Gift-Tax Exemption Internal Revenue Service

News & Analysis as of

Court Orders Administrator To Elect Portability

When the IRS enacted the portability election provisions in 2011, which allowed estates of married taxpayers to pass along the unused part of their estate and gift tax exclusion amount to their surviving spouse, it remarked...more

State and Federal Tax Law Developments Affect Same-Sex Couples and MA Residents with Out-of-State Real Estate

Recent changes in state and federal tax laws impact same-sex couples and any Massachusetts residents who own real estate in another state. Clients who may be affected by these changes should act soon to protect the...more

Client Alert: Estate and Gift Tax Limits Announced for 2017

The IRS has issued the estate and gift tax limits for 2017 (Rev. Proc. 2016-55). For an estate of a person dying in 2017, the basic exclusion amount is $5,490,000 for determining the credit against federal estate tax. This...more

Federal Gift, Estate Tax and Generation-Skipping Transfer Tax Exemptions & the Gift Tax Annual Exclusion Amount Are Subject to...

The exemptions were increased in 2017 from $5,450,000 to $5,490,000, and the annual exclusion remains the same at $14,000 per donee. These rules mean the following...more

IRS Allows Same-Sex Spouses to Recover Certain Transfer Tax Exemptions

The Internal Revenue Service recently released IRS Notice 2017-15 to provide special procedures for spouses in a same-sex marriage, or the executor of a same-sex spouse, to recalculate their gift and estate tax applicable...more

Wealth Management Update - December 2016

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

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

Gifting Interests in the Family Company Could Become More Expensive in 2017

Individuals who are considering gifting their interest in a closely-held business entity may want to consider making such gift sooner rather than later in light of the proposed regulations issued by the IRS on August 2...more

It’s a Wonderful Life – Or is it? The Taxation of Crowdfunding

Every holiday season, I, like many other Americans, watch Frank Capra’s classic, It’s a Wonderful Life. While the movie has a number of iconic scenes, the most heartwarming scene occurs at the end, as the citizens of Bedford...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

Fiduciary News - December 2015

Possible Changes Coming for Valuations of Family Limited Partnerships and Limited Liability Companies - For decades families have used family limited partnerships (“FLPs”) and limited liability companies (“LLCs”) as a...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

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

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

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

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

Landmark US Supreme Court Decision May Extend US Tax Benefits to UK Civil Partners

On Wednesday, 26 June 2013, the US Supreme Court ruled that Section 3 of the Defense of Marriage Act (“DOMA”), which limits the definition of “marriage” to “a legal union between one man and one woman as husband and wife” and...more

New Tax Act Provides Long-Awaited Clarity and Certainty on Estate, Gift and Generation-Skipping Transfer Taxes, and Income Tax...

On January 1, 2013, the Senate and the House of Representatives passed the American Taxpayer Relief Act of 2012 (ATRA), averting the so-called “fiscal cliff.” The legislation, which was signed by President Obama on January 2,...more

It’s Official – Exclusion Amount Confirmed At $5.25 Million

For federal estate and gift tax purposes. This was the figure projected by some tax service publications – now the IRS concurs....more

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