect to the key estate and gift tax provisions, and presents some thoughts on wealth...more

2013 Estate Planning Update

As 2012 drew to a close, your estate planning attorney's attention was diverted from the ball drop in Times Square to whether Congress would drop the ball with respect to the fiscal cliff. Congress, however, passed the...more

What the “Fiscal Cliff” Resolution Means for Personal Estate Planning

For the first time in 12 years, the estate, gift and generation-skipping transfer tax law does not have a built-in expiration date in the United States. Congress has exempted all estates below approximately $5 million ($10...more

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