News & Analysis as of

Estate Tax Estate Planning

Estate taxes, also known as inheritance or death taxes, are taxes on an individual's right to transfer property at death.

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

Year end is an ideal time to review your estate plan

As of this writing, it’s still anybody’s guess as to whether Congress will enact major tax reform legislation affecting federal gift and estate taxes. This situation casts a large shadow over estate planning at the end of...more

When should you turn down an inheritance?

If a person expects to receive an inheritance from a family member, he or she might choose to use a qualified disclaimer to refuse the bequest. As a result, the assets will bypass their estate and go directly to the next...more

Trust and Estate Planning 2017 Year End Update

As we approach the end of the year, we thought you would find it useful to have the following summary of recent developments and updates that may affect your trust and estate planning....more

Why Estate Planning Is Still, And More Important Under New Tax Law

After much wrangling and dealmaking, both houses of Congress have passed bills making substantial changes to federal tax law. Although it's not entirely certain, it seems likely that there will shortly be agreement on a tax...more

Insight on Estate Planning - Year End 2017

In This Issue: - When should you turn down an inheritance? - Addressing intellectual property requires careful estate planning - Year end is an ideal time to review your estate plan - Estate planning pitfall: You’re...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

The Tax Bill Cometh

It now seems more likely that a tax bill of some kind will be passed by Congress this year. One prominent DC tax lobbyist told me: "This is happening." Whether or not you agree with all of the provisions now being offered...more

Estate Planning Under the Tax Cuts and Jobs Act

If enacted, the Tax Cuts and Jobs Act could open up significant estate planning opportunities. The House bill doubles the exemptions from estate, gift and generation-skipping transfer taxes, creating new opportunities for...more

In Pursuit of Portability

by Stinson Leonard Street on

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

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

Personal Planning Strategies - December 2017

by Proskauer Rose LLP on

2018 Estate, Gift and GST Tax Update: What This Means for Your Current Will, Revocable Trust and Estate Plan - As we previously reported, the American Taxpayer Relief Act of 2012 (the "Act") made the following permanent:...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

Federal Death Tax Repeal – Not So Fast

by Genova Burns LLC on

Much has been written and speculated about the fate of the Federal Gift, Estate and Generation Skipping Taxes under the current efforts of the Administration and of Republican Congressional leaders to overhaul Federal 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

Undisclosed Foreign Accounts, Part II

by Moskowitz LLP on

The executor of a decedent’s estate has a duty to act in a prudent manner and in accordance with the law. At times, this may result in having to take an unpopular position or action that angers the beneficiaries....more

Summary of New Tax Bill Proposal

by Bryan Cave on

House Republicans released their new tax bill on November 2, 2017. As expected for such a significant proposal, the final bill, if passed, will likely look different. Nonetheless, the bill, in its current form, provides the...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

Undisclosed Foreign Accounts

by Moskowitz LLP on

Serving as Executor can at times be more of a headache than an honor. On top of a pile of paperwork and dealing with a multitude of family issues, you can be sued!...more

Proposed 2017 Tax Act Revealed – Death Tax Repeal Included

by Tucker Arensberg, P.C. on

A summary of the proposed Tax Cuts and Jobs Act was released this morning (11/2/17) and reveals some major changes. The federal estate tax and generation-skipping transfer tax exclusions are increased from the current $5...more

A Well-Planned Estate Can Quell Family Squabbles Before They Start

From Esau, who rashly traded his birthright to his twin brother Jacob for a cup of soup, to King Lear’s ill-conceived plan to leave his riches to only two out of three daughters, family dynamics can lead to estate...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 Planning Strategies Driven By Interest Rates

by Davis Wright Tremaine LLP on

There are a number of estate planning strategies that work well to move assets in an efficient manner from one generation to another within a family. In evaluating any such strategy, one must consider the goals of the family,...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

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