Gift-Tax Exemption

News & Analysis as of

End of the Line – Part II: Year End Tax Planning Strategies

This article is Part II in a series of tax planning strategies for year-end tax planning for the 2015 tax series. The article addresses the Pooled Income Fund (PIF) which as this article demonstrates, has surprising planning...more

Year-End Gift Opportunities

As 2015 comes to a close, we remind you to consider making gifts to minimize your potential tax liability and to maximize your use of available exemptions in order to reduce your ultimate estate tax liability. As you may...more

Wealth Management Update - November 2015

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

IRS Announces Inflation-Adjusted Amounts for 2016

The IRS recently announced the inflation-adjusted items for 2016, including gift, estate, and generation-skipping transfer tax amounts. The following adjustments should be considered in your estate and gift planning...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

Update on Estate and Gift Tax Proposals

Congressional Proposals: H.R. 1105, Death Tax Repeal Act of 2015, was passed by the House, as amended, on Apr. 16, 2015. The bill amends the Internal Revenue Code to repeal the estate and generation-skipping transfer taxes...more

Charitable Lead Annuity Trusts: An Estate Planning Strategy for a Low-Interest-Rate Environment

In the current economic environment, IRS-prescribed monthly interest rates for certain intra-family transactions are at historic lows. As a result, an excellent opportunity exists to transfer wealth to lower generation family...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

60 Crummey Withdrawal Beneficiaries Allowed

For many years, courts have recognized that gifts to a trust can qualify for the gift tax annual exclusion as “present interest” gifts if withdrawal powers are granted to beneficiaries.The IRS is hostile to persons being...more

Why a Tax Attorney's Advice is Important: Estate Planning, Gift Tax, Business Succession, and the Ability to Rely on Advice by...

A recently published tax court opinion provides us with a fascinating case involving a rags to riches story of a tightly-knit hardworking family and the creation, merger and eventual sale of two related family companies. It...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

Make a New Year’s Resolution to Review Your Estate Plan in 2015

Each year, at this time, we remind our clients of the importance of keeping their estate plan up to date. Estate planning goals change over the years for many reasons, including the birth, marriage, death or disability of a...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

2014 Year-End Estate Planning Advisory

In 2014, we continued to experience a period of relative stasis 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

Estate And Gift Tax Exemption Announced For 2015 Gift Tax Annual Exclusion Remains Unchanged

The combined estate and gift tax exemption was set at $5,000,000 in 2011, but indexed for inflation. For deaths in 2014 and for gifts made in 2014, the inflation-adjusted exemption was $5,340,000. The IRS has announced that...more

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

In our previous post, we discussed the advantages of portability as an estate planning tool. However, there are some non-tax reasons why a couple might not opt for planning of this type. Almost all relate in one way or...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

The Crummey trust: Still relevant after all these years

Traditionally, trusts used in estate planning contain “Crummey” withdrawal powers to ensure that contributions qualify for the annual gift tax exclusion. Now that the gift and estate tax exemption has reached a higher level,...more

Obermayer’s Estate Planning newsletter - Summer 2014 - Snowbirds Beware: The Pennsylvania Tax Man Wants to Know Where Your Heart...

In this issue: - Snowbirds Beware: The Pennsylvania tax man wants to know where your heart is - Some reminders about Federal Estate and Gift Tax Exclusions - . . . and about IRAs - A consumer...more

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