Estate Tax

Estate taxes, also known as inheritance or death taxes, are taxes on an individual's right to transfer property at death.
News & Analysis as of

Addressing Portability

As we have discussed in previous newsletters, the concept of “portability” introduced in 2012 allows a surviving spouse to use the unused federal estate tax exemption of the first spouse to die, but only if a federal estate...more

Deadline Extension to Elect Portability of Unused Estate Tax Exemption

Those who have been involved with an estate of a decedent who died in 2010, 2011, or 2012, should be aware of an important upcoming deadline. The IRS has granted an extension of time (only until December 31, 2014), to elect...more

Wealth Management Update - November 2014

November Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The November Section 7520 rate for use with estate planning techniques such as CRTs, CLTs,...more

Understanding United States Estate Tax Treaties & Gift Tax Treaties

Purchasing foreign property often comes with being closer to family, rewarding cultural experiences, international adventure, and the realization of long-held dreams. It could also mean having a home away from home in a...more

"The Estate Planner" – November/December 2014

In this issue: - The Sec. 1031 Exchange - A Powerful Estate Planning Tool - Worried About Challenges To Your Estate Plan? Make It No Contest! - Don't Underestimate The Impact Of State Estate...more

2015 Estate And Gift Tax Update

On October 30, 2014, the IRS released Revenue Procedure 2014-61, which announced inflation adjustments to the applicable exclusion amount beginning in 2015. For an estate of any decedent dying during calendar year 2015, the...more

Should You Transfer Unused Gift and Estate Tax Exemptions to a Surviving Spouse? (Part I)

The word "portability" in an estate tax context refers to the ability to transfer a deceased spouse's unused gift and estate tax "exemption" (technically known as the "basic exclusion amount" or the "BEA") to the surviving...more

Keep Your Collection Away from the Collectors: Tax Planning for Fine Art

Appreciation of fine art can create challenging tax issues, but with proper planning collectors can minimize the estate, gift, and income tax consequences of their collections. For taxpayers hoping to keep their works...more

Good intentions: Don’t let asset transfers run afoul of the law

With the current estate tax regime of a high gift and estate tax exemption amount and low estate tax rates, transferring wealth is becoming the focus of estate planning rather than reducing estate tax liability. And with...more

Now’s the time for a charitable lead trust

Affluent families who wish to give to charity while minimizing gift and estate taxes should consider a charitable lead trust (CLT). These trusts are most effective in a low-interest-rate environment, so conditions for taking...more

How to Avoid Estate Taxes if You Have a Non-Citizen Spouse

In our last blog post, we discussed estate taxes, federal gift taxes, and how non-citizen spouses are treated differently in the eyes of the law. Unfortunately, while husbands and wives can leave an unlimited amount of money...more

The Unlimited Marital Deduction & Non-Citizen Spouses

Especially if you have significant wealth, planning carefully for your future and the future of your loved ones is vital. Although many people are familiar with the basics of estate planning, from drawing up a will to naming...more

Court Grants 44.75% Fractional Discount in Artwork, but Don't Get Too Excited

An appellate opinion granting a 44.75% discount for a fractional ownership interest in artwork has limited precedential value. The Fifth Circuit Court of Appeals recently overruled the Tax Court's 10% fractional...more

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

2015 Predicted Inflation Adjusted Tax Items

The following are some of the more salient tax items adjusted unofficially for inflation by Research Institute of America. While unofficial they represent a very good estimate of predicted adjusted items for 2015. This list...more

T&E Litigation Newsletter - September 2014 #1

In United States of America v. Estate of Robert Reitano, Civil Action No. 12-11944-RWZ, 2014 U.S. Dist. LEXIS 123200 (D. Mass. Sept. 4, 2014), the federal district court issued a warning shot to estate fiduciaries who fail to...more

"The Estate Planner" – September/October 2014

In this issue: - The True Cost Of Giving – Charitable Donations In A No-Estate-Tax Environment - Could An Exchange Help Cover LTC Insurance Costs? - Family Meetings Help Ensure Estate Planning...more

Your Estate & Gift Tax Exemption Is Worth More Than You Think

While the American Taxpayer Relief Act of 2012 extended tax cuts for some individuals and increased rates for others, one resulting benefit that most can agree on is the “permanency” it brought to the uncertain world of...more

An Inherited IRA And Bankruptcy

In Clark v. Rameker, a case decided by the U.S. Supreme Court on June 12, 2014, the Court ruled that an inherited IRA did not constitute “retirement funds” under the Federal Bankruptcy Code and, therefore, those funds were...more

How will the GST tax affect your estate plan?

A new grandparent often considers making a gift to the newest member of the family. However, before taking action, it’s important to understand how the generation-skipping transfer (GST) tax may affect an estate plan. The GST...more

No Disclaiming Federal Tax Liability

Chris owed money to the IRS, and had federal tax liens filed against him. He was also a 1/3 beneficiary of his mother’s estate. To avoid the IRS collecting against his share of the estate, Chris disclaimed his interest...more

Wills, Trusts and Estates Newsletter - August 2014

In This Issue: - Thinking of Moving to Florida? Maybe a Little Further South is a Better Option - New Investment Thinking for Trustees? - Excerpt from New Investment Thinking for...more

Charitable Planning with S Corporation Stock—Making It Work

Since 1998, charities have been able to own S corporation stock (“S stock”). However, the ownership of S stock by an exempt organization may result in either an unexpected tax burden or a liability rather than an asset for...more

Real Estate Tip - Keep It in The Family?

Using a will to give a commercial building to a loved one, a business partner or even a charitable organization is not ideal planning. Adverse tax consequences, the public probate process and operational difficulties aside,...more

Tales of Hoffman: Postmortem Planning for Actor’s Estate

The tragic death of actor Philip Seymour Hoffman has given us an opportunity to consider his estate planning, with lessons and strategies for the rest of us....more

324 Results
|
View per page
Page: of 13