Year End Sale on Gift Tax - The Fine Print

That's right - the gift tax is on sale this year, but the opportunity is closing fast. You have until December 31, 2010 to act on the biggest gift tax sale I have seen in my years of practice. But what is the fine print? Each person has a $1 million exemption from gift tax for gifts during...

Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 Provides Unique Estate, Gift and GST Planning Opportunities

On December 17, President Obama signed into law the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act (the 2010 Tax Act). Under the 2010 Tax Act, individuals can take advantage of the most favorable estate, gift and generation-skipping transfer tax rates and tax exemptions in modern...

Finally a New Tax Law (For Now)

The long-awaited legislation concerning the estate, gift, and generation-skipping transfer taxes has been passed by both houses of Congress, and signed into law by the President. The legislation is known as the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010. Here is a...

Make Large Gifts Now, Pay More Tax Later

If you make big gifts in 2011-2012, what happens when you die in 2013 and beyond? Right now, and continuing through 2012, there is a gift tax/estate tax/GST exemption amount of $5,000,000 per person. We have discussed before what a fantastic opportunity this can be for wealthy families to do transfers...

Review of Existing Estate Plans in Light of 2011 Federal Tax Law Changes

By: David R. Schoenhaar, Esq.* As of January 1, 2011, new legislation went into effect that: (i) significantly changed the Federal estate, gift and generation-skipping transfer ("GST") tax rates, (ii) unified exemption amounts and (iii) introduced the concept of "portability"...

Hirschson and Glasgow on Transfer Tax Planning for New York Couples

The 2010 Tax Act changes the landscape of gift, estate and generation-skipping transfer tax planning, at least until the new law is due to sunset at the end of 2012. For New Yorkers, however, the application of state estate tax law has to be considered along with the federal transfer tax laws. As a result...

Transfer Tax Planning for New York Married Couples In Light of the 2010 Tax Act

The 2010 Tax Act changes the landscape of gift, estate and generation-skipping transfer tax planning, at least until the new law is due to sunset at the end of 2012. For New Yorkers, however, the application of state estate tax law has to be considered along with the federal transfer tax laws. As a result...

Gifts of Real Estate really are Gifts - and the IRS is looking for them

Typical scenario - Client's child comes in and advises " Oh - and I own (all or part of) my parents' house. " For some reason the fact that they own another parcel of real estate is normally an afterthought. This leads to more questions, such as "How did you get the real estate...

Federal Government Access to Real Estate Transfer Information

By Adam J. Gottlieb There are many positives of the information and technological advances that private citizens have enjoyed over the past several decades. For example, we can now access information at break-neck speed on our handheld phones. We can watch a movie on a very small electronic device...

Gift Tax and the Statute of Limitations

A U.S. Tax Court decision filed March 6 th , Dickerson v. Commissioner [ enhanced version available to lexis.com subscribers ], regarding a waitress who won $10 million in a lottery, is extremely relevant for gift tax law. The waitress tried to shift the winnings to family members without incurring a...

Ask Liza: Should We Get Married? Estate Planning for Same Sex Couples Now

By Liza Weiman Hanks | Dear Liza: My long term domestic partner of 30 years and I were registered domestic partners for a few years and then she decided she wanted to be totally financially independent of me so we terminated the agreement last year. We are still together as a couple and live five...

New York State - New and Proposed Legislation Affecting Trusts and Estates

In 2013, New York undertook a comprehensive review of the state's tax structure and made recommendations to improve and simplify the current tax system. This article discusses the findings of that review and the resulting legislation to implement changes. ... New York State Tax Reform and Fairness...