News & Analysis as of

Income Tax Cost Basis Planning

Prior to the recent and significant increases in the federal estate tax exemption amount, many clients engaged in planning the purpose of which was to ensure the use of both spouses’ exemption amount through the use of a...more

Dynasty Trusts – Food For Thought

A regular part of planning for high net worth families are dynasty trusts – long term multi-generational trusts that are exempt from generation skipping tax. The trusts are more attractive than ever, with expanded generation...more

Girard Estate Is a State Agency Immune From Tax

The Pennsylvania Supreme Court reversed the Commonwealth Court and held that property owned by the Board of City Trusts acting as trustee under the will of Stephen H. Girard was immune from real estate taxation because the...more

Wealth Management Update - November 2013

Federal Exclusion from Gift, Estate and Generation-Skipping Transfer Taxes Increases to $5,340,000 in 2014 - In Revenue Ruling 2013-35, the IRS announced certain inflation adjustments to tax exemptions and deductions....more

Supreme Court Finds DOMA to Be Unconstitutional -- Impact on Employers Explained

On June 26, 2013, a majority of the Supreme Court held in United States v. Windsor that Section 3 of the Defense of Marriage Act (DOMA), which defined marriage for purposes of federal law as the union of a man and a woman, is...more

A long engagement: Married same-sex couples finally receive post-DOMA access to federal tax and estate planning benefits

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

Careful Planning Required to Avoid New York’s Estate Tax

Now that Congress has implemented a relatively large per person federal gift/estate tax exemption (i.e., the per person federal gift/estate tax exemption is $5,250,000 in 2013, indexed for inflation), many think that estate...more

Transfer Taxes After The Taxpayer Relief Act of 2012

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

Estate, Gift, and GST Taxes in 2013: American Taxpayer Relief Act of 2012 and Other News (Oregon)

The American Taxpayer Relief Act of 2012 (the “Act”) was signed into law on Jan. 2, 2013, avoiding dramatic changes to tax exemptions and tax rates on transfers subject to federal estate, gift, and generation-skipping...more

What the “Fiscal Cliff” Resolution Means for Personal Estate Planning

For the first time in 12 years, the estate, gift and generation-skipping transfer tax law does not have a built-in expiration date in the United States. Congress has exempted all estates below approximately $5 million ($10...more

FINALLY…Clarity And Good News On Estate And Gift Taxes

It has often been said that the only things in life that are certain are death and taxes. Until two weeks ago, the “taxes” part of that phrase was not so certain. However, on January 2, 2013 President Obama signed the...more

Effects of the New US Tax Law on Estate Planning

On January 3, 2013, President Obama signed the American Taxpayer Relief Act of 2012 into law. As a result, for the first time in over 12 years, there is now some certainty in the Federal estate tax, the Federal gift tax and...more

New Tax Act Provides Long-Awaited Clarity and Certainty on Estate, Gift and Generation-Skipping Transfer Taxes, and Income Tax...

On January 1, 2013, the Senate and the House of Representatives passed the American Taxpayer Relief Act of 2012 (ATRA), averting the so-called “fiscal cliff.” The legislation, which was signed by President Obama on January 2,...more

Ringing in the New Year with Revised Estate and Gift Tax Laws

Congress has averted the so-called fiscal cliff by passing the "American Taxpayer Relief Act of 2012" (the "Act") on January 1, 2013, which President Obama signed into law the following day. The good news is we finally have...more

Fiscal Cliff Tax Changes

On New Year’s Day 2013, the “American Taxpayer Relief Act of 2012” (the Act) was enacted to avoid the impact of automatic “fiscal cliff” tax increases. The Act, effective January 1, 2013, retains and makes permanent the...more

The American Taxpayer Relief Act of 2012: What It Means for You

In the final hour of January 1, 2013, Congress passed The American Taxpayer Relief Act of 2012 (the "Act"), which in part addressed the dramatic sunset of favorable federal estate, gift and generation-skipping tax exemption...more

The Season of Giving: The “Fiscal Cliff” Coming to the Estate and Gift Tax Laws #EstatePlanningAttorney

The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (“2010 Act”), was signed into law by President Obama on December 17, 2010. This Act provided a two year fix to the existing estate and gift...more

End-Of-Year Tax Changes Reminder

A quick note on end-of-year gift and estate tax exemptions. If Congress doesn’t act, the estate and lifetime gift tax exemptions, which are currently $5.12 million per person and $10.24 million per married couple, will...more

Early Holiday Gift From Gov. Quinn: Illinois Estate Tax Exemption Increased

This past Friday, December 16th, Governor Quinn signed the tax-break package aimed at keeping Sears, the Chicago Mercantile Exchange and other financial exchanges based in Illinois....more

Focus on State Estate Taxes

We were alerted by one of our blog readers last week to a Wall Street Journal editorial published on February 8 stating that, from an estate tax perspective, New Jersey is the worst state in which to die. The article explains...more

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