Unprecedented opportunities in gift planning
For clients who are projected to have a federally taxable estate and desire to gift assets to heirs, now may be the right time to implement planning strategies
Gift Tax
Recent developments in estate planning: Part 1
This first part of the annual update covers trust and gift tax issues, including regulations explaining deductions permitted for trusts and estates after the TCJA eliminated miscellaneous itemized deductions for individuals.
Gift and GST returns added to postponed tax and filing deadlines
The IRS postponed the payment and return filing requirements for gift and generation-skipping transfer taxes due April 15 to July 15, matching prior postponements granted to federal income taxes and returns.
Seize the increased basic exclusion amount
Taxpayers can obtain unique benefits when it comes to gift and estate tax planning by using trusts and taking advantage of applicable valuation conventions.
IRS rules eliminate estate and gift tax clawback
The IRS issued final regulations that reconcile the current higher exclusion for the estate and gift tax unified credit amount in effect under the TCJA with the lower unified credit scheduled to go into effect in 2026.
Final regs. eliminate estate and gift tax clawback
The IRS issued final regulations that reconcile the current higher exclusion for the estate and gift tax unified credit amount in effect under the law known as the Tax Cuts and Jobs Act with the lower unified credit, which is scheduled to go into effect in 2026, eliminating a possible future clawback of the higher exclusion amount.
Recent developments in estate planning: Part 2
This second part of a two-part article covers court cases, proposed regulations, and other IRS guidance issued over the last year on gifts and estates.
Charitable gift arrangements that provide alternatives to a private foundation
Allowable charitable contribution deductions and control over donated funds are key factors for taxpayers to weigh when considering alternatives to private foundations.
IRS proposes rules on estate and gift tax clawback
The IRS addressed issues and made conforming revisions arising from the temporary increase in basic exclusion amount for estate and gift tax enacted by legislation known as the Tax Cuts and Jobs Act.
Estate and gift exclusion clawback addressed in proposed regs.
The IRS addressed issues and made conforming revisions arising from the temporary increase in basic exclusion amount for estate and gift tax enacted by legislation known as the Tax Cuts and Jobs Act.
Recent developments in estate planning: Part 1
This first of a two-part article discusses legislative, gift, and estate tax developments.
Recent developments in estate planning: Part 1
This first of a two-part article discusses gift and estate tax developments.
Valuation of family-owned entities for estate and gift tax purposes under Sec. 2704
This article discusses the rules governing the effects of lapses and restrictions on voting or liquidation rights of owners on the valuation of family-held entities.
Sale of a residence in a QPRT
This item explores what happens if the residence is sold during the QPRT term.
IRS notice permits recalculation of marital deductions for same-sex couples
The IRS provided the procedures same-sex married couples should use to recalculate the transfer-tax treatment for property transferred to spouses.
IRS Permits Same-Sex Couples to Recalculate Marital Exclusion Amounts
The IRS spelled out the procedures same-sex married couples should use to recalculate the transfer-tax treatment for property transferred to spouses before the U.S. Supreme Court invalidated Section 3 of the Defense of Marriage Act.
Recent Developments in Estate Planning: Part 1
This is the first in a two-part series examining developments in estate, gift, and generation-skipping transfer tax and trust income tax. Part 1 discusses legislative and gift and estate tax developments.
Post Initial Trust Term QPRT Considerations
The end of a QPRT’s initial trust term brings with it many potential issues.
Gifts of Partnership Interests
If the general partner has unfettered discretion to make or withhold distributions, any gift of an interest in the partnership may be treated as a gift of a future interest not qualifying for the annual gift tax exclusion.
Source of Consideration for Transfer Not Relevant in Gift Analysis
The Tax Court held that a transfer for adequate consideration was not a gift
