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

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

Business News Digest – June 2014

In this issue: - SEC Warns Private Equity Fund Advisers about Compliance Shortcomings - Why the 50 Percent Rule Deserves 100 Percent Attention - Exactly How Much Omega-3 Is in There? -...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 Governor Signs Estate Tax Changes into Law

Maryland estate tax law is changing and it is likely to have an impact on your estate plan. On May 15, 2014, Governor O'Malley signed a bill increasing the amount of wealth that can pass to heirs free of Maryland estate tax,...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

Estate Planning and Tax Issues for Bitcoin and Other Virtual Currencies

For estate planning and tax advisers, it’s important to know about all of a person’s valuable and significant assets, including digital assets, so that they can help the person properly plan ahead for incapacity, death, and...more

Tax And Business Planning For Farmers To Avoid Higher Taxes And Loss Of Subsidies

The Agricultural Act of 2014 (aka - the 2014 Farm Bill) has been controversial, to say the least. Among its many changes are an $8 billion cut to the “food stamp” program. The Farm Bill also drastically modifies or ends...more

Filing Obligations for Trusts in France: Annual Filing Deadline One Month From Today on 15 June

The annual filing imposed on trustees must be submitted by 15 June on new, dedicated forms published by the French tax authorities, and in the French language. ...more

Important Changes to New York Estate and Gift Tax Laws

Estate tax exemption increase. Effective April 1, 2014, the New York State estate tax exemption increased to $2,062,500 for New York residents dying between April 1, 2014 and April 1, 2015 and will increase to $3,125,000 on...more

"The Estate Planner" – May/June 2014

In this issue: - Valuing LLC Interests: How To Lose In Tax Court - Should You Keep Your Trust A Secret? - Effort – A “Stretch IRA” Can Maximize Your IRA’s Benefits - Estate Planning Red Flag – You...more

What Right Does an Estate Trustee Have To Sell Real Estate?

Taking on the role of estate trustee can involve many challenges, both legally and otherwise. Being an estate trustee where the deceased assets include real estate can carry with it additional challenges which must be...more

Mi Casa es Su Casa! - Planning Considerations Non-Resident Aliens Purchasing a Home in America

Overview - In spite of our many problems as a nation, the quality of life and level of economic opportunity as well as the overall respect for the rule of law, places the United States in a very unique position when...more

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