The Greatest Gift: Your Individual + Family Estate Plan
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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