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Estate Planning › Tax Liability

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 -
Lowenstein Sandler LLP

The Sad Case of Lovey and Hubby (Part 2)

Lowenstein Sandler LLP on

On this episode of “Splitting Heirs,” Warren K. Racusin welcomes back Sharon L. Klein, President of Family Wealth for the Eastern US Region of Wilmington Trust Company and member of the Estate Planning Hall of Fame, to...more

Alston & Bird

Supreme Court Holding Adds Complexity to Estate Planning

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Keeping it in the family just got more complicated. Our Tax Group studies a Supreme Court decision that left a family with an unexpected estate tax liability related to a share redemption agreement....more

Miles & Stockbridge P.C.

Supreme Court Case Adversely Impacts Parties to Buy-Sell Arrangements

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In a unanimous decision, the Supreme Court of the United States recently determined in Connelly v. U.S. that the value of a life insurance policy must be included in the fair market value of a closely held business for...more

Mayer Brown

Closely-Held Corporation Buy-Sell Arrangements Upended by Supreme Court in Estate of Connelly

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The Supreme Court has just weighed in on how gift and estate taxes apply with respect to non-cash gifts in Estate of Connelly v. United States. The Court’s opinion closely follows the economics of such arrangements, but...more

Strafford

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

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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

Adler Pollock & Sheehan P.C.

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

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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

Burns & Levinson LLP

Death and Taxes – The Three Unavoidable Taxes in Estate Administration

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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

DarrowEverett LLP

Time to Step Up? Florida’s Community Property Trust Act Worth A Look

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Unknown to many Floridians, Florida enacted the Community Property Trust Act which went into effect on July 1, 2021, and established the ability to convert non-community property into community property. The community...more

Kohrman Jackson & Krantz LLP

IRS Increases 2024 Federal Estate Tax Exemption and Gift Tax Exclusions: Key Points for Taxpayers

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Estate planning is a lot like putting together a puzzle. The client provides you with their box lid showing what they want the ultimate result of their plan to look like. Then, estate planners are tasked to identify and...more

Rivkin Radler LLP

Disclaiming to Save Taxes

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It’s not enough for the founder of a closely held business to have successfully established the business. The business has to grow, not only to increase profits, but also to make it more competitive and to diversify its...more

Lowenstein Sandler LLP

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....

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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

Greenberg Glusker LLP

Top Tax and Legal Considerations for Wealthy Families Going Global

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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

Cohen Seglias Pallas Greenhall & Furman PC

[Webinar] My Will and My Divorce: Protecting Your Assets From Your Ex - September 26th, 12:00 pm - 1:00 pm ET

Cohen Seglias Pallas Greenhall & Furman PC on

During the divorce process, one often overlooked area is updating your estate plan. Divorce can impact beneficiary designations on life insurance policies, retirement accounts, and other assets and can also have tax...more

Rivkin Radler LLP

Transferee Liability for Estate Tax: The Downside of Being a Beneficiary

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Death of a Parent- In the context of a family-owned business, it is often the case that the matriarch or patriarch of the family is also the chief executive of the business. They may have founded the business, or they may...more

Husch Blackwell LLP

Benefits of Succession Planning

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Succession planning is a critical process for a business owner that can ensure the long-term sustainability and success of a company. Here are just a few of the benefits that can be gained from a well-structured plan....more

Dunlap Bennett & Ludwig PLLC

Essential Things To Know About Trust Administration

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If you have been named as the trustee of a trust, you may be wondering what your responsibilities are and how you can fulfill them. This article offers an overview of trustee duties and highlights the legal risks of serving...more

Ward and Smith, P.A.

Estate Tax Panning for Married Couples: Using Estate Tax Exemptions

Ward and Smith, P.A. on

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

Chambliss, Bahner & Stophel, P.C.

Estate and Succession Planning Considerations for Business Owners

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Estate planning is important for everyone but is especially vital for the future success of small businesses. Proactively planning for the death or retirement of business owners removes uncertainty surrounding ownership...more

Freeman Law

Tax Court in Brief | Estate of Kalikow v. Comm’r | Estate Tax Taxation and Deductions and QTIP Trust

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Summary: Pearl B. Kalikow’s  (“Pearl”) husband died in 1990.  On January 4, 2006, Pearl passed away. The SK Trust (“Trust”) was created with the remainder of Pearl’s husband’s estate. On Pearl’s husband will it was instructed...more

Rivkin Radler LLP

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

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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

Freeman Law

The IRS and Abusive Trust Arrangements: Non-Grantor Trusts

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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

Freeman Law

Why You Should Hire a Tax Professional to Review Your Trust

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Trusts come in many variations, rendering them often difficult for non-attorneys to follow and comprehend.  Indeed, this variation can often be seen in the nomenclature used for trust arrangements, which includes terms such...more

Adler Pollock & Sheehan P.C.

Estate Planning Pitfall: You Sell Real Estate for $1

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Someone may have told you a story along these lines: Years ago, my grandfather bought land along the shore in (fill in a desirable resort area) for $1,000. He built a vacation home on the property for $50,000 and his family...more

Rivkin Radler LLP

Wendy & Jen Wreck the Movies: Addams Family Values, or “The Nanny Tried to Do It”

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What happened: Fester Addams, a wealthy bachelor, wants nothing more than to find a great love like that between his older brother Gomez and his wife Morticia, but he is too trusting and easily mislead. Following the...more

Rivkin Radler LLP

An S Corporation’s Sale of Real Property Following the Death of Its Shareholder

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Don’t Do It- There are certain generally accepted “dos and don’ts” of which almost every investor is certainly aware. For example, do not put all your eggs in one basket; if an investment seems too good to be true, stay...more

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