Gift Tax

News & Analysis as of

Some Tax Implications of Same Sex Marriage

By now, the U.S. Supreme Court’s decision in Obergefell v. Hodges holding that the Fourteenth Amendment requires all states to license a marriage between two people of the same sex has been widely reported upon, including in...more

Premarital planning - Protecting your assets without a prenup

Protecting family assets in the event of a divorce is particularly significant for family business owners, who typically want to avoid sharing ownership with their ex-spouses or their children’s ex-spouses. A prenuptial...more

Insight on Estate Planning - August/September 2015

In This Issue: - Premarital planning: Protecting your assets without a prenup - The ABLE account: A good alternative to a special needs trust? - Make net gifts to reduce your gift tax rate - Estate Planning...more

New Treasury Regulations May Limit Transfer Tax Savings

Recent comments by Cathy Hughes, an Estate and Gift Tax Attorney Advisor in the Office of Tax Policy at the U.S. Treasury Department, indicated that the department may issue proposed regulations as early as September 2015...more

Expected IRS Proposed Rules May Curtail Family Gifting

A representative from the Internal Revenue Service (IRS) recently signaled that new rules are expected to be released that could significantly impact taxpayers' ability to claim discounts on gifts of interests in...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

Business Succession Planning in the Current Tax Environment

Business succession planning in the current tax environment may require an adjustment in thinking from traditional planning. Traditional planning usually attempts to transfer ownership of the business to the next owner (often...more

New Developments in Estate and Gift Tax Valuation Cases

A number of recent cases highlight particular issues in valuation of assets for purposes of the estate and gift tax. On July 6, 2015, the Internal Revenue Service settled Estate of Davidson v. Commissioner, T.C. Docket No....more

Thinking of Becoming an Expat? Watch Out for the Exit Tax

An increasing number of Americans are opting for an expatriate life. In fact, as MSN reports, more Americans than ever have renounced their U.S. citizenship in the first quarter of 2015. Moving abroad and getting a new...more

Valuation Discounts at Risk

Yogi Berra used to say, “A nickel ain’t worth a dime anymore.” But a dime may be worth a nickel ... at least for the time being. Valuing interests in family-controlled entities is a challenging process, and an area where...more

McNally: CRA Does Not Have Unfettered Discretion to Delay Assessment

In McNally v. Canada (National Revenue) (2015 FC 767), the taxpayer brought an application to the Federal Court for an order requiring the Minister to assess his tax return. The Federal Court allowed the taxpayer’s...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

Corporate E-Note - June 2015

In this Issue: - IRS Issues Guidance on Portability: The IRS recently issued final regulations that provide guidance on the federal estate and gift tax applicable exclusion amount, in general, as well as the...more

Income tax consequences of US visas

Newcomers to the United States on temporary visas may be unpleasantly surprised at the income tax consequences. A little advance planning with tax and immigration professionals can go a long way towards mitigating income...more

Estate Tax Regulations Allow Taxpayers to Request Late Portability Relief

The IRS released new final estate and gift tax regulations that include guidance on taxpayers seeking so-called “portability” elections to carry over the lifetime exclusion from the first spouse to die to the second spouse.  ...more

Does a private annuity have a place in your estate plan?

A private annuity can be a powerful strategy for passing assets to heirs in a tax-efficient manner. In a typical private annuity transaction, a parent transfers property to his or her children in exchange for their unsecured...more

No Split Gift Election Where Spouse Was a Potential Beneficiary

A husband created a Family Trust for the benefit of his wife and their descendants. Under the trust, an independent trustee may pay to or use for the benefit of the wife, or any one or more of husband’s descendants and their...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

Coming to America (for Business) - Using the L1 Visa as an Alternative to EB 5

Overview - As a long term veteran of the financial services industry, I have learned that in many cases, people do not “buy” a product or service but instead are “sold”” the product or service that the advisor is...more

Getting to Appeals In an Estate or Gift Tax Audit with Pending Information Requests

Ain’t gonna happen! So says the IRS in guidance released by the IRS, at least in most circumstances. In a memo to IRS estate and gift tax examination employees, the IRS advises...more

2015 Tax Update Letter

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 past yearly tax updates, which can be accessed by clicking the “Family Wealth...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

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