On June 6, 2024, the United States Supreme Court issued its decision in in Connelly, As Executor of the Estate of Connelly v. United States, (602 US ________). The decision involves the application of the federal estate tax...more
Estate Tax – It’s a Killer- One of the reasons often given for eliminating the estate tax is the substantial economic burden it places upon the estate of a deceased business owner and upon the business itself. Specifically,...more
The federal estate tax exemption is now $11.4 million per person ($22.8 million/couple), and the New York State estate tax exemption is now $5,740,000 per person. Generally, the exemption amount is the value of assets that...more
A Personal Representative (PR) is in charge of the property (estate) of an individual who has died (known as the decedent). When a person passes away, their assets become property of their estate....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
Supreme Court Advance Release Opinions: SC19577 - Estate of Brooks v. Commissioner of Revenue Services - Husband died in Florida in 2000 and left a large amount of securities in two QTIP trusts for the benefit of his...more
December Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The December § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs...more