Estate Tax American Taxpayer Relief Act

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

2013 Year-End Estate Planning Advisory

In this issue - - Federal Estate, GST and Gift Tax Rates - Annual Gift Tax Exclusion - Federal Income Tax Rates - President’s Budget Proposal for Fiscal Year 2014 - Important Planning...more

Income Tax Cost Basis Planning

Prior to the recent and significant increases in the federal estate tax exemption amount, many clients engaged in planning the purpose of which was to ensure the use of both spouses’ exemption amount through the use of a...more

Insight on Estate Planning - Year End 2013: Can portability help preserve retirement benefits?

The American Taxpayer Relief Act of 2012 (ATRA) made the estate tax exemption “portability” feature permanent. This allows a surviving spouse to take advantage of a deceased spouse’s unused federal gift and estate tax...more

Insight on Estate Planning - Year End 2013

In This Issue: - State death taxes can be hazardous to your estate - Can portability help preserve retirement benefits? - Provide for family members with special needs using an SNT - Estate...more

Insight on Estate Planning - August/September 2013: Making gifts still matters, even after ATRA

The American Taxpayer Relief Act of 2012 (ATRA) eliminated much of the uncertainty that plagued estate planning for years by making two key provisions “permanent”: the $5 million gift and estate tax exemption (adjusted...more

The "Permanent" Relief Act

On January 2, 2013, President Obama signed the American Taxpayer Relief Act of 2012 (“ATRA”), setting the unified Federal gift and estate tax exemption at $5 million, indexed for inflation ($5.25 million for 2013, expected to...more

Now is the Time for Business Succession Planning

Toward the end of 2012, many families with wealth tied to a family business were faced with a choice: 1) avail themselves of the expiring $5.12 million estate and gift tax exemption by gifting interests in their family...more

Transfer Taxes After The Taxpayer Relief Act of 2012

The American Taxpayer Relief Act of 2012 (the “2012 Act”) had a profound impact on the transfer tax system. I will briefly describe that system and then, by way of background, set the stage for these changes by summarizing...more

The Fallout from the American Taxpayer Relief Act – What a Relief?

Because the media cycle moves so quickly these days, you may have already forgotten about the frantic last few days of 2012, during which Congress and the White House worked feverishly to save us all from going off the...more

ATRA 2012 – How Does it Affect You?

The American Taxpayer Relief Act of 2012 (the “Act”) was signed into law on January 1, 2013. Among other things, the Act amended the federal estate, gift, and generation skipping transfer tax laws. The amendments of the Act...more

Mcnees Insights - Asset Planning and Federal Taxation - Spring 2013

In This Issue: ATRA 2012 – How Does it Affect You?; Planning and Paying for Long-Term Care; and Obama Revenue Raising Proposals. Excerpt from ATRA 2012 – How Does it Affect You?: The American Taxpayer...more

The New Federal Estate Tax Laws – Permanent?

In January, the President signed the American Taxpayer Relief Act of 2012, which among other things, permanently raised the federal estate, gift and generation skipping transfer tax exemptions to $5,000,000, indexed for...more

No Such Thing as Forever: President Obama’s 2014 Budget Proposes to Reduce Estate Tax Exemption Amount in 2018

Just when many of us believed that, after years of changes and uncertainty, the federal estate tax exemption had stabilized at $5.0 million, subject to inflation adjustment (for 2013, it is a $5.25 million exemption), we have...more

Treasury Releases “Green Book” of Obama Administration FY 2014 Tax Priorities

On April 10, the Treasury Department released its “General Explanations of the Administration’s Fiscal Year 2014 Revenue Proposals.” Known as the “Green Book,” the document provides an explanation of the Administration’s FY...more

Estate Planning Insight: Estate Planning After The American Taxpayer Relief Act Of 2012

The American Taxpayer Relief Act of 2012 (ATRA) was signed into law on January 2, 2013, ending twelve years of uncertainty concerning the federal estate, gift and generation-skipping tax rates and exemptions....more

What the Recent Estate Tax Changes Mean to You

On January 2, 2013, President Obama signed into law the American Taxpayer Relief Act of 2012. This Act permanently sets the federal estate and gift tax exemption at $5 million per person ($10 million per couple), adjusted...more

Estate, Gift, and GST Taxes in 2013: American Taxpayer Relief Act of 2012 and Other News (Oregon)

The American Taxpayer Relief Act of 2012 (the “Act”) was signed into law on Jan. 2, 2013, avoiding dramatic changes to tax exemptions and tax rates on transfers subject to federal estate, gift, and generation-skipping...more

Estate Plans May No Longer Need Credit Shelter Trusts

The 2012 Tax Relief Act provides an exemption from federal estate tax of $5,250,000 inflation indexed per spouse that is portable between spouses. If the first spouse to die does not use in whole or in part her or his...more

Estate Planning Implications of American Taxpayer Relief Act of 2012

The American Taxpayer Relief Act (the Act), which was passed by Congress on January 1, 2013 and signed into law by President Obama on January 2, has finally provided some permanence to the transfer tax laws....more

Understanding the American Taxpayer Relief Act of 2012

The American Taxpayer Relief Act of 2012 was signed into law on January 2, 2013. The Act permanently extends many of the Bush-era tax cuts, while increasing tax rates for higher income taxpayers. Below is a brief summary of...more

Wealth Management Update - February 2013

In This Issue: - February Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - IRS Issues Revenue Procedure 2013-15 - Private Letter Ruling...more

Auto Notes -- February 2013

In This Issue: "Insuring Your Dealership: Do I Really Need Garage Liability and Garagekeeper's Insurance?" and "The American Taxpayer Relief Act"...more

Termination of Credit Shelter Trusts

As discussed in a previous article, due to higher estate tax exemption, certain trusts previously established for purposes of avoiding estate taxes under the estate plan of a predeceased spouse may no longer be necessary in...more

Estate Planning After the American Taxpayer Relief Act

Congress adopted the American Taxpayer Relief Act (the Act), effective January 1, 2013. The Act made permanent tax rates and exemptions for estate, gift, and generation-skipping transfer (GST) taxes. Prior laws incorporated...more

Estate, Gift, and GST Taxes in 2013: American Taxpayer Relief Act of 2012 and Other News

The American Taxpayer Relief Act of 2012 (the “Act”) was signed into law on Jan. 2, 2013, avoiding dramatic changes to tax exemptions and tax rates on transfers subject to federal estate, gift, and generation-skipping...more

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