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

How do recent updates to estate tax laws impact your future?

In 2013, Kiplinger ranked the states with the scariest "death taxes." At that time, New Jersey topped the list, with an estate tax exemption of only $675,000, and with an inheritance tax imposed upon transfers to other than...more

White House: Tax Reform Coming in March

The White House announced that President Trump’s tax reform plan will be coming soon (around March 13th)....more

Potential Repeal of the ‘Death’ Tax

Assuming you have not been living under a rock for the last two years you have heard of Donald J. Trump, now President Trump, speak about the need to repeal the so-called “Death tax”. In addition, you are likely aware that...more

Estate Tax Reform Predicted for 2017

A key goal for those of us who practice with Ward and Smith is to inform our clients and future clients of potential developments that may impact them.  With respect to Trust and Estate Law, the potential for repeal of the...more

Estate Plan Taxes | Estate Planning Attorney

What Does a Trump Presidential Victory Mean to My Estate Plan and Estate Taxes? Regardless whether you lean towards the political left or right, the results of the 2016 Presidential and Congressional elections will...more

Changing Your “Home” For State Tax Purposes – Not So Easy

It’s February, the middle of winter, and many of us are longing for warmer weather. Some with second homes in Florida or Arizona and the like start thinking about changing their primary residence for state income and estate...more

Michael Jackson Estate Tax Case Moving Forward

Most estate tax practitioners will tell you estate tax it is all about valuation when assets are other than cash and marketable securities. The estate tax case of the Michael Jackson estate is an ideal demonstration. Tax...more

Late Portability Election Denied for Estate That Was Over the Estate Tax Return Filing Threshold

One of the key changes of the 2010 Tax Relief Act is the addition of “portability” of the first deceased spouse’s unused basic exclusion amount, commonly referred to as the deceased spousal unused exclusion amount. Under...more

A 2017 Repeal of the "Death Tax?"

The estate tax, also referred to as the "death tax," is a tax on the property you own at the time of your death. Currently, there is a federal estate tax exemption of $5,490,000 per person, up from $5,450,000, in 2016. This...more

Follow up on possible Estate Tax Repeal: Important Basis Planning Technique in Estate Planning

In last week’s Tax Tip our Henry Grix succinctly described the current lay of the land regarding estate tax repeal. This Tax Tip focuses on one narrow but very important aspect in anticipating such action, or possible...more

Stretch out estate tax on business interests

Frequently, heirs of successful entrepreneurs are forced to sell off business interests at “fire sale” prices to help pay federal estate taxes. To alleviate the tax strain, Internal Revenue Code Section 6166 allows heirs to...more

Insight on Estate Planning - February/March 2017

In This Issue: - Stretch out estate tax on business interests - Maintaining family harmony: Balance beneficiaries’ needs with a total return unitrust - Is a donor-advised fund right for you? - Estate planning...more

KNOWN UNKNOWNS about Federal Tax Laws and Regulations

The new administration in Washington, supported by Republican majorities in Congress, has pledged substantial changes to federal tax laws and regulations. One change may - or may not - be the complete elimination of federal...more

"Income, Wealth Transfer Tax Changes Likely Under New Administration"

Comprehensive federal tax reform likely will be a top priority for the Trump administration and Republicans in Congress in the first half of 2017. Although there are differences between their proposals, President Donald Trump...more

Client Alert: Estate and Gift Tax Limits Announced for 2017

The IRS has issued the estate and gift tax limits for 2017 (Rev. Proc. 2016-55). For an estate of a person dying in 2017, the basic exclusion amount is $5,490,000 for determining the credit against federal estate tax. This...more

Wealth Management Update - February 2017

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

A Substitute for Estate Tax Closing Letters

In Notice 2017-12 (the “Notice”) the IRS announced that an “account transcript” from the agency can substitute for an Estate Tax Closing Letter (“ETCL”)....more

January Tax Tidbits

Tax Tips for January 2017 are listed below. Rev Rul 2017-02, 2017-3 IRB January 2017 Rates: ..Section 7520 Rate: 2.4% ..Annual Short Term AFR (0-3 years): 0.96% ..Annual Mid Term AFR (3-9 years):...more

IRS Permits Trust Division Without Adverse Federal Tax Consequences

In Private Letter Rulings 201702005 and 201702006, the IRS favorably ruled on federal tax consequences of a proposed trust division. But for a minor change in facts, the two rulings are identical, so we will focus only on...more

Statute of Limitations and Collections Process Against Executrix and Agent for Estate Tax Deficiency

United States v. Holmes - 2016 WL 4363398 (SD Tex. Aug. 16, 2016) Summary - Summary judgment was sought by both the taxpayers and the Government for an estate tax liability. The taxpayers contended that the...more

McGuireWoods LLP State Death Tax Chart

This State Death Tax chart is maintained for the McGuireWoods LLP Website and is updated regularly. Please see full chart below for more information. ...more

Federal Gift, Estate Tax and Generation-Skipping Transfer Tax Exemptions & the Gift Tax Annual Exclusion Amount Are Subject to...

The exemptions were increased in 2017 from $5,450,000 to $5,490,000, and the annual exclusion remains the same at $14,000 per donee. These rules mean the following...more

Quarterly Investment Update - 4th Quarter 2016

ECONOMIC REVIEW AND OUTLOOK - In this past year we were reminded again to expect the unexpected: The well-established political classes in the U.K., the U.S. and Italy learned that democracy was their Achilles’ heel, and...more

Federal Regulatory Freeze

Please see chart below....more

Planning in an Age of Uncertainty

As we enter the beginning of a new administration in Washington, many provisons of federal law are being considered for possible changes. At this point (January 28, 2017) it's not possible to say what will be changed and...more

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