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

Estate Planning Pitfall - You haven’t taken state estate taxes into account

A generous gift and estate tax exemption means only a small percentage of families are subject to federal estate taxes. But it’s important to consider state estate taxes as well. Although many states tie their exemption...more

Form 8971 Filing Unhappiness

The IRS has now issued a final Form 8971 and instructions. If you recall, this Form is newly required by executors of estates filing a Form 706 (federal estate tax return). The Form requires a schedule for each beneficiary...more

IRS Issues Draft Basis Consistency Form

The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 requires the executor of an estate that is required to file an estate tax return to report to the Internal Revenue Service (“IRS”), and to...more

Insight on Estate Planning - February/March 2016

When interest rates are low, it’s high time for estate planning - Interest rates remain at record lows, and while many experts believe they’ll begin to rise soon, it’s likely they’ll rise slowly. So it’s an ideal time to...more

2016 Estate and Gift Update

The federal government imposes a gift tax for gifts made during one’s lifetime. Likewise, the estate tax is levied on transfers made at one’s death. ...more

New Basis Reporting Requirements for Executors and Others Who File Estate Tax Returns

Statutes imposing new reporting requirements on executors and others who file estate tax returns were tacked onto a transportation and veteran's healthcare bill passed by Congress and signed into law last July. The new...more

How Your IRA Can Benefit Both Your Heirs and Charity

Do you want to use your IRA to help a charity, but also benefit your heirs? Instead of leaving your IRA directly to your children, you can leave it to a charitable remainder unitrust (CRUT) while still benefiting your...more

Annual Estate Planning Newsletter: Part One

Action Item: This year, Blank Rome’s annual estate planning newsletter will be issued in six installments. Each installment will discuss certain concepts and techniques that we hope may be of interest to our clients and...more

Taxpayer Prevails in Family Limited Liability Company Case

In a recent taxpayer victory, the Tax Court found in favor of the taxpayer with respect to three hotly contested gift and estate planning issues involving family limited liability companies. The Tax Court decided the case of...more

IRS Only Sending Estate Tax Closing Letters on Request

Open the estate, marshal the decedent’s assets, file the estate tax return, pay estate taxes and debts, receive the estate tax closing letter from the IRS, and distribute the remaining assets. While overly simplistic, this...more

2016 Tax Update Letter

Re: 2016 Tax Update - Dear Clients and Colleagues: This letter is an update on the most recent estate and gift tax developments and serves as a follow-up to our previous annual tax updates....more

Estate Tax Changes Past, Present and Future (Update)

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

New Federal Tax Legislation Impacts Executors AND Beneficiaries

This summer, new federal legislation was enacted which requires executors of decedents' estates to file information statements with the Internal Revenue Service ("IRS") as well as with estate beneficiaries, or face penalties....more

U.S. Pre-Immigration Tax Planning

The U.S. Pre-Immigration Tax Planning brochure provides information on the U.S. Tax Code, income tax, estate and gift tax, and pre-immigration considerations, in addition to real-world examples. There are no adverse...more

New Basis Reporting Requirements (and Penalties) for Decedents’ Estates

On July 31, President Obama signed into law the Surface Transportation and Veterans Health Care Choice Improvement Act (the “Act”) to reauthorize the Highway Trust Fund’s spending authority for another three months. To offset...more

IRS Releases Draft Form 8971, Information Regarding Beneficiaries Acquiring Property from a Decedent

On December 18, 2015, the IRS released draft Form 8971, Information Regarding Beneficiaries Acquiring Property from a Decedent. Once Form 8971 is finalized, executors who are required to file estate tax returns will complete...more

Art Basel: implicaciones tributarias para coleccionistas de arte estadounidenses e internacionales

Desde su lanzamiento en 2002, Art Basel Miami Beach se ha transformado en la que muchos consideran la feria de arte más prestigiosa e influyente de las Américas. La edición de 2014 recibió a más de 70 000 visitantes...more

Form 8971: Consistent Basis Reporting Between Estate and Persons Acquiring Property From a Decedent

Recent changes to the law have imposed upon executors of a decedent’s estate new reporting obligations with regard to a decedent’s property. In short, the changes require executors, and others if necessary, to file with the...more

Ron Aucutt’s “Top Ten” Estate Planning and Estate Tax Developments of 2015

In an ever eagerly anticipated annual tradition, Ronald Aucutt, a McGuireWoods partner and co-chair of the firm’s private wealth services group, has identified the following as the top ten estate planning and estate tax...more

2015 Year-End Estate Planning Advisory

The end of the year is quickly approaching. Outlined below are reminders about a number of tax planning opportunities that, if you have not already done so, you may want to take advantage of before year-end. Also outlined...more

Executors Responsible for New Estate Reporting Requirements

Executors (or beneficiaries in certain situations) of estates for which an estate tax return was required to be filed under Section 6018(a) after July 31, 2015 must now supply the IRS and each person acquiring any interest in...more

Wills, Estates and Trusts Update: Why the New 2016 Rules for Trusts and Estates in Canada May Surprise You and Why the Department...

January 1, 2016 will bring many significant changes to the taxation of trusts and estates in Canada. These changes were passed into law in December 2014, after being announced as part of the 2014 federal budget. Most people...more

Focus on Tax Controversy - December 2015

IRS Updates Administrative Appeals Process for Cases Docketed in Tax Court - In Notice 2015-72, the Internal Revenue Service (IRS) provided a proposed revenue procedure to update Rev. Proc. 87-24, 1987-1 C.B. 720, which...more

Account Transcript May Serve As Estate Tax Closing Letter

An estate tax closing letter is meant to evidence that the IRS has accepted the filing of an estate tax return and that the federal tax liabilities are satisfied, allowing the executor of the estate to close out the estate...more

Are Income Tax Refunds Due to a Decedent Subject to Estate Taxes?

I've always thought so, but apparently at least one estate thought not, and took the issue to the Tax Court. A decedent died before filing his income tax return for the prior calendar tax year. Once the return was...more

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