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 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
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 American Taxpayer Relief Act (the Act), which was passed by Congress on January 1, 2013 and signed into law by President Obama on January 2, has finally provided some permanence to the transfer tax laws....more
Congress’s eleventh-hour deal to avert the “fiscal cliff” produced the American Taxpayer Relief Act of 2012 (ATRA). The act focuses on income taxes, but it also provides much-needed certainty for people engaged in estate...more
Congress adopted the American Taxpayer Relief Act (the Act), effective January 1, 2013. The Act made permanent tax rates and exemptions for estate, gift, and generation-skipping transfer (GST) taxes. Prior laws incorporated...more
In This Issue:
- How to Protect Your Assets as a Business Owner
- Separated But Not Divorced: Don’t Wait to Update Your Estate Plan
- Tales from the Cliff: Estate Planning Policy for 2013 and Beyond
For the first time in more than a decade, clients and advisors can plan their estates with a significant degree of certainty. The new tax law passed by Congress on January 1, 2013 and signed into law by President Obama...more
In This Issue:
- Tax deal reshapes estate planning landscape
- Are your children prepared to handle your wealth?
- Planning your digital legacy
- Estate Planning Red Flag: You’re married and relocating into or out...more
For those of you watching Congress as 2012 came to a close and wondering what would happen to the economy if we fell off the dreaded “fiscal cliff,” you may feel as though you lost a lot of sleep over nothing.
As 2012 drew to a close, your estate planning attorney's attention was diverted from the ball drop in Times Square to whether Congress would drop the ball with respect to the fiscal cliff. Congress, however, passed the...more
With the American Taxpayer Relief Act of 2012 (the “ATRA ”) passed and the fiscal cliff safely averted, the time has come to turn your attention to your estate plan.
What Did the ATRA Accomplish? The fiscal cliff...more
After a last-minute deal to avoid the fiscal cliff was passed by Congress on January 1, 2013, President Obama signed into law the new American Taxpayer Relief Act (“ATRA 2012”) on January 2, 2013. ATRA 2012 extends...more
The American Taxpayer Relief Act of 2012 (Act) was enacted on January 2, 2013....more
We Didn't (Quite) Fall off the Cliff, But We Still Have To Clean up the Mess!
When the clock struck midnight on December 31, 2012, estate planning practitioners said "good night" to an unprecedented period of working...more
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