The 2010 Tax Relief Act and your estate plan
Estate planning is a lot like putting together a puzzle. The client provides you with their box lid showing what they want the ultimate result of their plan to look like. Then, estate planners are tasked to identify and...more
On July 30, 1778, the Second Continental Congress passed the Whistleblower Protection Act of 1778, which is considered to be the first whistleblower law in world history. Much has changed in two and a half centuries, but very...more
Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of August 9, 2021 – August 13, 2021. Additionally, for continuing updates on the tax impact of...more
“Yeah, I’m the Tax Man” Last week, several media outlets reported that Mr. Biden will soon propose that Congress increase the federal income tax rate applicable to long-term capital gains recognized by individual...more
With the enactment on December 17, 2010 of the “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010” (“The 2010 Tax Act”), the wealthy and the relatively wealthy are presented with a unique but...more
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
What's New - SENATE - Extended debate on the South Carolina Infrastructure Finance Reform and Tax Relief Act (H. 3579) began this week in the Senate, but members once again found themselves in a state of gridlock on...more
In early 2012, Kathi Ryan addressed the 2010 Tax Relief Act and your estate planning documents....more
An unprecedented opportunity to make gifts and transfer wealth to family members is set to expire at the end of 2012. The 2010 Tax Act made substantial changes to the federal gift, estate, and generation-skipping transfer...more
At the end of 2010, Congress passed, and President Obama signed into law, significant changes in the estate, gift and generation-skipping transfer (“GST”) tax regime. The 2010 tax legislation extended the so-called “Bush Tax...more
There is still time in 2012 to take advantage of a unique gifting opportunity offered under the 2010 Tax Relief Act. The Act, which was signed into law on December 17, 2010, unified the federal estate, lifetime gift and...more
Although the end of the year is several months away, it is time to think about taking advantage of the generous tax savings that may be available for 2012 only. The 2010 Tax Act made significant changes to the estate,...more
In December 2010, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the “2010 Act”) extended the Bush tax cuts through December 31, 2012 and, among other things, increased the gift, estate,...more
THE OPPORTUNITY: On December 17, 2010, Congress and President Obama set the exemption from gift tax at $5 million (adjusted by cost-of-living factors; for 2012, the exemption amount is $5.12 million). This exemption had never...more
In This Issue: - Use It or Lose It - Increased Gift and GST Exemption Amounts Expire on 12/31/12 - Income Tax Deductions for Charitable Donations May Be Denied Without a Qualified Appraisal Mohamed v....more
The last three years have witnessed substantial changes in federal estate and gift tax laws and more changes are undoubtedly coming. Such changes offer a number of opportunities for clients to achieve their estate planning...more
The window of opportunity to take advantage of the currently applicable wealth transfer tax laws is rapidly closing, and once shut, it is possible that we may never see such generous estate planning opportunities again. ...more
This WSGR Alert serves as a reminder to our clients and friends that investors who acquire qualified small business stock (QSBS) before January 1, 2012, may receive a substantial tax benefit as a result of changes to the tax...more
With year end quickly approaching, taxpayers should be aware of expiring federal income tax incentives. This summary highlights several of these tax incentives that expire at the end of this year and ways in which taxpayers...more
Last month President Obama signed the Tax Relief, Unemployment Insurance Reauthorization, and Jobs Creation Act of 2010. ...more