Modern Estate Planning

Modern Estate Planning is a comprehensive treatise covering estate, gift, income and generation-skipping transfer taxation. It guides the practitioner through the issues and challenges in advising a wide range of clients. The 5 volumes cover three distinct areas of estate planning: estate planning principles...

Gift Tax Return

2011 and 2012 presents an extraordinary opportunity for wealthy taxpayers to transfer wealth to future generations without paying gift or estate tax. At least for 2011 and likely for 2012, $5 million can be transferred free of tax. There are additional strategies which can leverage the $5 million...

The Estate Tax Game: It's Only the First Inning

With regard to negotiations on the estate and gift tax, it is much too early to tell who the winners and losers will be in 2013. There is plenty of wrangling to come as the White House and Congress muddle through the issue. As they say in baseball, the score in the first inning isn't important...

Fulbright & Jaworski LLP: Tax Changes Effective as of January 1, 2012: Significant Implications For Estate Planning

By Philip J. Michaels , Joseph C. Sleeth, Jr. , Stephanie E. Heilborn and Lindsay H. Brown Estate Tax The federal estate tax applicable exclusion amount increases from $5,000,000 to $5,120,000 per person for 2012. The top estate tax rate for estates valued over this amount is...

Troutman Sanders LLP: The Administration’s FY 2013 Estate and Gift Tax Proposals

By Carol F. Burger , David F. Golden , Molly F. James and Michael D. Erickson Last week, the President released his proposed budget for the upcoming fiscal year. On the same day, the Treasury released its explanation of the President's budget, which contains specific information and more detailed...

Williams Mullen: Wealth Transfer Planning in 2012: Perfect Storm of Opportunity

BY: FARHAD AGHDAMI 2012 may present the single greatest opportunity for wealth transfer planning in recent memory. A $5.12 million gift tax exemption, combined with low interest rates and historically low valuations for many asset classes, creates an ideal environment for wealth transfer planning....

Morrison & Foerster LLP: Gift Tax Planning Opportunities: The Window Is Closing

By Genevieve M. Moore & Richard S. Kinyon , Morrison & Foerster LLP As reported in this space over the last several months, there has been unprecedented upheaval in the federal transfer tax world in the last few years. One element of this was the unexpected increase in the federal gift and...

The John Edwards Case - What About Gift Taxes?

Yesterday [May 8th] I blogged about North Carolina's controversial Amendment One, which ended up passing by a large margin. I also have some thoughts about another matter in the headlines - the John Edwards trial. I have not been following the case closely, but I do know that central to the case...

McNees Wallace & Nurick LLC: Tax-Advantage Charitable Giving

By David M. Watts, Jr. If you are charitably inclined, there are tax-advantaged ways to make a gift to a favorite charity while enjoying the income from that gift for your lifetime. Many educational and charitable organizations offer plans that combine the benefits of an immediate income tax deduction...

Properly Reporting Gifts

As 2013 approaches, there will be a flurry of activity by wealthy individuals seeking to take advantage of a gift tax exemption of $5,120,000, that will decrease to only $1 million in 2013. Taxpayers often gift closely held business interests or real estate. The gift value of this type of non-marketable...

Historic Estate & Gift Tax Savings Opportunities Almost Gone

By: David R. Schoenhaar, Esq.* We are half way through 2012 and the generous tax legislation that went into effect on January 1, 2011, is scheduled to sunset on December 31, 2012, if Congress fails to act. Those who can participate in significant gift planning must act now if they plan to take...

Historic Estate & Gift Tax Savings Opportunities Almost Gone

By: David R. Schoenhaar, Esq.* We are half way through 2012 and the generous tax legislation that went into effect on January 1, 2011, is scheduled to sunset on December 31, 2012, if Congress fails to act. Those who can participate in significant gift planning must act now if they plan to take advantage...

Obama vs. Romney: What It Means for the Estate Tax

The December 31, 2012 sunset date for the estate tax, as provided by the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, is once again quickly approaching, and in typical fashion there is a divide over what the fate of the estate tax should be. With the Obama and Romney...

Morrison & Foerster LLP: Making Gifts Using Defined Value Clauses: Not Necessarily Void as Against Public Policy

By Danielle T. Zaragoza, Esq ., Morrison & Foerster LLP Given the relatively large federal gift tax applicable exclusion amount available for taxable gifts in 2011 and 2012, many clients have made or are considering making significant gifts before the end of this year. For a client who wants...

Power to Substitute & End of Year Planning

By: David R. Schoenhaar, Esq.* If you are currently planning for clients to use the historically high gift tax exemption amount before the end of the year, you are becoming acutely aware that time is running out. Whether it is the appraisal companies refusing to take new business or the closing...

McNees Wallace & Nurick LLC: 2012 Tax Act

By McNees Asset Planning and Federal Taxation Group The American Taxpayer Relief Act of 2012 (the "Act") was signed into law on January 1, 2013 to avert the tax law changes that were one part of the "fiscal cliff" facing our country's economy (the other part being automatic...