Estates Have Until June 30 to File Estate Basis Form
The IRS announced one last postponement in the due date for filing under rules requiring reporting of the value of an estate’s assets to the IRS and beneficiaries.
Estate Tax
Due Date for Estate Basis Reporting Postponed Once Again
The IRS further postponed the due date for the new reporting requirement, under which estates must report the value of estate assets to the IRS and to beneficiaries.
Consider Combining the Tax Benefits of a Preferred Family Limited Partnership With a GRAT
Certain high-net-worth clients might achieve better results by using a preferred family limited partnership rather than an intentionally defective grantor trust or a grantor retained annuity trust.
Recent Developments in Estate Planning (Part 2)
This is the second of a two-part article examining developments in estate, gift, trust, and generation-skipping transfer taxes between June 2014 and May 2015.
Recent Developments in Estate Planning (Part 1)
This is the first part of a two-part article examining developments in estate, gift, and trust income tax between June 2014 and May 2015. Part 1 discusses gift and estate tax developments.
Final Rules Guide Use of Portable Estate Tax Exclusion
Final rules govern the requirements for electing portability of a deceased spouse’s unused exclusion amount to the surviving spouse and the rules for the surviving spouse’s use of that amount.
IRS Announces Delayed Due Date for New Estate Basis Reporting Rules
The IRS issued guidance delaying the due date for compliance with the recently enacted rules that require consistent basis reporting between an estate and anyone acquiring property from the estate.
New Law Imposes Immediate Estate Basis and Reporting Requirements
The highway funding bill made changes to the Internal Revenue Code that affect estates and beneficiaries, including new reporting rules.
Basis Rules for Estates of 2010 Decedents Proposed
Proposed regulations would apply to decedents who died in 2010 and whose executors elected under Sec. 1022 to not have the retroactively reinstated estate tax apply to the decedents’ estates.
Recent Developments in Estate Planning: Part 1
This is the first in a two-part article examining developments in estate, gift, and generation-skipping transfer tax and trust income tax between June 2013 and May 2014.
Rev. Proc. 2014-18: Automatic Extension for Qualifying Estates to Elect Portability
IRS recently issued Rev. Proc. 2014-18, which provides an automatic extension for certain taxpayers to elect portability of the deceased spousal unused exclusion.
Estates Get Simplified Method to Request Extended Time to Make Portability Election
The IRS issued a revenue procedure that provides executors of certain estates a simplified way to request an extension of time to make the “portability” election to transfer a deceased spouse’s unused estate tax exclusion to the surviving spouse
Simplified Method Offered for Requesting Extended Time to Make Portability Election
The IRS offered certain executors a simplified way to request an extension of time to make the “portability” election to transfer a deceased spouse’s unused estate tax exclusion to the surviving spouse.
Election to Treat Qualified Revocable Trust as an Estate and the Separate-Share Rules
The election to treat a qualified revocable trust as an estate under Sec. 645 can result in some complicated accounting and tax consequences as well as some interesting tax planning opportunities because of the separate-share rules.
Gift Determined With Reference to Assumption of Potential Estate Tax Liability
In a departure from its own precedent, the Tax Court held that the fair market value of a donor’s taxable gift may be determined with reference to the donee’s assumption of the potential Sec. 2035(b) estate tax liability for the gift.
Recent Developments in Estate Planning: Part II
This is the second in a two-part article examining developments in estate, gift, and generation-skipping transfer (GST) tax and compliance between June 2012 and May 2013. This part covers developments in estate tax and GST tax.
Recent Developments in Estate Planning: Part I
This article examines developments in estate, gift, and generation-skipping transfer (GST) tax and trust income tax between June 2012 and May 2013.
A Look at the Estate Tax Provisions in the President’s FY 2014 Budget Proposal
The president's recently released FY 2014 proposed budget contains a number of estate, gift, and generation-skipping transfer (GST) tax proposals.
Incorrect Expert Advice About Estate Return Filing Deadline Does Not Excuse Penalty
An executor who relied on his accountant’s mistaken advice that he had obtained a one-year extension of the filing due date for Form 706 was nonetheless liable for a large late-filing penalty.
Formula Clauses: Adjusting Property Transfers to Eliminate Tax
Dispository documents involving lifetime gifts or testamentary bequests often include formula clauses to designate the value of property passing by gift or bequest.
