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
As we have discussed in previous newsletters, the concept of “portability” introduced in 2012 allows a surviving spouse to use the unused federal estate tax exemption of the first spouse to die, but only if a federal estate...more
In January 2014 the IRS issued Rev. Proc. 2014-18 providing a simplified method for certain taxpayers to request an extension to make a portability election under Internal Revenue Code (IRC) § 2010(c)(5)(A). However, a...more
Cloud computing is the new reality. A 2013 IDC survey reports that 61% of enterprises have at least one cloud-based application and total enterprise investments in cloud-based solutions have gone up more than 10% since 2012....more
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
Increased confidence and appetite for risk developed in 2013 and has continued at pace into Q1 2014. 2013 brought us the highest annual new-issue loan volume in five years. This translated to an impressive year-on-year...more
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.
The IRS has provided relief for persons who missed the opportunity to make a "portability election." To understand the importance of the relief, a review of the basics is in order....more
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
On February 24, 2014, the Internal Revenue Service (IRS), the Employee Benefits Security Administration (EBSA) of the U.S. Department of Labor (DOL), and the U.S. Department of Health and Human Services (HHS) jointly released...more
In Revenue Procedure 2014-18 the IRS provided an extension of time to those who wished to be sure that a decedent’s surviving spouse could benefit from the concept known as “portability”. In the Procedure, the IRS provides...more
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.
The American Taxpayer Relief Act of 2012 (ATRA) made the estate tax exemption “portability” feature permanent. This allows a surviving spouse to take advantage of a deceased spouse’s unused federal gift and estate tax...more
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
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
As discussed in a prior post, one of the helpful provisions recently added to federal estate tax law allows a surviving spouse to use any “leftover” or “unused” federal estate tax exclusion amount of a deceased spouse. The...more
In This Issue:
- To preserve your wealth, consider a DAPT
- Estate planning for same-sex spouses: What the Supreme Court’s DOMA ruling means
- Using an FLP or LLC? Beware the step transaction...more
On January 2, 2013, President Obama signed the American Taxpayer Relief Act of 2012 (“ATRA”), setting the unified Federal gift and estate tax exemption at $5 million, indexed for inflation ($5.25 million for 2013, expected to...more
On June 26, 2013, the United States Supreme Court issued its decisions in Windsor v. United States and Hollingsworth, et. al. v. Perry et. al., thus ending a four year "fast-track" judicial expedition of the validity of the...more
On June 26, 2013, the US Supreme Court (the “Supreme Court”) struck down Section 3 of the federal Defense of Marriage Act (DOMA) as unconstitutional in the case of United States v. Windsor (“Windsor”). In a related case, the...more
The U.S. Supreme Court’s ruling in United States v. Windsor will forever change many facets of the lives of same-sex couples....more
The new estate laws are challenging to comply with and will require most high net worth individuals to review their existing plan. One of the major issues is how the trust is divided on the death of the first spouse, and who...more
The American Taxpayer Relief Act of 2012 (the “2012 Act”) had a profound impact on the transfer tax system. I will briefly describe that system and then, by way of background, set the stage for these changes by summarizing...more
When Congress resolved the fiscal cliff crisis early this year, it brought permanence to estate, gift and generation-skipping transfer tax laws that had been in flux for over a decade. In short, the American Taxpayer Relief...more
The #1 item on my “tough love list” for New Year’s 2013 was “Enough of the Unencrypted USB Keys“.
You won’t have been alone if you didn’t tackle that in the first quarter of 2013.
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