In rounding out his first 100 days in office, President Trump released an overview of his proposed tax plan. The one page bullet point plan consists of general taxpayer relief for individuals in the form of a simplified tax...more
Chapter 14 of the Internal Revenue Code consists of four Code Sections (Sections 2701 – 2704) designed to close valuation loopholes. Prior to Congress’s enactment of Chapter 14 in 1990, estate planners had a host of tools...more
8/31/2016
/ Business Entities ,
Estate Planning ,
Estate Tax ,
Family Businesses ,
Gift Tax ,
IRC Section 2704 ,
IRS ,
Liquidation ,
Proposed Regulation ,
Stocks ,
Transfer of Assets ,
Transfer Taxes ,
Valuation ,
Voting Shares
In 2009, each individual had a $3.5 million estate tax exemption. If a married individual had assets over $3.5 million, without careful planning, those assets in excess of $3.5 million would fall subject to a 45% estate tax....more
Open the estate, marshal the decedent’s assets, file the estate tax return, pay estate taxes and debts, receive the estate tax closing letter from the IRS, and distribute the remaining assets. While overly simplistic, this...more
On Wednesday, 26 June 2013, the US Supreme Court ruled that Section 3 of the Defense of Marriage Act (“DOMA”), which limits the definition of “marriage” to “a legal union between one man and one woman as husband and wife” and...more
6/29/2013
/ Civil Unions ,
Discrimination ,
DOMA ,
Equal Protection ,
Estate Planning ,
Estate Tax ,
EU ,
Gift Tax ,
Gift-Tax Exemption ,
Income Taxes ,
IRS ,
Same-Sex Marriage ,
SCOTUS ,
Sexual Orientation Discrimination ,
Surviving Spouse ,
US v Windsor