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Estate Tax Trust Assets

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

To Gift, or not to Gift: Income Taxes vs. Estate Taxes

Rivkin Radler LLP on

Giving assets away during lifetime to reduce estate taxes due upon your death is not the “no-brainer” it used to be. Sometimes, holding onto assets until your death lowers total taxes. Income tax, gift tax and estate tax...more

Patterson Belknap Webb & Tyler LLP

Introducing the GOAT Trust

The menu of tax planning options for founders includes many strategies designed to minimize income taxes upon liquidity events and to provide for wealth preservation across multiple generations. To achieve those benefits,...more

Cole Schotz

IRS Issues Revenue Ruling Holding that Assets Held in an Irrevocable Grantor Do Not Receive a Step-Up in Basin at Death

Cole Schotz on

In a recently-issued Revenue Ruling (Rev Rul 2023-02), the IRS has held that the basis of the assets in an irrevocable grantor trust, where the assets are not included in the grantor’s gross estate for federal estate tax...more

Bowditch & Dewey

8 Estate Planning Considerations - Don’t Tax Yourself

Bowditch & Dewey on

The idea of a visit to an attorney for your estate planning can be daunting. Below is a list of to-do items or at least items to think about before your visit. MAKE A LIST OF YOUR ASSETS AND AN ESTIMATED VALUE OF THE...more

Lowenstein Sandler LLP

House Tax Proposal Would Restrict Grantor Trust Planning: What You Need To Know Now

Lowenstein Sandler LLP on

On September 13, the House Ways & Means Committee proposed new tax provisions as part of the Build Back Better Act. The proposal includes many substantial tax changes that would affect personal income tax and business tax...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

McDermott Will & Emery

How Far Back Can a Back Tax Go? Petition for Certiorari in Hambleton Asks Supreme Court to Right Unjust Retroactivity

McDermott Will & Emery on

Retroactivity is an endemic problem in the state tax world. In this year alone, we have seen retroactive repeal of the Multistate Tax Compact (MTC) in Michigan, as well as significant retroactivity issues in New York, New...more

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