Gift Tax

News & Analysis as of

"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

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

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

Transfers to Non-Citizen Spouses: Planning Considerations

Estate planning professionals commonly encounter married couples with mixed nationalities. That is, one spouse is an American citizen and the other is not. The U.S. estate and gift tax rules are generally the same for U.S....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

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

Thanks, Grandma and Grandpa! 3 estate-planning-friendly strategies to pay for a grandchild’s college education

It’s no secret that the cost of a college education continues to soar. But this article offers three options to help one’s grandchildren deal with this burden while saving gift and estate taxes: direct tuition payments to the...more

Unreported Foreign Gifts and Divorce

In a recently released Chief Counsel Advisory (CCA) the IRS addressed the statute of limitations on assessment of penalties for failure to report gifts from foreign persons. The CCA states...more

Equal Tax Treatment for Same-Sex Couples in the Wake of Recent Supreme Court Ruling and IRS Guidance

Same-sex marriages now are being recognized under federal tax law for the first time. In June 2013, the Supreme Court released its decision in United States v. Windsor, 530 U.S. 12 (2013), declaring Section 3 of the federal...more

2014 Estate And Gift Tax Update

The fiscal cliff drama heading into the start of 2013 fortunately was not repeated as the calendar turned to 2014. Having said that, as we now start 2014, it is important to highlight the following major estate and gift tax...more

A Common Estate Planning Technique Saves Taxpayers Money but has Cost the United States Billions

In 2000, the United States Tax Court in Walton v. Commission of Revenue, 115 T.C. 589 (U.S. Tax Ct. 2000) gave approval to the Grantor Retained Annuity Trust (“GRAT”), and since that time, the GRAT has saved taxpayers...more

Personal Planning Strategies - December 2013

2014 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 permanent: (1)...more

High Net Worth Family Tax Report, Vol. 8. No. 4 -- December 2013

IRS Explains Federal Tax Consequences of Windsor Case Regarding Same-Sex Marriages - In our last report (Vol. 8, No. 3, September 2013), we told you about the recent Windsor case, in which the Supreme Court held...more

Marriage and Taxes in 2013

Two significant events in 2013 underscored the nexus of marriage and taxes that make it possible for many couples to radically simplify their estate planning. ...more

2013 Year-End Estate Planning Advisory

In this issue - - Federal Estate, GST and Gift Tax Rates - Annual Gift Tax Exclusion - Federal Income Tax Rates - President’s Budget Proposal for Fiscal Year 2014 - Important Planning...more

Timely Year-End Tax Planning Can Reduce Taxes

Year-end tax planning could be especially productive this year because timely action could nail down tax breaks that won’t be around next year unless Congress acts to extend them, which at the present time, looks doubtful....more

CRA Considers Tax Treatment Of Crowdfunding

Hot on the heels of the CRA’s recent publication of a “fact sheet” on its views on the tax treatment of Bitcoin currency (which has been in the news recently), the CRA has published two technical interpretations on the tax...more

Insight on Estate Planning - Year End 2013

In This Issue: - State death taxes can be hazardous to your estate - Can portability help preserve retirement benefits? - Provide for family members with special needs using an SNT - Estate...more

Managing Donated Funds: Donor Intent, Restricted Funds, and Gift Acceptance Policies

In this presentation: - Complying With (or Deviating From) Donor Intent: Recent Developments for Nonprofits - Donor Restrictions on Contributions - Factors to be Considered in Deciding Whether a Gift or...more

Smarter Ways to Make Year-End Charitable Gifts

One way you can make a year-end charitable gift is to write a check to the charity and take a charitable deduction on your income tax return. The problem is that you're using “after tax dollars” to make the gift....more

No Good Deed Goes Untaxed – The IRS May Recharacterize Loans As Gifts

Entrepreneurs in Miami and elsewhere are familiar with making and receiving loans as commonplace tools in the management of their businesses. One need look no further than the growth of Miami’s skyline through debt-financed...more

Should We Rely On Portability?

When Congress early this year enacted the new estate tax provisions making the $5 million inflation adjusted federal estate, gift and generation-skipping transfer (GST) tax exemptions "permanent," it also made the concept of...more

DID YOU KNOW? News You Need Now From Perkins Coie's Family Office Services Group

Welcome to the Family Office Services Group's new update series "Did You Know?" It is an easy-to-read, timely and brief focus on legal issues and developments facing you and Family Offices throughout the year. ...more

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