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Gift Tax Surviving Spouse

Rivkin Radler LLP

Plan Now for Sunsetting Estate & Gift Tax Exemption

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As we’ve previously discussed, portability is an important feature of an estate plan. Portability allows the surviving spouse to die to “save” any of their predeceased spouse’s unused federal estate and gift exemption amount....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

Rivkin Radler LLP

WILLS, TRUSTS & ESTATES: PLAIN & SIMPLE – Should You Rely on Estate Tax Portability?

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Every U.S. citizen may gift, during life or at death, assets to his or her children free of federal estate or gift tax up to an aggregate amount – frequently called the “exemption amount.” The exemption amount in 2021 is...more

Cole Schotz

Business Succession Planning – Should I Own My Business In A Trust?

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Closely-held businesses come in all shapes and sizes. Some owners own 100% of their businesses. Some have partners. Some have children in the business. Some do not. A common question that a client asks the business and...more

Farrell Fritz, P.C.

The Year-End: A Time For Ignoring The Holidays And Disclaiming Gifts (For Tax Purposes)

Farrell Fritz, P.C. on

Happy Holidays? Bah Humbug! The “holiday season” is once again upon us. A time to spend with family and friends, a time for gift-giving (and re-gifting), for songs and for story-telling, and a time for remembering those...more

Proskauer Rose LLP

Personal Planning Strategies - December 2019

Proskauer Rose LLP on

Estate, Gift and GST Tax Update - What This Means for Your Current Will, Revocable Trust and Estate Plan - The estate and gift tax regimes have been permanent and unified since the passage of The American Taxpayer...more

Stinson LLP

IRS Eliminates Worry About "Clawback"

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In response to Internal Revenue Code Section 2001(g)(2), enacted as part of the 2017 Tax Act, in which the Secretary of the Treasury was directed to prescribe regulations to carry out IRC Section 2001(g) with respect to the...more

Burr & Forman

Tax Reform and Estate Planning: How the 2017 Tax Cuts and Jobs Act Impacts Estate Plans for McNair Clients

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When the 2017 Tax Cuts and Jobs Act was passed, significant changes were made to the Federal Estate, Gift and Generation-Skipping Transfer Tax, the most prominent of which is the increased applicable exclusion amount, which...more

Ward and Smith, P.A.

Warning: $10 Million Estate Tax Exemption Can Overfund Trusts at Death and Harm Your Surviving Family

Ward and Smith, P.A. on

Congress's recent increase in the federal estate, gift, and generation-skipping transfer ("GST") tax exemption to $10 million per person adjusted annually for inflation ($11.18 million in 2018) is a welcome sweetener for many...more

Adler Pollock & Sheehan P.C.

Estate Planning Pitfall: You’re not paying enough attention to state estate tax laws

The Tax Cuts and Jobs Act provides greater flexibility in estate planning for many taxpayers. So, no more estate tax worries for most people, right? Not so fast. For residents of some states, state estate or inheritance taxes...more

Adler Pollock & Sheehan P.C.

Tax Cuts and Jobs Act supercharges exemption portability

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

Adler Pollock & Sheehan P.C.

Insight on Estate Planning - February/March 2018

In This Issue: - Sudden impact: When a spouse unexpectedly dies - New tax law affects estate planning strategies - All in the family: Transferring your vacation home - Estate planning pitfall: You haven’t planned for...more

Ward and Smith, P.A.

QDOT-ting I's and Crossing T's: Estate Tax Planning for Non-United States Citizen Spouses

Ward and Smith, P.A. on

Individual and corporate citizens from countries around the world have moved to North Carolina and contributed materially to our state's economic, educational, and cultural growth. Foreign direct investment ("FDI") in North...more

Burr & Forman

2017 – New Year, New Adjusted Lifetime Federal Estate and Gift Tax Exempt Amount

Burr & Forman on

The annual federal exemption amount for the estate and gift tax has been adjusted to $5,490,000.00 per individual for 2017. This means a married couple will have a combined $10,980,000.00 in 2017. The $5,490,000.00...more

Proskauer Rose LLP

Wealth Management Update - July 2016

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

Adler Pollock & Sheehan P.C.

Portability is a thoroughly modern estate tax break

Computers and phones aren’t the only things that are portable today. The gift and estate tax exemption is also “portable” for married couples. Portability simplifies estate planning by allowing a surviving spouse to use the...more

Tucker Arensberg, P.C.

2016 Estate and Gift Update

Tucker Arensberg, P.C. on

The federal government imposes a gift tax for gifts made during one’s lifetime. Likewise, the estate tax is levied on transfers made at one’s death. ...more

McDermott Will & Emery

New 252 Percent Estate Tax Bracket and Other Tax Changes Affect Wealthy New Yorkers

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The revenue portion of the recently passed Executive Budget for 2014–2015 significantly changes New York’s estate tax and the way in which New York taxes the income of certain trusts. ...more

Stinson LLP

Minnesota Passes Gift Tax Repeal And Estate Tax Revisions

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On March 21, Minnesota made multiple gift tax and estate tax revisions. Those include: - Retroactively repealing the Minnesota gift tax that had been imposed since July 1, 2013...more

McNees Wallace & Nurick LLC

Marriage and Taxes in 2013

Two significant events in 2013 underscored the nexus of marriage and taxes that make it possible for many couples to radically simplify their estate planning. ...more

Butler Snow LLP

Landmark US Supreme Court Decision May Extend US Tax Benefits to UK Civil Partners

Butler Snow LLP on

On Wednesday, 26 June 2013, the US Supreme Court ruled that Section 3 of the Defense of Marriage Act (“DOMA”), which limits the definition of “marriage” to “a legal union between one man and one woman as husband and wife” and...more

BakerHostetler

Careful Planning Required to Avoid New York’s Estate Tax

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Now that Congress has implemented a relatively large per person federal gift/estate tax exemption (i.e., the per person federal gift/estate tax exemption is $5,250,000 in 2013, indexed for inflation), many think that estate...more

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