Family Owned Real Estate: Legal Challenges & Opportunities
Once Removed Episode 21: Passing Down the “Family Cottage” or Other Legacy Property
War of the Rosas
In the world of farming and ranching, ensuring your land's future is vital. That's where agricultural estate planning comes in. It's all about smoothly transitioning your farm or ranch to the next generation, maintaining its...more
New York’s Governor Cuomo is having a bad 2021. Some may attribute this to his hubris or to karma; others may point to an emboldened, and now veto-proof, progressive State Legislature; many will claim that Mr. Cuomo is paying...more
Below is a brief glance of what you'll find in the March/April 2021 issue of The Estate Planner. - Can beneficiaries borrow from a trust? - Taking steps to protect your will from being contested - Defined-value...more
Proposition 19, which will be on California’s November 2020 ballot, dramatically changes the property tax rules exempting certain intra-family transfers and primary residence transactions for certain individuals such as those...more
In 2019, the Tax Cuts and Jobs Act (the Act) and its resulting tax reform continued to dominate the planning landscape. As outlined in our 2018 Year-End Estate Planning Advisory, the Act made significant changes to individual...more
If a person is in line to inherit property from a parent or other loved one, it’s critical to understand the basis consistency rules. Tax law provides that the income tax basis of property received from a deceased person...more
In This Issue: - Time passages: Estate planning through the years - Basis consistency rules come into play when inheriting property - Estate tax laws continue to change; so should your plan - ESTATE PLANNING...more
Vacation homes are typically treasured by families and often pass down from generation to generation. But there may be more to transferring the family lake cottage or beach house than first meets the eye. If one plunges ahead...more
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
Earlier this month, the IRS issued long-awaited proposed regulations under Section 2704 of the Internal Revenue Code that, if adopted, will have a substantial impact on traditional estate planning techniques commonly utilized...more
Frequently, parents choose to transfer ownership of a home to their adult children to remove it from their taxable estates. There are many good reasons to do this, but the road is paved with tax potholes. This brief article...more
In This Issue: - Alternate valuation date: Flexible postmortem planning a plus when markets are volatile - The write stuff: A letter of instructions - Making the most of your GST tax exemption - Estate...more
Estate-planning is often focused on reducing or eliminating estate tax at death. As the estate-tax exemption has increased in recent years — currently $5.45 million and counting — there is a shift to planning for income and...more
Effective March 23, 2016, the Treasury Department and Internal Revenue Service published Notice 2016-27, once again extending, until June 30, 2016, the deadline for executors and other persons to complete and file Form 8971...more
On March 4, 2016, the U.S. Department of the Treasury released both temporary and proposed regulations (the “Proposed Regulations”) on the consistent basis and reporting requirements between a decedent’s estate and persons...more
September Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The September § 7520 rate for use with estate planning techniques such as CRTs, CLTs,...more
Florida has long been known as a tax friendly state for retirees. The "Sunshine State" has no income tax on individuals and no estate taxes. The state has quite a different reputation for commercial real estate investors who...more
With the current estate tax regime of a high gift and estate tax exemption amount and low estate tax rates, transferring wealth is becoming the focus of estate planning rather than reducing estate tax liability. And with...more
Many people mistakenly believe they can transfer their home to their children while retaining the right to continue living in it for the rest of their life, and remove a substantial portion of the home’s value from their...more