The basic exclusion amount is the total amount that an individual may pass by gifts made during his or her lifetime or by devises and bequests at his or her death without liability for federal estate, gift or generation...more
“President Biden and Democrats in the Congress have been working on a $3.5 trillion spending and tax package, and the details are starting to be revealed. Indeed, on Sunday, September 12th, the House Ways and Means Committee...more
On November 6, the IRS announced the official estate and gift exclusion amounts for 2020 in Revenue Procedure 2019-44. For an estate of any decedent dying during calendar year 2020, the applicable exclusion is increased from...more
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
Usually, estate planning involves the creation of an updated will, a health care directive, and assigning a power of attorney. But sometimes an estate needs more, especially when a large or growing inheritance is involved....more
Recently introduced bills are indicative of the fact that the estate, gift and generation skipping transfer taxes are still a topic of considerable political debate. Recently, the Responsible Estate Tax Act was...more