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Estate Planning › Tax Returns › Estate Tax

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 -
Partridge Snow & Hahn LLP

Massachusetts Estate Tax Changes

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Governor Maura Healey signed a tax relief package into law on October 4, 2023, making changes to how the Massachusetts estate tax is calculated. The new law doubles the Massachusetts estate tax exemption from $1 million to...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

Keating Muething & Klekamp PLL

Fall 2022 Estate Planning Update

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This Estate Planning Update reviews the newly-released estate tax exemption and gifting adjustments for 2023, the extended deadline to make a portability election, and simple ways that business owners and professionals can...more

Farrell Fritz, P.C.

Appellate Division Addresses the Removal of a Fiduciary

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While the removal of a fiduciary has long been the subject of Surrogate’s Court opinions, it is not often that the Appellate Division weighs in on the issue. However, in Matter of Epstein, 2022 NY Slip Op 00658 (2d Dep’t...more

Lowenstein Sandler LLP

The Renoir Spelling Bee

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On this episode of “Splitting Heirs,” Warren K. Racusin is joined by Tracy A. Snow, counsel in Lowenstein’s Trusts & Estates practice, and Richard Schmalbeck, Professor of Law at Duke University, to explain the how, what and...more

Ruder Ware

Holiday Giving: Will My Gifts Have Tax Consequences?

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The holiday season is a time of giving! With Christmas arriving next week, you might be rushing to find last minute gifts for the special people in your life. Have you considered potential tax consequences of those gifts? ...more

Bowditch & Dewey

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

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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

Farrell Fritz, P.C.

Wills, Trusts & Estates: Plain and Simple – Year End Gifting

Farrell Fritz, P.C. on

Now is the time that many people think about gifting to loved ones, especially with the holidays upon us. In addition to making you, as well as the beneficiary of your gift, feel good, lifetime gifts can help reduce your...more

Tucker Arensberg, P.C.

Federal Estate Tax Exclusion Rises to $11,580,000 for 2020 (and more inflation adjustments)

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The IRS published Revenue Procedure 2019-44 on November 6, 2019, to set the inflation adjustments for 2020. The exclusion from federal estate will increase to $11,580,000, up from $11,400,000 in 2019....more

Cole Schotz

Court Finds That Penalty For Late Filing Of Estate Tax Return Was Arbitrary And Capricious

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Seasoned trusts and estates practitioners know certain truths, such as: Stuff happens. Some estate tax disputes should not be litigated, but they are anyway. Sometimes justice is done....more

Holland & Hart LLP

New IRS Addresses for Filing Estate Tax Returns

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The Instructions for Form 706 released in November 2018 included new addresses; however, we felt a reminder could be useful since the filing address changed mid-year...more

Foodman CPAs & Advisors

Understanding a Personal Representative

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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

Dickinson Wright

2018 Gift Tax Returns

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If you made gifts in 2018 now is the time to begin thinking about filing a gift tax return. If you made gifts in 2018 in excess of the gift tax annual exclusion amount ($15,000 per donee in 2018, or $30,000 if a husband and...more

Stinson LLP

In Pursuit of Portability

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The concept of portability, permanently enacted as part of the amendments to the estate tax law under the American Taxpayer Relief Act of 2012, allows the deceased spousal unused exclusion amount (DSUEA) of a decedent to be...more

Dickinson Wright

Estate Tax Portability – Not So Fast My Friend

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Many of you have heard of the new Federal estate tax “portability” rule that allows a surviving spouse to effectively inherit any unused federal estate tax exemption of a predeceased spouse. An individual can only use the...more

BCLP

IRS Grants Taxpayers Two-Year Window to File Portability Election

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In a long-awaited move, the IRS announced recently that taxpayers will now have at least two years to file an estate tax return to elect portability of a decedent’s unused estate tax exemption to the decedent’s surviving...more

Proskauer Rose LLP

Wealth Management Update - February 2017

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February Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The February § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs...more

Butler Snow LLP

Planning for the $5-$10 Million Couple: Portability or Credit Shelter?

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In 2009, each individual had a $3.5 million estate tax exemption. If a married individual had assets over $3.5 million, without careful planning, those assets in excess of $3.5 million would fall subject to a 45% estate tax....more

Goulston & Storrs PC

New Basis Reporting Requirements for Executors and Beneficiaries

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Recent federal legislation adds fresh compliance burdens to an old concept in federal tax law: the step-up in tax basis of appreciated property at death. New reporting requirements will apply to estates required to file a...more

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