Gift Tax

News & Analysis as of

"The Estate Planner" – July/August 2014

In this issue: - Net Gain For Taxpayers – Tax Court Approves Net Gift Strategy - Estate Planning For The Young And Affluent – How To Hedge Your Bets - Wealth Preserver – Use An ILIT To Shield Life...more

Gift tax Consequences of Real Estate Transfers

Often times, one partner in a same-sex couple owns real property and seeks to add the other partner to the title or deed for no consideration (i.e. when no money or other type of payment is received in return). Though this...more

What Should I Know About Maryland Estate and Gift Taxes in 2014?

Since 2004, the State of Maryland has had a separate estate tax with an exemption level of $1 million per person, in contrast to the federal estate tax exemption which currently exceeds $5 million and is indexed for...more

Important Changes to New York Estate and Gift Tax Laws

Estate tax exemption increase. Effective April 1, 2014, the New York State estate tax exemption increased to $2,062,500 for New York residents dying between April 1, 2014 and April 1, 2015 and will increase to $3,125,000 on...more

Changes May Lie Ahead for Certain Wealth Transfer and Succession Planning Strategies

In March, the Department of Treasury issued the administration's 2015 fiscal year revenue proposals for the federal government. Those proposals are described in General Explanations of the Administration's Fiscal Year 2015...more

Tax Tail Wags The Dog: Misunderstanding Imputed Interest

Tax professionals (accountants and lawyers) have an unfortunate tendency to transmute tax rules into general legal rules. Worse yet is the tendency of tax professionals to spread the gospel, as it were, and create legions of...more

New 252 Percent Estate Tax Bracket and Other Tax Changes Affect Wealthy New Yorkers

The revenue portion of the recently passed Executive Budget for 2014–2015 significantly changes New York’s estate tax and the way in which New York taxes the income of certain trusts. ...more

"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

Minnesota Passes Gift Tax Repeal And Estate Tax Revisions

On March 21, Minnesota made multiple gift tax and estate tax revisions. Those include: - Retroactively repealing the Minnesota gift tax that had been imposed since July 1, 2013...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

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