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 - 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
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
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
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
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
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
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
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
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
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
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
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
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
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