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

Beware: Your Estate Plan May Contain an Unnecessary Bypass Trust

A once-popular estate planning tool included in many Last Wills and Revocable Trusts may now cost families more in taxes than it saves. Changes in the federal estate tax have made the "bypass trust" which was often included...more

The Battle Between the Estate of Michael Jackson and the IRS Continues

In March 2014, I reported on the all-out battle that was ensuing in the U.S. Tax Court between the IRS and the Estate of Michael Jackson over the value of the late pop singer’s estate. It began in 2013, when the estate...more

Connecticut Tax Developments

2016 Legislative Session: The New Economic Reality - In his February 2016 State of the State address, Governor Malloy announced that his administration would be adopting a new approach to state budgeting in light of...more

Proposed Treasury Regulations Cause for Concern Among Family Controlled Businesses

A profound effect on family controlled businesses may be in store when proposed Treasury Regulations under Section 2704 of the Internal Revenue Code come to pass. Under the new regulations, taxpayers would be precluded from...more

Should life insurance be a part of your estate plan?

Today, the federal gift and estate tax exemption stands at $5.45 million, so fewer families are facing estate tax liability. This begs the question: Can life insurance continue to play an important role in estate planning?...more

Portability is a thoroughly modern estate tax break

Computers and phones aren’t the only things that are portable today. The gift and estate tax exemption is also “portable” for married couples. Portability simplifies estate planning by allowing a surviving spouse to use the...more

Insight on Estate Planning -June/July 2016

Portability is a thoroughly modern estate tax break - Computers and phones aren’t the only things that are portable today. The gift and estate tax exemption is also “portable” for married couples. Portability simplifies...more

Trial & Heirs: 5 Estate Planning Stumbling Blocks

Last month, Prince died at the ripe young age of 57. He had no will, as reported by his only full sibling (a sister). She filed for probate of his estate in Minnesota, where he owned a home in Paisley Park. Under Minnesota...more

Planning for the $5-$10 Million Couple: Portability or Credit Shelter?

In 2009, each individual had a $3.5 million estate tax exemption. If a married individual had assets over $3.5 million, without careful planning, those assets in excess of $3.5 million would fall subject to a 45% estate tax....more

U.S. Tax Structures Utilized In Connection With Foreign Investment In U.S. Real Estate

U.S. real estate is expected to attract a record amount of foreign investment in 2016. The U.S. real estate market is perceived as a safe haven in light of economic uncertainty in China, the refugee crisis in Europe and the...more

Tax Court Scrutinizes Transfer of Assets to Family Limited Partnership

In Estate of Sarah D. Holliday, TC Memo 2016-51TC Memo 2016-51, (the “Estate” and the “Court”, respectively) the Court revisited a common factual pattern in the use of a family limited partnership to reduce estate tax. The...more

Four Lessons Learned from Prince’s Estate (So Far)

Several of the events surrounding the initial administration of Prince’s estate provide lessons applicable to all estate plans, not just celebrity estate plans. If You Don’t Have an Estate Plan, the State Will Write...more

Does Anybody Really Know What Time It Is?

In Notice 2016-27, 2016-15 IRB 1, the IRS has again delayed the initial due date for providing statements to the IRS and to beneficiaries under the “consistent basis reporting” rules for estate and income tax purposes until...more

Estate Tax Changes Past, Present and Future

I. INTRODUCTION - This outline is a selective and evolving review of the history of the modern federal estate tax. It originated during the attempts to repeal the estate tax in President Clinton’s second term and...more

Marital Deduction Trusts and Expatriates – More Questions Than Answers

If an expatriate dies and leaves property to a U.S. citizen or resident spouse, can a marital trust be used to defer or avoid the transfer tax imposed under Section 2801? Both the Code and the Regulations seem to say yes, but...more

Three Ways to Guard Heirs From Big Wine Realty Tax Bill

Estate-planning is often focused on reducing or eliminating estate tax at death. As the estate-tax exemption has increased in recent years — currently $5.45 million and counting — there is a shift to planning for income and...more

5 Reasons Not to Put off Your Estate Planning

As the tabloids reveal that Prince died without a Will, and his family heads to court to divvy up the estate, here are five reasons you should make a thorough inventory of your assets and set up an estate plan now...more

Forget That Prince Had No Will, What About the Estate Tax Problems?

There has been a fair amount of buzz in the days after Prince’s death about his estate plan, whether he has a Will, whether he did or did not do any planning. Time will see this out. Prince’s heirs at law appear at this time...more

Recent Connecticut Tax Law Developments

Coming off what was a relatively quiet year in 2014, the year 2015 was a tumultuous year for Connecticut tax law changes. The changes enacted during 2015 will impact virtually all taxpayers in the state (both individuals and...more

Life Insurance and Estate Planning

Life insurance can play an important role in estate planning. It is important to understand the uses and purposes of life insurance and the tax consequences of owning a policy and receiving a death benefit....more

MoFo New York Tax Insights - Volume 7, Issue 5

Retroactive Application Of 2010 Statutory Amendment Permitted By Tribunal - Reversing the decision of an Administrative Law Judge, the New York State Tax Appeals Tribunal has upheld the constitutionality of retroactively...more

Recent Changes in Estate Planning Laws May be Cause for Review of Your Estate Plan

Recent change in tax laws have many people rethinking their estate plans. Also, changes in the normal course of life make it a good idea for persons with estates that range from small to large to review wills, trusts, powers...more

Who Gets the Little Red Corvette? We’ll Never Know. The Importance of Having a Will.

Prince was not the first famous person to die without a Will. Others who died intestate include: Abraham Lincoln, Ulysses S. Grant, Howard Hughes, Martin Luther King, Jr., Sonny Bono and Pablo Picasso. Dying intestate is...more

2016-17 New York State Budget

On April 13, 2016, Governor Andrew M. Cuomo signed the 2016-17 New York State Budget into law. We summarize the highlights of the revenue provisions below. Personal Income/Estate Taxes Personal Income Tax rates are scheduled...more

Split to Be Tied!

Looking Beyond the Morrissette Decision and Around the Corner for Inter-Generational Split Dollar - Overview - I have had the opportunity throughout my career to know top life insurance agents as well as several top...more

492 Results
|
View per page
Page: of 20
JD Supra Readers' Choice 2016 Awards

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.
×