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’re donating high-basis stock to charity

As the end of the year approaches, many may begin thinking about making gifts to qualified charitable organizations as a way to reduce potential estate and income tax liability while supporting a worthy cause. This brief...more

3 Strikes Against the IRS in Attempting to Impose Fiduciary and Beneficiary Liability for Estate Taxes

During her lifetime, Anna Smith established the Anna Smith Family Trust, a revocable trust administered for her benefit. Initially, Anna was initially a co-trustee with two of her children, but eventually became sole trustee....more

Tax Truths: Volume 1, No. 2 – December 2016

AN ANALYSIS OF TAX LAW PROPOSALS OF THE PRESIDENT-ELECT AND THE HOUSE - President-elect Trump made tax reform a highlight of his campaign, calling for fewer tax brackets, lower individual rates, and reduced corporate tax...more

Is Tax Reform On the Horizon?

2017 will bring Republican control to D.C. It will also potentially bring tax reform. Both President Elect Donald Trump and House Republicans have proposed sweeping changes to the U.S. tax system, which we have briefly...more

If it’s broken, fix it! Trusts that no longer achieve their objective can be repaired

What with changing life circumstances and new tax laws, not to mention potential mistakes made when an estate plan was first drafted, the trusts used in the plan may now be “broken.” This article details why trusts break and...more

Personal Planning Strategies - December 2016

2017 Estate, Gift and GST Tax Update: What This Means for Your Current Will, Revocable Trust and Estate Plan - As we previously reported, the American Taxpayer Relief Act of 2012 (the "Act") made the following permanent:...more

Estate Planning NOW: Preparing for a New Government

It’s impossible to predict what any future president will do, or what Congress will approve. But in light of comments president-elect Donald J. Trump made on the campaign trail, and given that Grand Old Party members will...more

A Comparison of Trump and House GOP Tax Reform Proposals

With Republicans in control of the U.S. Senate, the U.S. House of Representatives and the White House starting in 2017, the federal government is now better positioned to move forward on comprehensive tax reform, with...more

The Times They Are a-Changin’ – Potential U.S. Tax Reform Implications of the 2016 Elections

As a result of the United States federal elections on November 8, 2016, Donald J. Trump is the president-elect, and the House of Representatives and Senate both will consist of Republican majorities. As a result, it is...more

What Proposed Tax Plans by Trump Administration and House Republicans Mean for Personal Planning

The election of Donald Trump and Republican majorities in U.S. Congress make the future of the federal transfer tax system (gift, estate and generation-skipping transfer (GST) taxes) uncertain. President-elect Trump and...more

2016 Year-End Estate Planning Advisory

In 2016, we continued to experience a period of relative stability in our federal transfer tax system and have been able to plan without expecting imminent significant changes to the system. Under the American Taxpayer Relief...more

Charitable Lead Annuity Trusts: A Potential Win-Win for Your Assets

In this final installment in our three-part series, we discuss the planning technique known as Charitable Lead Annuity Trusts (CLATs). Like Intra-Family Loans and Grantor Retained Annuity Trusts (GRATs) described in previous...more

New Year, New Tax Laws? Tax Reform Proposals Under Trump and the House “Blueprint”

On November 8, Donald Trump was elected as the 45th U.S. President. Trump is scheduled to take office on January 20, 2017, and he has announced tax reform as a top legislative item on his 100-day action plan. Given the strong...more

Trump and the Death Tax

Donald Trump’s tax plan calls for elimination of the “death tax,” which refers to the federal estate and generation-skipping transfer (“GST”) taxes, and may include the federal gift tax. His plan also calls for imposition of...more

Tax Planning After Presidential Election

The recent presidential election cast a shadow of uncertainty over estate tax planning. President-elect Donald Trump’s platform includes a repeal of the federal estate tax and other proposals regarding our tax code. With...more

5 Things to Know to Reduce Your Tax on Capital Gains

Although it is often said that nothing is certain except death and taxes, the one tax you may be able to avoid or minimize most through planning is the tax on capital gains. Here's what you need to know to do such planning...more

Tax Reform Under a Trump Presidency

Following the results of last Tuesday’s election, there is significant speculation about the status and future of the tax code in light of President-elect Donald Trump’s proposed tax reform plan. Much of this speculation is...more

Estate Planning for Family Businesses

Estate planning for closely held family businesses could be significantly affected by proposed regulations that have been published by the Internal Revenue Service. The IRS proposed regulations and their effect on...more

Potential for Tax Reform in 2017: Insight from Proposals of the President-Elect and Congressional Republicans

In the U.S. general election held on November 8, 2016, Donald J. Trump was elected to become the 45th President of the United States. Republicans also retained their majorities in both the U.S. House of Representatives and...more

Estate Planning Inflation Adjustments For Tax Year 2017

Many estate planning provisions of the Internal Revenue Code contain brackets, exemptions, exclusions, deductions, or other figures that are adjusted annually for inflation. Every year around this time, the IRS releases these...more

What Kind of Tax Changes Can We Expect From Trump's Presidency?

The tears have not yet dried for some, and the celebrating is not yet over for others, but let's turn our attention to taxes. With a Republican Congress and a Republican president, some measure of tax relief is a given. What...more

Trust and Estate: Family Feud — Hollywood May Call It Entertainment But It Is No Laughing Matter for Family Businesses, Part II...

INTRODUCTION - As discussed in Part One of this article, statistics show that most family-owned businesses fail after a generation or two. Specifically, only 30% of family-owned businesses survive the transition from...more

Weekly Update Newsletter - November 2016

DEPARTMENT OF DEFENSE - Withholding of Unclassified Technical Data and Technology from Public Disclosure - The Department of Defense (“DOD”) Office of the Under Secretary of Defense for Acquisition, Technology, and...more

Fast Action May Be Needed to Avoid Proposed Valuation Rules

On August 2, the IRS issued proposed regulations that, if made final, could result in substantial increases in gift or estate taxes for owners of interests in some family owned corporations, partnerships, limited liability...more

Two (out of Three) Gift and Estate Tax Exclusion Amounts Will Inch Up in 2017

Around this time every year, the IRS looks at whether there has been a year-over-year increase in the Consumer Price Index and announces inflation adjustments to the federal gift and estate tax exclusion amounts for the...more

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