Transfer Taxes

News & Analysis as of

When interest rates are low, it’s high time for estate planning

Interest rates remain at record lows, and while many experts believe they’ll begin to rise soon, it’s likely they’ll rise slowly. So it’s an ideal time to implement estate planning strategies that are most effective in a...more

Annual Estate Planning Newsletter: Part One

Action Item: This year, Blank Rome’s annual estate planning newsletter will be issued in six installments. Each installment will discuss certain concepts and techniques that we hope may be of interest to our clients and...more

What do we need to know to comply with the new proposed Section 2801 regulations?

Section 2801 imposes a tax on covered gifts and covered bequests received by U.S. citizens or residents from a covered expatriate. Section 2801 also applies to domestic trusts and foreign trusts electing to be treated as...more

Speculation Continues Regarding Potential Proposed §2704 Regulations

The general consensus among attorneys and accountants had been that the Treasury hoped to issue new proposed regulations under Section 2704(b) prior to this fall’s tax section meeting of the ABA, which was September 17...more

Fiduciary News - December 2015

Possible Changes Coming for Valuations of Family Limited Partnerships and Limited Liability Companies - For decades families have used family limited partnerships (“FLPs”) and limited liability companies (“LLCs”) as a...more

Personal Planning Strategies - December 2015

2016 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...more

2016 Updated Rates, Exemptions, and Other Amounts

The IRS has released updated rates, exemptions, and other adjusted figures for the 2016 tax year. I keep summaries of these up-to-date on our firm’s website, and the site has now been updated for 2016. The updates include new...more

Five Considerations Before Selling a Vineyard or Winery

Whether to sell a vineyard or winery is one of the most significant decisions an owner will make. There are financial, career, lifestyle, and other factors that go into the choice, and the calculation is different for each...more

City of Chicago to Tax Assignments of Mortgages

Recently the City of Chicago’s Department of Finance issued Real Property Transfer Tax Ruling #4, which clarifies the intent of the City’s Real Property Transfer Tax. The ruling details the application of the exemptions to...more

Dynasty Trust Planning: A Tax-Efficient Way to Manage Wealthy Families' Assets

Private Wealth Services partner, Michelle R. Canerday, and Corporate & Securities partner, Robert G. Gerber, recently co-authored the article "Dynasty Trust Planning: A Tax-Efficient Way to Manage Wealthy Families' Assets,"...more

Florida Tax Issues in Commercial Real Estate and Related Financing Transactions

Florida has long been known as a tax friendly state for retirees. The "Sunshine State" has no income tax on individuals and no estate taxes. The state has quite a different reputation for commercial real estate investors who...more

Estate Tax Controversy Continues - Trust and Estates Update Vol. 2015, Issue 1

Recently introduced bills are indicative of the fact that the estate, gift and generation skipping transfer taxes are still a topic of considerable political debate. Recently, the Responsible Estate Tax Act was...more

The Time to Transfer Entity Interests Is Now - Trust and Estates Update Vol. 2015, Issue 1

Upcoming IRS regulations may significantly limit and reduce planning opportunities to transfer minority interests in closely held entities to family members and increase the transfer tax cost associated with moving such...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

Focus on Tax Strategies & Developments - June 2015

In This Issue: - Distinguishing Between Captive Insurance and Related Party Derivatives: Chief Counsel Advice Memorandum 201511021 - Achieving Tax-Free ‘Rollover’ Treatment for Certain Shareholders in Acquisition of...more

Fiduciary News - June 2015

Changes Coming for Pennsylvania Fiduciaries in Their Ability to Access and Manage Digital Assets and Accounts - On January 1, 2015, Delaware became the first state to enact a comprehensive law granting fiduciaries the...more

Alas, the MTC Executive Committee Approves Its Transfer Pricing Program Design

After nearly a year of planning, the Multistate Tax Commission Executive Committee today approved the Arm’s-Length Adjustment Services Advisory Group (the Group) Final Program Design. The following six states have agreed to...more

Same-Sex Marriages Recognized for Inheritance and Realty Transfer Tax Purposes

In Inheritance Tax Bulletin 2015-01 and Realty Transfer Tax Bulletin 2015-01, issued on February 25, 2015, the PA Department of Revenue announced its policy concerning same-sex marriages and the impact of the May 20, 2014...more

California Supreme Court to Review Controversial Documentary Transfer Tax Case

The California Court of Appeal recently held, in 926 North Ardmore Avenue v. County of Los Angeles, that a documentary transfer tax is triggered when a transfer of an interest in a business entity that owns real property...more

2015 Estate and Tax Planning

Blank Rome’s annual estate planning newsletter discusses certain concepts and techniques that we hope may be of interest to our clients and friends....more

MoFo New York Tax Insights - Volume 6, Issue 1 - January 2015

In This Issue: - The Top 10 New York Tax Highlights of 2014 - Tribunal Affirms That a Charter Yacht Is Not Exempt from Use Tax as a Commercial Vessel - Court of Appeals Holds City Transfer Tax Does Not...more

Wealth Management Update - December 2014

December Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The December Section 7520 rate for use with estate planning techniques such as CRTs, CLTs,...more

Pennsylvania Department of Revenue Clarifies Changes to New Realty Transfer Tax Law

The Pennsylvania Department of Revenue recently released an Information Notice explaining the implications of Act 52 of 2013, which enacted some significant changes to the Pennsylvania realty transfer tax, effective January...more

Minerals Matter - Autumn 2014

Welcome to the latest edition of Minerals Matters. Whilst the economic picture has certainly improved over the last six months, there have been a number of stops and starts along the way. Data suggests further...more

Pa. Department of Revenue Delivers Good News and Bad News Regarding New Realty Transfer Tax Provisions

The Pennsylvania Department of Revenue (DOR) recently issued Information Notice - Realty Transfer Tax 2014-01 (the Information Notice) delivering some good news and bad news about how the new law that became effective January...more

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