Many wealthy individuals are asking that question out of fear that the historically high estate/gift tax exemption of $11,580,000 ($23,160,000 for a married couple), indexed annually for inflation, could be significantly...more
ATTENTION TO DETAIL! You would think that this space need not be taken up with a reminder of the obvious importance of beneficiary designations for life insurance policies and retirement accounts (qualified and...more
I recently had an opportunity to be involved in tax planning with “virtual currency”, or “cryptocurrency”, for the first time. My client ended up making a gift of bitcoin (one of several forms of cryptocurrency, also...more
Many of you have heard of the new Federal estate tax “portability” rule that allows a surviving spouse to effectively inherit any unused federal estate tax exemption of a predeceased spouse. An individual can only use the...more
The exemptions were increased in 2017 from $5,450,000 to $5,490,000, and the annual exclusion remains the same at $14,000 per donee. These rules mean the following...more
The ability to use transfer and liquidation restrictions in legal documents to reduce the value of an interest in a family-controlled (or “closely-held”) business entity (e.g., partnership, corporation, limited liability...more
8/30/2016
/ Business Succession ,
Business Valuations ,
Closely Held Businesses ,
Comment Period ,
Estate Planning ,
Estate Tax ,
Family Businesses ,
Family Limited Partnerships ,
Gift Tax ,
IRC Section 2704 ,
IRS ,
Limited Liability Company (LLC) ,
Partnerships ,
Proposed Regulation ,
Succession Planning ,
Transfer of Assets ,
Transfer Taxes ,
U.S. Treasury