News & Analysis as of September 22, 2024

Tax Liability

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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 -

[Webinar] New IRS Guidance on Basis Adjustments for Irrevocable Grantor Trusts: Key Issues for U.S. and Non-U.S. Persons - June...

Strafford on 6/3/2024

This CLE/CPE webinar will provide estate planners insight on recently issued IRS guidance regarding basis adjustments for irrevocable grantor trusts. The panelist will discuss key items and challenges stemming from Revenue...more

It’s Time to Take Another Look at the Stepped-Up Basis Rules

Adler Pollock & Sheehan P.C. on 2/6/2024

Thanks to a generous federal gift and estate tax exemption amount ($13.61 million for 2024), only the wealthiest of families are exposed to estate tax liability. For many, this means that estate planning now has a stronger...more

Death and Taxes – The Three Unavoidable Taxes in Estate Administration

Burns & Levinson LLP on 1/25/2024

Death and taxes are often jokingly said to be two of the only unavoidable things in life. Unfortunately, taxes are also unavoidable when someone passes away. When administering an estate or trust after someone’s death, three...more

Home Is Where the Heart Is (and where the IRS will try to find you): Thinking of Living Abroad? Even ExPats May Have to Pay U.S....

Lowenstein Sandler LLP on 11/1/2023

Unlike most countries in the world, if you are a citizen or resident of the United States, the government gets to tax all of your worldwide income, regardless of where it's earned or where you live. And if the IRS decides...more

Top Tax and Legal Considerations for Wealthy Families Going Global

Greenberg Glusker LLP on 10/5/2023

In recent years, we have seen high net-worth and ultra-high-net-worth families become, increasingly, “global citizens.” As families and their assets touch multiple jurisdictions, a myriad of issues become especially important...more

Estate Tax Panning for Married Couples: Using Estate Tax Exemptions

Ward and Smith, P.A. on 6/23/2023

A primary goal of most married couples when contemplating basic estate planning documents is to ensure that the surviving spouse, and commonly, the couple's children and grandchildren, are supported financially. Permissible...more

You “Placed Your Trust” In New York? You May Be Sorry You Did

Rivkin Radler LLP on 2/3/2023

According to a report issued by the National Association of Realtors a couple of days ago, last year saw a large outmigration of people from California and New York, while Florida and Texas experienced a comparably large...more

The IRS and Abusive Trust Arrangements: Non-Grantor Trusts

Freeman Law on 1/27/2023

Under federal tax law, there are significant differences between grantor and non-grantor trusts. Grantor trusts are treated as disregarded entities. In layman’s terms, this means that the grantor (i.e., the creator or the...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

Impact of House Ways and Means Tax Proposals for Trusts, Estates, and Retirement Accounts

Bowditch & Dewey on 9/29/2021

In this second blog post on the House Ways and Means Tax proposals, we address the proposed changes that will affect the taxation of trusts, estates, and retirement plans. As we discussed, on September 13, 2021, the...more

Estate Planning Pitfall: You Don’t Meet the Tax Requirements For Splitting Gifts

Adler Pollock & Sheehan P.C. on 6/8/2021

The annual gift tax exclusion is a powerful tool in the estate planning toolbox. When using your annual exclusion, you don’t owe any gift tax on amounts transferred to another person up to a specified limit. The limit is...more

Consider All the Angles of Joint Ownership

Adler Pollock & Sheehan P.C. on 1/4/2021

Estate planners generally tout the virtues of owning property jointly — and with good reason. Joint ownership offers several advantages for surviving family members. But this shouldn’t be viewed as a panacea for every estate...more

Planning for Retirement: How Attractive is Massachusetts for Estate Tax Planning?

Bowditch & Dewey on 10/5/2020

Massachusetts is already an unattractive state of residency from an estate tax planning perspective because of its low estate tax filing threshold of $1,000,000 per person. Once a person’s adjusted taxable estate is over $1M...more

2020 Tax Planning: Benefits of GRATs

Coblentz Patch Duffy & Bass on 9/4/2020

Now may be an opportune time to gift assets out of your estate, particularly through an estate planning technique known as the Grantor Retained Annuity Trust (“GRAT“)—a small silver lining of the alarming pandemic and down...more

Understanding a Personal Representative

Foodman CPAs & Advisors on 4/15/2019

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

Kiddie Tax Changes May Increase Burden for Families with SNTs

Chambliss, Bahner & Stophel, P.C. on 3/13/2019

Major changes to the “kiddie tax” could significantly increase the tax liability of assets placed in special needs trusts if the trust’s beneficiary is a minor and the income the trust earns is high enough. Congress...more

Transferee Liability: The [Unlikely] Situation that your Nonprofit Receives a Charitable Gift with Expensive Tax Strings Attached

Coblentz Patch Duffy & Bass on 10/12/2016

The case of Salus Mundi Foundation et al v. Commissioner - On August 15, 2016, the Tax Court decided in Salus Mundi Foundation et al v. Commissioner, T.C. Memo. 2016-154, that two foundations were liable as transferees...more

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