The classic children’s tale of Cinderella has the magic spell that transformed Cinderella expiring at the stroke of midnight after the ball. Her magnificent coach turned back into a pumpkin, inspiring a commonly used phrase....more
The Tax Cuts and Jobs Act of 2017 (TCJA) enacted significant changes in the federal estate and gift tax laws commencing in 2018. One of the most notable changes was that the TCJA doubled the federal lifetime gift tax...more
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
The election is only weeks away, and with it is likely to come significant changes to the tax code. Many economists anticipate that, regardless of the outcome, there will likely be tax increases to reduce the federal deficit,...more
When a family business owner's goal is to ultimately pass ownership of the business on to the next generation, business succession planning and the owner's estate planning are inextricably linked. The most difficult issues...more
Beginning in 2018, the Tax Cuts and Jobs Act (TCJA) effectively removed gift and estate tax liability concerns for many families. However, the favorable estate tax changes in the TCJA are currently scheduled to sunset after...more
In This Issue: - Expiration date: IRS provides estate tax protection against sunsetting TCJA provisions - A Crummey trust may sound pretty good - A second walk down the aisle can complicate estate planning -...more
August Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The August § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and...more
After a last-minute deal to avoid the fiscal cliff was passed by Congress on January 1, 2013, President Obama signed into law the new American Taxpayer Relief Act (“ATRA 2012”) on January 2, 2013. ATRA 2012 extends...more