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Estate Planning › Internal Revenue Service › Coronavirus/COVID-19

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 -
Farrell Fritz, P.C.

How Dealings Between Related Parties Doomed A Captive Insurer

Farrell Fritz, P.C. on

Insurance: What is it? How does it work? Assume that Acme Co is paying premiums for commercial insurance coverage to protect itself from economic losses that may arise out of various events. These premiums are deductible...more

Farrell Fritz, P.C.

Intra-Family Loan: A Gift Alternative In Turbulent Times?

Farrell Fritz, P.C. on

Woe to Us? We live in strange times. The coronavirus pandemic hit the United States hard, the scientific community fears a second round later this year, and there have been wildly differing estimates over when an...more

Proskauer Rose LLP

Wealth Management Update - July 2020

Proskauer Rose LLP on

July 2020 Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intrafamily Loans and Split-Interest Charitable Trusts - The July Section 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs...more

Mitchell, Williams, Selig, Gates & Woodyard,...

Estate Planning Opportunities Amid COVID-19

Mitchell, Williams, Selig, Gates & Woodyard,... on

As we all cope with the new challenges posed by COVID-19, we wanted to review opportunities currently available amid this unusual time. ESTATE PLANNING - The current pandemic has caused U.S. markets to lose...more

Farrell Fritz, P.C.

Revised COVID-19-related FAQs From the IRS

Farrell Fritz, P.C. on

The IRS has revised its COVID-19-related FAQs. The updated “frequently asked questions” – reproduced below – address estate tax return filings and tax payments, portability, qualified disclaimers, allocation of GST exemption,...more

UB Greensfelder LLP

The Coronavirus Aid, Relief, and Economic Security (CARES) Act Q&A from a Tax, Estate Planning & Employee Benefits Perspective

UB Greensfelder LLP on

Ulmer’s Tax Practice Group has continued to monitor guidance released regarding the CARES Act. Below are some of the most frequently asked questions our attorneys have received over the last several weeks and the practice’s...more

Morris James LLP

COVID-19 Healthcare Alert: IRS Issues Notice 2020-23 Providing Additional Tax Relief

Morris James LLP on

This Notice expands upon the relief provided in Notice 2020-18 and Notice 2020-20, including extension to July 15 of the following filing and payment deadlines that were otherwise due between April 1, 2020 (retroactively) and...more

Snell & Wilmer

Gift Tax and GST Tax

Snell & Wilmer on

On March 13, 2020, the President of the United States issued an emergency declaration in response to the ongoing COVID-19 pandemic. The Emergency Declaration instructed the Secretary of the Treasury to provide relief from tax...more

Williams Mullen

IRS Extends Filing Deadline for Federal Gift Tax and Generation-Skipping Transfer Tax Returns

Williams Mullen on

In response to the COVID-19 pandemic, the Internal Revenue Service (the IRS) issued various notices addressing both payment and filing deadlines for taxpayers. On March 18, 2020, for example, the IRS issued Notice 2020-17,...more

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