News & Analysis as of

Estate Planning Internal Revenue Service

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... more +
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 -

Transfer Tax Considerations Under the Tax Cuts and Jobs Act

by Holland & Knight LLP on

• The U.S. House of Representatives and Senate ushered H.R. 1, the Tax Cuts and Jobs Act (the Act), through conference committee, and President Donald Trump signed the Act into law on Dec. 22, 2017. • Most of the Act's...more

Ron Aucutt’s “Top Ten” Estate Planning and Estate Tax Developments of 2017

by McGuireWoods LLP on

In an annual tradition, Ronald Aucutt, a McGuireWoods partner and chair emeritus of the firm’s private wealth services group, with help from his McGuireWoods colleagues, has identified the following as the top ten estate...more

Wealth Management Update - December 2017

by Proskauer Rose LLP on

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

You Can Give Away More Tax Free in 2018

After staying the same for five years, the amount you can give away to any one individual in a particular year without reporting the gift will increase in 2018. ...more

Estate Tax Changes Past, Present, and Future

by McGuireWoods LLP on

I. INTRODUCTION - This outline is a selective and evolving review of the history of the modern federal estate tax. It originated during the attempts to repeal the estate tax in President Clinton’s second term and...more

Estate Tax Changes Past, Present, and Future

by McGuireWoods LLP on

I. INTRODUCTION - This outline is a selective and evolving review of the history of the modern federal estate tax. It originated during the attempts to repeal the estate tax in President Clinton’s second term and...more

Failure To Plan and Inaction Lead To Increased New Jersey Estate Tax

by Cole Schotz on

The New Jersey Tax Court recently released its opinion in Estate of Ruth Oberg, NJ Tax Court, Docket No 000240 (October 24, 2017), upholding the Division of Taxation’s assessment of additional New Jersey estate tax. The case...more

2018 Inflation Adjustments to Transfer Tax Items

by Charles (Chuck) Rubin on

The IRS released its 2018 tax adjustments - the following table summarizes the transfer tax adjustments. Note that some of these adjustments will become moot if the changes in the House and Senate versions of the pending tax...more

Estate Tax Changes Past, Present, and Future

by McGuireWoods LLP on

I. INTRODUCTION - This outline is a selective and evolving review of the history of the modern federal estate tax. It originated during the attempts to repeal the estate tax in President Clinton’s second term and...more

A Pleasant Surprise

by Charles (Chuck) Rubin on

Many commentators expected that the new tax bill would pair the repeal of basis step-up at death with the repeal of the estate tax. They were pleasantly surprised to see that basis step-up at death remains unaltered under the...more

Estate Planning Inflation Adjustments for Tax Year 2018 & 2017-2018 Priority Guidance Plan

by Williams Mullen on

Many estate planning provisions of the Internal Revenue Code contain brackets, exemptions, exclusions, deductions, or other figures that the IRS adjusts annually for inflation. Every year around this time, the IRS releases...more

Gift and Estate Tax Exclusion Amounts Set to Increase in 2018

by Nutter McClennen & Fish LLP on

Around this time every year, the IRS looks at whether there has been a year-over-year increase in the Consumer Price Index and announces inflation adjustments to the federal gift and estate tax exclusion amounts for the...more

Estate Tax Changes Past, Present, and Future

by McGuireWoods LLP on

I. INTRODUCTION - This outline is a selective and evolving review of the history of the modern federal estate tax. It originated during the attempts to repeal the estate tax in President Clinton’s second term and...more

2018 Will Bring Increases to Annual Exclusion, Gift and Estate Tax Exemptions

The IRS has announced that the gift tax annual exclusion will increase from $14,000 to $15,000 in 2018, which will allow donors to give up to $15,000 ($30,000 combined for married couples) per donee each year without...more

IRS Announces 2018 Estate and Gift Tax Numbers

As it does every year at this time, the Internal Revenue Service has announced updated numbers for 2018 relating to estate and gift taxes (as well as numbers on income tax and retirement plan rules). For 2018 the annual gift...more

Private Wealth Updates - Fall 2017

by Arnall Golden Gregory LLP on

The gift tax annual exclusion will increase from $14,000 to $15,000 next year, allowing donors to give up to $15,000 ($30,000 combined for married couples) per donee each year without incurring gift tax or using lifetime gift...more

Unified Credit for Estates & Annual Exclusions for Gifts Increased for 2018

by Tucker Arensberg, P.C. on

The IRS announced that the Unified Credit for Estates and Annual Exclusion for Gifts will be higher in 2018. Unified Credit Against Estate Tax. For an estate of any decedent dying in calendar year 2018, the basic...more

IRS Withdraws Proposed Code §2704 Regulations On Lapsing Rights And Restrictions

by Cole Schotz on

The IRS has withdrawn the controversial proposed regulations under Code §2704 that would have significantly affected the use of discounts in US estate planning. Code §2704 provides that certain “applicable restrictions” on...more

TIGTA Determines Improvements Are Needed In Estate And Gift Examination Processes

by Fox Rothschild LLP on

TIGTA recently released a report discusses their audit of the IRS’s estate and gift tax examination procedures. TIGTA made eight recommendations of changes to the estate and gift tax examination process. The bulk of TIGTA’s...more

Withdrawal of Proposed Tax Regulations Affecting Availability of Valuation Discounts to Family Business Owners

In September and December of last year, we posted blog articles discussing the Treasury Department’s issuance of proposed regulations under Section 2704 of the Internal Revenue Code (sometimes referred to as the 2704 proposed...more

Proposed Section 2704 Regulations to be Withdrawn

by Butler Snow LLP on

Remember all that time and energy you put into figuring out what the proposed regulations under Section 2704 were all about? Well, you’re going to want to try to find a way to get that back. The proposed regulations, the...more

IRS and Treasury Department Announce Withdrawal of Proposed 2704 Regulations

by Tucker Arensberg, P.C. on

On October 4, 2017, in its Second Report to the President Identifying and Reducing Tax Regulatory Burdens the U.S. Department of the Treasury announced that it is recommending the complete withdrawal of the proposed 2704...more

Treasury Plans to Pull Unpopular Discount Regulation

As discussed earlier this summer, Treasury and the IRS identified as a burdensome regulation the Proposed Regulations under Section 2704 of the Internal Revenue Code, which regulations would severely impact discounts on gifts...more

Treasury Plans to Pull Unpopular Discount Regulation

As discussed earlier this summer, Treasury and the IRS identified as a burdensome regulation the Proposed Regulations under Section 2704 of the Internal Revenue Code, which regulations would severely impact discounts on gifts...more

Estate Tax Changes Past, Present, and Future

by McGuireWoods LLP on

I. INTRODUCTION - This outline is a selective and evolving review of the history of the modern federal estate tax. It originated during the attempts to repeal the estate tax in President Clinton’s second term and...more

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