The IRS has announced the official estate and gift exclusion amounts for 2024.
For an estate of any decedent dying during calendar year 2024, the Federal applicable exemption will increase from $12.92 million to $13.61...more
In a recently-issued Revenue Ruling (Rev Rul 2023-02), the IRS has held that the basis of the assets in an irrevocable grantor trust, where the assets are not included in the grantor’s gross estate for federal estate tax...more
The IRS recently issued Revenue Procedure 2022-19, which permits S corporations to remedy certain inadvertent terminations of S corporation status and invalid elections without having to request a costly Private Letter...more
The IRS released Revenue Procedure 2021-45 which announces the increase in 2022 of the estate, gift and generation-skipping transfer tax applicable exclusion amounts from $11.7 million to $12.06 million. The applicable...more
On June 12, 2021, New York’s new Power of Attorney law (A.5630-A/S.3923-A) went into effect. As a reminder, the law simplifies New York’s Power of Attorney form and implements penalties for improper rejection of a New York...more
On December 15, 2020, Governor Andrew Cuomo signed a bill into law that simplifies New York’s Power of Attorney form and implements penalties for improper rejection of a New York Power of Attorney by third parties.
The...more
On June 10, 2020, in Nelson v. Commissioner, T.C. Memo 2020-81, the Tax Court ruled in favor of the IRS and against a taxpayer who attempted to use a defined value provision to value a transfer of assets.
The taxpayer’s...more
On April 9, 2020, the IRS updated its guidance originally provided in Notice 2020-18, Additional Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic, to provide extension relief to taxpayers in response...more
The coronavirus outbreak, the subsequent passage of the CARES Act by the federal government, and current low interest rates have changed the landscape of charitable contributions and planning in 2020.
Charitable...more
We often advise clients to consider any changes in their life every two to three years and determine if any adjustments need to be made to their overall estate plan to ensure that their personal and financial goals are met. ...more
In New York and New Jersey, Revocable Trusts, also known as Living Trusts, have started to be used with greater frequency in estate planning. In a typical Revocable Trust, the creator of the trust (ie, the grantor) is also...more
After protracted negotiations, Congress has reached an agreement with respect to the Coronavirus Aid, Relief, and Economic Security Act, commonly referred to as the CARES Act (the “Act”), an unprecedented stimulus package...more
With the worldwide spread of coronavirus, this is an unprecedented and unsettling time. Our health care systems are overwhelmed. Markets have been upended. Social distancing and self-quarantine are terms and practices we...more
In an overwhelming 417-3 vote, the US House of Representatives passed the Setting Every Community Up for Retirement Enhancement Act (the “SECURE Act”), which has now been incorporated into a spending bill that was signed by...more
In a closely-watched decision, the U.S. Supreme Court unanimously ruled that a beneficiary’s residence within a state alone does not subject a trust to such state’s income tax. In North Carolina Dept. of Revenue v. Kimberley...more
6/26/2019
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Estate Tax ,
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North Carolina Department of Revenue v The Kimberley Rice Kaestner 1992 Family Trust ,
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Trusts
On April 12, 2019, New Jersey enacted the “Aid in Dying for the Terminally Ill Act.” (P.L. 2019, Ch. 59). The bill authorizes an adult resident of New Jersey, who has capacity and whose attending physician has determined to...more
On March 31, 2014, broad changes were made to the New York estate and gift tax laws. In addition to increasing the New York basic exclusion amount for taxable estates, a New York estate tax “cliff” was introduced that phases...more