News & Analysis as of September 18, 2024

Asset Valuations

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Estate Planning is a process where individuals prepare or plan for the settlement of their personal affairs in the event of incapacitation or death. Estate plans typically include provisions relating to the disposition of assets, guardianship of minor children, and appointment of representatives to make medical and financial decisions. Effective estate planning can decrease tax liability and facilitate the probate process. less -

5 Crucial Valuation Elements for Gift and Estate Tax

Opportune LLP on 11/20/2023

Over time, personal and corporate income taxation tends to receive most of the media's and the public's attention. However, it’s important to remember that gift and estate taxes can also profoundly impact an individual’s...more

Understanding Gift & Estate Tax Valuation

Opportune LLP on 11/16/2023

The requirements outlined in the tax code can significantly impact an individual’s gift and estate planning, and navigating these requirements effectively is crucial. In this blog post, we will delve into gift and estate tax...more

Prince and Michael Jackson: Steps to Minimize Future Estate Tax on Unique, Hard to Value Assets

Bowditch & Dewey on 2/25/2022

The estate tax settlement for Prince’s estate and the 250-page U.S. Tax Court judgment in the Michael Jackson estate tax dispute show the challenges taxpayers or their estates can face when valuing intangible and unique...more

Revised Tax Legislation Proposal No Longer Includes Certain Estate and Gift Tax Provisions

Goodwin on 11/3/2021

Certain revenue-raising proposals that would have affected the transfer tax regime and estate planning of high-net-worth individuals and trusts, which were included in the prior proposed bill in the House of Representatives,...more

House of Representatives 5376: Current Tax Legislation Pending in the U.S. House of Representatives

Foster Garvey PC on 10/15/2021

...The federal tax laws are certainly about to change. With the need to raise revenue as a top priority for the Biden Administration, everyone is expecting dramatic changes to the Internal Revenue Code. Tax legislation is...more

U.S. House Proposals Would Significantly Impact Estate Planning for High Net Worth Individuals If Enacted

Goodwin on 9/30/2021

The U.S. House Committee on Ways and Means’ tax proposals would significantly impact estate planning for high net worth individuals if enacted. Gift, estate and GST exemption amounts would be decreased; grantor trusts would...more

The Art of Estate Planning

Adler Pollock & Sheehan P.C. on 3/25/2021

An art collection is a special asset to account for in an estate plan - It goes without saying that your art collection, including paintings, sculptures and other pieces of art, can represent a significant portion of your...more

Move Forward with Your Estate Tax Planning Before it is Too Late

Bilzin Sumberg on 8/19/2020

While it is hard to imagine there could be anything advantageous about today's uncertainties and depressed asset values, the following factors, coupled with historically low interest rates...more

Peter, Paul, and Mary Should Make Large Gifts – Now!

Ruder Ware on 7/31/2020

Peter, Paul, and Mary have done well for themselves. Each has a nice home, a seasonal residence, and a large IRA. Coincidentally, each also has an additional $11 million worth of real estate, savings, brokerage accounts, and...more

Wealth Transfer Opportunities with Devalued Assets

Farrell Fritz, P.C. on 3/30/2020

The COVID-19 pandemic continues to have far-reaching effects which are expected to be felt for months to come, if not longer. The economy has been hit hard and the stock market has seen a dramatic reduction in value. ...more

Updating Your Estate Plan When Your Finances Change

Chambliss, Bahner & Stophel, P.C. on 8/29/2019

Sometimes homes and portfolios lose value or income and investments increase significantly. If this is the case for you, do you need to change your will? If your finances have changed markedly since you wrote your will, you...more

Insight on Estate Planning - June/July 2019: When to elect the alternate valuation date

Adler Pollock & Sheehan P.C. on 6/17/2019

Because of the fluctuation in the value of assets, specifically stocks, federal tax laws provide relief to taxable estates that may be negatively affected by fluctuating market conditions. Instead of using the value of assets...more

2016 Year-End Estate Planning Advisory

Katten Muchin Rosenman LLP on 11/22/2016

In 2016, we continued to experience a period of relative stability in our federal transfer tax system and have been able to plan without expecting imminent significant changes to the system. Under the American Taxpayer Relief...more

Alternate valuation date Flexible postmortem planning a plus when markets are volatile

Adler Pollock & Sheehan P.C. on 7/29/2016

Many people may assume that filing a federal estate tax return is pretty cut-and-dried. The executor or professional representative completes the return, pays the requisite amount of tax, if any, and that’s the end of the...more

Insight on Estate Planning - August/September 2016

Adler Pollock & Sheehan P.C. on 7/28/2016

In This Issue: - Alternate valuation date: Flexible postmortem planning a plus when markets are volatile - The write stuff: A letter of instructions - Making the most of your GST tax exemption - Estate...more

Potential Limitations on Gift Tax Strategies Coming Soon

Clark Hill PLC on 8/26/2015

Valuation discounts have been a significant component of estate planning for many years. By contributing assets to a family entity and gifting or selling an interest in the entity to family members, you can effectively...more

"The Estate Planner" – May/June 2014

Shumaker, Loop & Kendrick, LLP on 5/9/2014

In this issue: - Valuing LLC Interests: How To Lose In Tax Court - Should You Keep Your Trust A Secret? - Effort – A “Stretch IRA” Can Maximize Your IRA’s Benefits - Estate Planning Red Flag – You...more

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