With the recent increase of the 2026 federal estate and gift tax exemption to an unprecedented and astounding $15 million per person (a whopping $30 million for married couples), the necessity of federal estate tax planning...more
Although blended families are common, they often encounter unique complexities after the death of a loved one. Assets may be left outright to a surviving spouse, who may then change the terms of the estate plan. Careful...more
The Internal Revenue Service (IRS) recently issued Private Letter Ruling (PLR) 202504006, addressing several important estate and gift tax questions related to the division of a marital trust and the subsequent disclaimer of...more
Through the years, the US Tax Court has provided significant clarification on the gift tax consequences of terminating qualified terminable interest property (QTIP) trusts. Two new cases in 2024, Estate of Sally J. Anenberg...more
November 2024 AFRs and 7520 Rate - The November 2024 Section 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 4.40%, which was the same as the October 2024 rate...more
Trusts serve a variety of tax, asset protection and estate planning purposes for families, and over the years different types of trusts have evolved to best serve families’ planning needs and objectives. Each type of trust...more
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
Drawn from Steve Gorin’s 2nd quarter 2022 newsletter, this course discusses recent developments in state income tax of business sales, state estate tax, and whether (from an estate planning viewpoint) to try to deduct state...more
The Arkansas Uniform Fiduciary Income and Principal Act (the “Act”) became effective on January 1, 2022. Arkansas is one (1) of five (5) states, including Colorado, Kansas, Utah, and Washington, that has enacted the Uniform...more
Drawn from Steve Gorin’s 2nd quarter 2021 newsletter, this webinar discusses recent cases on when payments to owners who perform services are compensation and when are they distributions, describes issues in modifying trusts...more
As Election Day 2020 approached, there was much talk about planning that individuals should consider doing before the end of the year. The impetus for this was an assumption that the Democrats would win the Presidency and...more
Everyone knows about the income and estate tax changes included as part of the Tax Cuts and Jobs Act of 2017 (the “Act”), but there are several overlooked provisions that may significantly affect taxation in a divorce. Some...more
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