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

"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

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

McNees Insights: Estate Planning - Summer 2014

In This Issue: - Transitioning The Family Business to the Next Generation - Charitable Trusts and Estate Planning - Recent Tax Developments - Excerpt from Transitioning The Family Business to the...more

No Refund Of Extension Overpayment Followed By A Code §6166 Election

If an estate files to extend the due date of its Form 706 estate tax return, it can elect to defer the portion of the estimated estate tax that will be deferred pursuant to its Code §6166 election. It does not make the...more

STEP Canada: CRA Provides Update on Audit Activities

The Society of Trust and Estate Practitioners (STEP Canada) held its 16th annual national conference on June 16-17 in Toronto. As it has in previous years, the conference featured a Canada Revenue Agency Roundtable wherein...more

Income Tax Reporting for Decanting

Decanting refers to the distribution of trust property of one trust (the “first trust”) to another trust (the “second trust”). Over the past several years, the number of states specifically authorizing decanting by statute...more

Lift of Prohibition on Same-Sex Marriages in Pennsylvania Provides New Estate Planning Opportunities

On May 20, 2014, in the case of Whitewood v. Wolf, Judge John E. Jones III of the U.S. District Court for the Middle District of Pennsylvania struck down Pennsylvania’s ban on same-sex marriages. Like many of the rulings...more

Estate Planning Pitfall: You don’t have a buy-sell agreement for your business

Without a well-designed, properly funded buy-sell agreement, an owner’s death can have a negative effect on the surviving owners. A buy-sell agreement requires (or permits) the company or the remaining owners to buy the...more

Estate-Planning Lessons From Wealthy Families

For those in the know, a “family office” is something that many wealthy families rely on to provide financial support and advice. A family office can do a little bit of everything: providing investment management services,...more

International estate planning 101

Many traditional estate planning strategies are based on the assumption that everyone involved is a U.S. citizen. But for those couples with a noncitizen spouse, special rules apply that require additional planning. This...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

What Should I Know About Maryland Estate and Gift Taxes in 2014?

Since 2004, the State of Maryland has had a separate estate tax with an exemption level of $1 million per person, in contrast to the federal estate tax exemption which currently exceeds $5 million and is indexed for...more

Insight on Estate Planning - June/July 2014

In This Issue: - Adapting to the times: Estate planning focus shifts to income taxes - International estate planning 101 - When is the optimal time to begin receiving Social Security? - Estate...more

Trusts & Estates Alert - May 2014: Recent Changes to New York's Estate and Trust Income Tax Laws

Effective April 1, 2014, as part of the implementation of the 2014-2015 budget, the legislature and Governor Cuomo made significant changes to New York’s estate tax and trust income tax laws. According to Governor Cuomo, a...more

Update on Maryland Estate Tax

Maryland Governor Martin O’Malley has signed into law H.B. 739 (the “New Law”), which contains revisions to the Maryland estate tax law. Specifically, the New Law gradually increases the Maryland estate tax exemption amount...more

Maryland Phases-In Increased Exemptions for Estate Tax

Currently, in addition to any federal estate tax, Maryland imposes an estate tax on property that passes upon the death of an individual on the amount of the decedent’s taxable estate in excess of $1 million. The maximum rate...more

Will a Change to the Maryland Estate Tax Law Change Your Exit Strategy?

On May 15, 2014, Governor Martin O’Malley signed into law a bipartisan bill (House Bill 739/Senate Bill 602) that over the course of the next five years - beginning in 2015 - will link (or “re-couple”) the Maryland estate tax...more

Recent Changes to New York Estate and Income Tax

On March 31, 2014, the New York State legislature passed and Gov. Andrew Cuomo signed into law the New York State 2014-2015 Budget Bill (the “New Law”), which contains a number of revisions to the New York State estate tax...more

Wills, Trusts and Estates Newsletter - May 2014

In This Issue: - A Contrarian View on Bypass Trusts - Getting More Out of Trusts: The Total Return Unitrust - Estate Planning for Your Eighteen Year Old: What You Need to Do Now May Surprise You -...more

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