Estate Tax Gift 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

"New Connecticut Laws Limit Transfer Taxes for Some Decedents, Increase Probate Fees for Most Estates"

Connecticut has implemented changes to its transfer tax and probate laws that affect nearly every decedent leaving even a modest estate via will or nonprobate transfer (such as a revocable trust). A new $20 million cap for...more

Estate of Clara M. Morrissette Secures Victory in Groundbreaking Estate Tax Case

In a case of first impression, the United States Tax Court ruled in favor of a taxpayer whose estate planning focused on the preservation and succession of a 70-year-old family-owned business. In Estate of Clara M....more

Filing Form 709: Beyond the basics of gift tax returns

Since 2013, the gift tax filing threshold has been $14,000, making it relatively apparent that if your client made a gift in excess of $14,000 to any one person (other than a spouse) in 2013 or any year thereafter, the client...more

Parties Settle Closely Watched Tax Court Cases Involving Defined Value Clause

The IRS and executors have settled two cases in the United States Tax Court involving members of the Woelbing family, who own Carma Laboratories, Inc., of Franklin, Wisconsin, the maker of Carmex skin care products, and a...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

Grantor Retained Annuity Trusts (GRATs) and Sales to Grantor Trusts

I. Introduction - A grantor retained annuity trust (GRAT) or an installment sale to a grantor trust can be useful in transmitting wealth in a tax-efficient way, and often one of these techniques is superior to other...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

Treasury Green Book Proposal — Reversion to 2009 Laws

The Department of the Treasury has released the Treasury Green Book for Fiscal Year 2017, which provides explanations of the President’s budget proposals. One such proposal (remember…these are just proposals, not actual...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

Expanding Basis Consistency Reporting under the President’s Revenue Proposals for 2017

The Obama Administration recently released its budget proposals covering the 2017 fiscal year. Along with the Administration’s proposals, the Department of Treasury issued its General Explanations of the Administration’s...more

Annual Estate Planning Newsletter: Part Two

Action Item: This is the second installment of our Annual Estate Planning Newsletter, and focuses on specific gift and generation-skipping transfer ("GST") tax matters. We urge you to review this installment to ensure that...more

Wealth Management Update - February 2016

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

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

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

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

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

Personal Planning Strategies - December 2015

2016 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

Art Basel: Tax Ramifications for American and International Art Collectors

Since its launch in 2002, Art Basel in Miami Beach has become what many consider the most prestigious and influential art fair in the Americas. The 2014 fair saw more than 70,000 international visitors descend on Miami for...more

Prepaying Tuition Payments To Qualified Educational Organizations

It is becoming more common for wealthy individuals to prepay the tuition expenses (which do not include books, supplies, dormitory fees, board or other similar expenses), on an annual basis or for multiple years, for family...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

Mainbrace: October 2015, No. 4

As with the world economy, the shipping markets are currently experiencing a major bout of volatility. The wide range of matters we are handling in our maritime law practice certainly reflects the current swings the shipping...more

Estate Planning Pitfall: You jointly own property with a family member

A common estate planning mistake that many people make is to own property jointly with a child or other family member. True, adding a loved one to the title of your home, bank account or other property can be a simple...more

Insight on Estate Planning - October/November 2015

In This Issue: - The net investment income tax and your estate plan: How one affects the other - Use a noncharitable purpose trust to achieve a variety of goals - Addressing adopted children or stepchildren in your...more

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