Estate and Elder Law

Recent Posts

Sen. Bernie Sanders' (I-Vt.) legislation restores estate tax on the wealthiest Americans - S.3533
Posted on 29 Jun 2010 by LexisNexis Estate and Elder Law Community Staff

Bill Tracking Report S 3533 Copyright 2010 LexisNexis Academic & Library Solutions, a division of Reed Elsevier Inc. All Rights Reserved Bill Tracking Report 111th Congress, 2nd Session S 3533 2010 Bill Tracking S. 3533;... Read More

2010 Estate Tax Elections have a Deadline of November 15
Posted on 16 Aug 2011 by Deirdre R. Wheatley-Liss

2010 - The year of there wasn't an estate tax, there could be an estate tax, or you choose if there will be an estate tax (nice thoughtful tax law policy there Washington ... not). However, we now do have a date of when you must elect to go with... Read More

Tags: Estate Tax

Plugging holes: State legislation addresses formula clauses tied to federal estate tax
Posted on 27 May 2010 by LexisNexis Estate and Elder Law Community Staff

Wills and trusts containing formula clauses that use phrases or terms not in effect during 2010 (i.e. language tied to the federal estate tax) might not work as intended. Many states have introduced legislation to address this problem, including: ... Read More

Unprecedented Gifting Opportunities
Posted on 20 Jun 2011 by karplaw

People with significant assets are currently enjoying an extraordinary opportunity to transfer more wealth to loved ones, estate tax and gift tax-free. But you know what they say: The IRS giveth and the IRS taketh away. December 31, 2012 is a taketh-away... Read More

Estate Tax News from Washington
Posted on 26 Jun 2010 by Deirdre R. Wheatley-Liss

A new estate tax reform solution has been proposed by Sen. Bernard Sanders, Tom Harkin and Sheldon Whitehouse billed the Responsible Estate Tax Act. According to Steve Leimberg, this newest estate tax proposal is structured as follows: Exempt... Read More

Tags: Estate Tax

2010 - The Year of Carryover Basis
Posted on 8 Mar 2010 by Letha Sgritta McDowell

The last issue of the Oast & Hook News addressed the estate tax laws that are effective for 2010. This issue of the Oast and Hook News will explore the issue of carryover basis. In previous years, the beneficiaries of estates received a great... Read More

The First Multi-Billionaire Death of 2010: The Year Without an Estate Tax Continues
Posted on 16 Apr 2010 by David A. Shulman

I've written before about how 2010 is "The Year Without An Estate Tax" . You can read my past posts, but to sum up, in 2009 the estate tax exemption, that is the amount one could die with before being subject to the tax was $3.5 million... Read More

Tags: Estate Tax

IRS Extends Filing Deadline for Form 706 and 8939 for Decedents Dying in 2010
Posted on 15 Sep 2011 by David Goldman

The IRS just released Notice 2011-76 that extends the filing deadline for Forms 706 and 8939 for estates of decedents dying in 2010. The Notice provides that large estates of people who died in 2010 will have until early next year to file various... Read More

Tags: Estate Tax

Dedon on Estate Planning: The President’s 2015 Budget: Limitations on Crummey Withdrawal Rights
Posted on 10 Apr 2014 by John Dedon

President Obama’s $2.9 trillion budget for the 2015 fiscal year includes several tax increases, particularly on the wealthy, to pay for increased spending without increasing the deficit. One increase that will not be widely reported pertains to... Read More

Proposed Estate Tax Legislation Contains some Generous Surprises
Posted on 14 Dec 2010 by Deirdre R. Wheatley-Liss

The new estate tax legislation proposed by Sen. Reid (D. NV) contains some pleasant surprises for wealthier Individuals. First, as expected, it proposes to raise the estate tax exemption amount to $5 million per person with a maximum 35% estate tax... Read More

Tags: Estate Tax

Estate Tax Update - A Choice of Tax Law to apply for deaths in 2010
Posted on 9 Dec 2010 by Deirdre R. Wheatley-Liss

The Wall Street Journal reports that the Senate is sending out legislation to allow estates of people who died in 2010 to choose EITHER the 2010 1022 basis election OR the 2011 estate tax laws, which are currently proposed to be a $5 million exemption... Read More

Tags: Estate Tax

IRS Offers Filing and Penalty Relief for 2010 Estates
Posted on 15 Sep 2011 by Gregory Herman-Giddens

IR-2011-91 (emphasis added): WASHINGTON - The Internal Revenue Service announced today that large estates of people who died in 2010 will have until early next year to file various required returns and pay any estate taxes due. In addition, the... Read More

Tags: Estate Tax

Spouse vs. Charity: Estate Tax Apportionment
Posted on 14 May 2013 by John G. Farinacci

By John G. Farinacci, Esq. Ruskin Moscou Faltischek, P.C. We know that estate taxes are to be paid in the manner of a testator's choosing, but if the testator fails to make that choice, then estate taxes are "equitably apportioned among... Read More

Asbury Law Firm: District Court: Estate Tax Marital Deduction Triggers Unconstitutional Ruling on DOMA
Posted on 18 Jun 2012 by Asbury Law Firm

In a case that began with a claim for a refund of estate taxes paid, Judge Barbara S. Jones of the Southern District of New York ruled that the Defense of Marriage Act (DOMA) is unconstitutional under the Equal Protection Clause of the 5th Amendment.... Read More

Florida Legislative Changes Impacting Your Estate Plan
Posted on 27 Sep 2010 by Marc Soss

The failure of Congress in allowing the federal estate tax exemption to expire in 2010 has created chaos with many client estate plans. While the unlimited estate tax exemption has been a windfall for beneficiaries of wealthy individuals who pass away... Read More