Estate Tax Estate Planning

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

New York Estate and Trust Tax Changes: the Good, the Bad and the Ugly

As we noted in our recent client alert, New York Governor Andrew Cuomo announced in January that he would introduce legislation intended to reduce the estate tax incentive for New Yorkers to move out of the state shortly...more

"New York State Implements Major Changes to Its Estate and Gift Taxes"

On April 1, 2014, New York Gov. Andrew M. Cuomo signed into law the Executive Budget for 2014-2015, which includes significant changes to the state’s estate and gift tax regimes, as well as changes to the income taxation of...more

Trusts and Estates Planning Opportunities Arising From Recent Changes to the New York Estate Tax and Trust Income Tax Regimes

On April 1, 2014, the New York state 2014–2015 budget (the "Budget") became effective. The Budget includes legislation (the "Budget Legislation") that makes several significant changes to New York's estate tax regime and to...more

Wealth Management Update - April 2014

April Interest Rates Hold Steady for GRATs, Sales to Defective Grantor Trusts, and Intra-Family Loans. The April applicable federal rate ("AFR") for use with estate planning techniques such as CRTs, CLTs, QPRTs and...more

Trust and Estate: New York Enacts Significant Changes To Estate Tax Laws

The last year was filled with speculation in the New York estate planning community that the 2014 State budget bill would result in significant changes to New York’s long standing estate and gift tax laws. The Governor...more

New York’s Estate Tax System Undergoes Major Overhaul

The New York Executive Budget for 2014-2015, which was signed into law earlier this week, significantly changes New York’s estate tax system effective April 1, 2014....more

The Modern Family and the Modern Estate

Practitioners Need to be Aware of Changing Trends - The removal of the estate and gift tax curtain is exposing what was always clients’ true concern: how to provide for the ultimate well-being of their families. No...more

McNees Insights - Estate Planning

In This Issue: Who Gets Your IRA? – Six Common Mistakes; Estate Planning for Digital Assets; and Post-Production Issues and Oil & Gas Leases. Excerpt from Who Gets Your IRA? – Six Common Mistakes: Do you...more

Minnesota Enacts New Estate and Gift Tax Laws

On March 21, 2013, Governor Dayton signed a tax bill that impacts Minnesota residents as well as those who reside out-of-state, but own real estate and other assets in Minnesota....more

Estate/Gift Tax and Residency Update – New York

There have been important new developments for New York taxpayers over the past two months, some of which may require your immediate attention. ...more

Obama Administration Announces Gift Tax Annual Exclusion Proposal

On Tuesday, March 4, 2014, the Obama administration released its FY15 Budget. At the same time, the Treasury Department issued its accompanying “Green Book” that describes various changes in tax law and the resulting revenue...more

Personal Planning Strategies - March 2014

Under Proposed changes to New York's Estate, Gift and Generation-Skipping Transfer Tax Rules, There Are Advantages to Making Gifts Before April 1, 2014 New Yorkers may have an unusual opportunity to make tax-favored...more

Important Changes Proposed to New York Estate Tax and New York Income Taxation of Trusts, Grantors and Beneficiaries

Important legislation has been introduced by New York Governor Andrew Cuomo that, if passed, would substantially change the New York estate tax regime and would also significantly change the income tax rules regarding certain...more

Tax Court Rules on Built-In Gains Discount and Appraiser Qualification

On February 11, 2014, the United States Tax Court issued a memorandum opinion (i) determining the proper method for valuing a holding company (i.e., an S or C corporation holding marketable securities or appreciated...more

Action Needed by March 31, 2014 to Avoid Proposed Changes to New York Estate Taxes and Trust Income Taxes

If Governor Cuomo’s proposals are enacted, New Yorkers and non-residents with property located in New York may be facing new taxes this April Fools’ Day. - New York Estate Tax First, the good news — under the...more

"The Estate Planner" – March/April 2014

In this issue: - Private Annuities Can Offer Big Tax Savings - 5 Tips For Donating Artwork - A Successful Family Business Requires Strong Governance - Estate Planning Red Flag – You Haven’t Planned...more

Estate Tax Audits for Large Estates Are a Virtual Certainty

What you need to know: Recent audit statistics show that federal estate tax returns are facing increased scrutiny from the IRS....more

What's New for Tax Year 2013 (When Filing in 2014)

The following are select tax topics affecting individuals and businesses for tax year 2013. Individuals - Top Tax Rates: Single filers with taxable incomes exceeding $400,000 ($450,000 for married...more

Anti-Huber Planning

Asset protection trusts promise their settlors the best of many worlds. They allow a grantor to give away assets to a trust and remove them (and any future appreciation in the trust assets) from their taxable estate. However,...more

It’s Not Too Late to Use Your Spouse’s Unused Estate Tax Exclusion

In Revenue Procedure 2014-18 the IRS provided an extension of time to those who wished to be sure that a decedent’s surviving spouse could benefit from the concept known as “portability”. In the Procedure, the IRS provides...more

5 Estate Planning Mistakes You Should Try to Avoid

In your experience, what’s the most costly mistake people make when preparing estate plans, and what can they do to fix them? That’s the question we recently put to attorneys writing on JD Supra....more

IRS Guidance On Estate Tax Portability

The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 amended the Internal Revenue Code to allow the estate of a decedent who is survived by a spouse to make a "portability election" which...more

2014 Tax Update Letter

Dear Clients and Colleagues, This letter is an update on the most recent gift and estate tax developments, including new provisions applicable to same-sex couples, and presents our current thinking regarding wealth...more

New York to Drastically Change "Gift Tax" Rule

Currently, there is no gift tax in New York, and although the amount of lifetime taxable gifts made by a New Yorker may cause the estate tax rate to increase, there is no additional estate tax paid on those gifts. New York...more

Simplified IRS Relief for Same-Sex Couples and Others

On January 27, 2014, the Internal Revenue Service announced in Revenue Procedure 2014-18 a simplified procedure for certain estates to make a late portability election under section 2010(c)(5)(A) of the Internal Revenue Code....more

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