News & Analysis as of September 23, 2024

Transfer of Assets

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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 -

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

Unsure of Stepped-Up Basis? Here is a 5-Point Primer

Davidoff Hutcher & Citron LLP on 6/15/2023

Stepped-up basis is a tax law that applies to estate transfers when a person receives an asset from a giver after a benefactor passes away. In those circumstances, the asset receives a “stepped-up” basis – which is the market...more

Personal Planning Strategies - October 2021

Proskauer Rose LLP on 10/5/2021

Act Now Before the Window of Opportunity Closes - By now you have probably heard that the House Ways and Means Committee introduced legislation a few weeks ago (see Let the Estate Tax Planning Games Begin - But Where Will...more

Year-End Estate Planning in an Election Year

Farella Braun + Martel LLP on 10/15/2020

The 2020 election is less than a month away and year-end estate planning is already underway for many. Under current law, the estate, gift and GST (generation-skipping transfer) tax exemptions for 2020 are set at $11,580,000...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

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

High Transfer Tax Exemptions and Low Interest Rates Create Numerous Estate Planning Opportunities

Pullman & Comley, LLC on 7/29/2020

At the present time, certain tax and economic conditions have converged that provide a uniquely favorable environment for some estate planning opportunities...more

[Webinar] Virtual Tax Forum: Tax and Wealth Planning Updates - August 5th, 12:00 pm - 1:00 pm ET

Williams Mullen on 7/29/2020

COVID-19 has not only had serious implications on our daily lives, but it has also significantly impacted businesses and individuals from a tax planning perspective. As the pandemic continues to evolve, it is important to...more

Why Should I Get My Estate Planning Done Now?

Lewitt Hackman on 1/30/2020

Last Sunday I learned that my mother’s dear friend who is very active, hikes daily, gardens daily, does senior yoga weekly, eats a healthy diet, and has many volunteer and social commitments that keep her happy, went on a...more

Insight on Estate Planning - October/November 2019: Estate Planning Pitfall - You’ve waited too long to transfer ownership of your...

Adler Pollock & Sheehan P.C. on 10/7/2019

Generally, the proceeds of one’s life insurance policy are included in their taxable estate. A person can remove them by transferring ownership of the policy, but there’s a catch: Wait too long, and one’s intentions may be...more

What is an Abusive Tax Trust?

Foodman CPAs & Advisors on 8/2/2019

In a “legitimate” Trust, the ownership and control of the Trust assets and income is “separate” from a Settlor’s control and benefit. IRS has been reporting that Trusts are used for abusive tax schemes to hide true ownership...more

Estate Planning for a Non-U.S. Citizen Spouse

Bowditch & Dewey on 6/22/2018

There are special estate tax planning considerations when a non-U.S. citizen spouse is part of the picture. To be clear, a non-U.S. citizen spouse may be living in the U.S. and even hold a green card, but he or she does not...more

Tax Cuts and Jobs Act supercharges exemption portability

Adler Pollock & Sheehan P.C. on 6/8/2018

Somewhat lost in the clamor of the tax changes enacted by the Tax Cuts and Jobs Act is the fact that the new law preserves the “portability” provision for married couples. Portability allows an estate to elect to permit the...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

IRS Proposes Regulations That Will Eliminate Most Valuation Discounts on Family-Owned Entities

Burns & Levinson LLP on 8/24/2016

On August 2, 2016, the IRS issued proposed regulations that would eliminate or limit the use of certain valuation discounts regularly applied when valuing interests in family-owned entities for gift and estate tax purposes. ...more

Anticipated IRS Regulations May Impact Discounts On Intra-Family Transfers of Closely Held Business Interests

Blank Rome LLP on 8/12/2015

Action Item: It is anticipated that Treasury will soon issue new regulations that will affect the valuation discounts applicable to intra-family transfers of interests in closely held entities. It may be advisable to review...more

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