Estate and Elder Law

    • 8 Apr 2015

    Estates and Trusts and Final Regs Under IRC Section 1411

    Basics of the Ner Investment Income Tax. The Net Investment Income Tax (NIIT) is imposed by I.R.C. Section 1411. The NIIT applies at a rate of 3.8 percent to certain net investment income of individuals, estates, and trusts that have income above the statutory threshold amounts. The NIIT went into effect on January 1, 2013. [ IRC § 1411 , added by , §1402(a), Pub L No 111-152 (Mar 30, 2010).] (See Chapter 3...
    • 25 Jun 2014

    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 Reform and Fairness Commission Report Recommendations In December of 2012, Governor Andrew M. Cuomo formed The New York State Tax Reform...
    • 30 Jan 2014

    Deceased Spouse Unused Exclusion Portability Election Simplified

    In the recent history of the estate tax, one of the most beneficial changes is the creation of portability election under IRC Section 2010(c) , which allows the deceased spouse’s unused exclusion (DSUE) amount to be used by the surviving spouse's subsequent transfers during life or at death. To take advantage of the DSUE, the executor of the deceased spouse’s estate must satisfy certain requirements including...