Estate Tax Gift-Tax Exemption

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

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

Making Lifetime Gifts Saves Federal Taxes

Lifetime Gifts Yield Estate and Gift Tax Savings - The federal gift tax annual exclusion currently allows each individual to give up to $14,000 each year to an unlimited number of donees – entirely free of tax. (Under...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

Making the most of your GST tax exemption

To share wealth with grandchildren, great-grandchildren or even more remote generations, special planning may be required to keep generation-skipping transfer (GST) taxes to a minimum. When it comes to GST tax planning, the...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

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

Preserving Your Family Business (or Sale Proceeds) for Generations

As promised, below is a follow-up to my February 29th post. There, I discussed estate tax planning. Below, I want to introduce generation skipping tax planning, using some similar tools. As of 2016, each person has a...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

Inflation Adjustments for 2016

On October 21, 2015, the IRS released the annual inflation adjustments which will apply to tax year 2016. These adjustments will help determine a taxpayer's tax bracket and available deductions, credits, exclusions, and...more

Trusts, Estates, Exemptions and Taxes

It may be hard to believe that in 2001, the estate and gift tax exemption, also known as the unified credit, was a mere $675K. In 2016 that credit is anticipated to go up to $5.45M for single filers; potentially $10.9M...more

2015/2016 Estate and Gift Tax Update

Experts have started to calculate the inflation adjustments to key estate and gift exemption amounts for 2016. Note that these are not the official figures to be released by the IRS, but should be used as a guide. The IRS...more

Personal Planning Strategies - July 2015

Income Tax Considerations of Estate Planning Are More Important Than Ever - Gifting assets during life will reduce the size of your taxable estate at death and, correspondingly, reduce your estate tax liability. But with...more

When Making a Large Gift, Don't Forget About the Gift Tax

Gift tax is not something many people think about, and for good reason: it will not affect the majority of taxpayers in any appreciable way. However, it can make a significant difference to wealthy givers who make large gifts...more

The Crummey trust: Keeping both the IRS and the creditors at bay is taking some fancy footwork

Since Crummey v. Commissioner was decided in 1968, the IRS has been making life difficult for the settlors of Crummey trusts. Only recently the parties again skirmished, this time over whether an in terrorem clause in the...more

Tom Brady: Give Malcolm that Truck!

I am not much of a true football fan. I have little interest in Monday night games, player stats, or the draft. But as a true New Englander, in support of my family and friends who love the Patriots, I’ll always make a point...more

Personal Planning Strategies - December 2014

2015 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...more

Wealth Management Update - December 2014

December Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The December Section 7520 rate for use with estate planning techniques such as CRTs, CLTs,...more

Should You Transfer Unused Gift and Estate Tax Exemptions to a Surviving Spouse? (Part I)

The word "portability" in an estate tax context refers to the ability to transfer a deceased spouse's unused gift and estate tax "exemption" (technically known as the "basic exclusion amount" or the "BEA") to the surviving...more

Good intentions: Don’t let asset transfers run afoul of the law

With the current estate tax regime of a high gift and estate tax exemption amount and low estate tax rates, transferring wealth is becoming the focus of estate planning rather than reducing estate tax liability. And with...more

Significant Changes to New York Estate and Income Tax Enacted

We previously alerted you to proposed legislation affecting New York estate tax law, the tax treatment of gifts by New York residents, and New York income taxation of certain trusts. This month Governor Cuomo signed final...more

Minnesota Passes Gift Tax Repeal And Estate Tax Revisions

On March 21, Minnesota made multiple gift tax and estate tax revisions. Those include: - Retroactively repealing the Minnesota gift tax that had been imposed since July 1, 2013...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

Significant Changes Proposed to New York Estate and Income Tax Laws

The New York State Legislature is considering some significant proposed changes to the New York estate tax law, the tax treatment of gifts by New York residents, and New York income taxation of certain trusts. Some important...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

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