It's over. American voted. We have our winners and losers.
With the election behind us, Washington has got to get down to business, and soon. The so-called fiscal cliff is looming. How this issue is handled will likely have a dramatic impact on...
Now that the election is over, the good news for those of us who live in swing states is that we will no longer be overwhelmed with negative ads telling us the opposing candidate is despicable. For those who were hoping to see an end to the estate tax...
The White House has issued its 2013 fiscal year revenue proposals , with estate and gift tax changes consistent with administration's earlier stance on those rules. Beginning next year, the estate tax exemption would decrease to $3.5 million and the...
By Richard S. Kinyon , Morrison & Foerster LLP
Unless the executor of the estate of an individual who died in 2010 makes the Internal Revenue Code §1022 election, the estate is subject to the federal estate tax. If the executor makes the IRC...
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...
The Internal Revenue Service has issued guidance on electing portability of the unused exclusion of a deceased spouse. Notice 2011-82 ,
which was issued on September 29, 2011, reminds estates of deceased
married individuals to file a Federal estate...
An Interpretation of the Internal Revenue Code and
Treasury Regulations Supporting the Tax Deductibility of the Voluntary
Charitable Contribution in Perpetuity of a Partial Interest in an Appropriative
or Riparian Water Right Transferred Instream for...
All estate tax returns are mathematically verified, classified for audit potential, and checked that all required documents are attached. Selected returns are assigned by estate tax managers to estate tax auditors for audit. Certain estate characteristics...
The Tax Relief Act of 2010 was overwhelmingly passed by Congress and
signed into law by President Obama on December 17, 2010. The new law
provides numerous tax benefits for businesses and individuals for the
next two years, including:
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...
By Philip J. Michaels ,
Joseph C. Sleeth, Jr. ,
Stephanie E. Heilborn and
Lindsay H. Brown
The federal estate tax applicable exclusion amount increases from $5,000,000 to $5,120,000 per
person for 2012. The top estate...
The IRS announced today that the amount exemption from estate taxes
will increase next year. For an estate of any decedent dying during
calendar year 2012, the basic exclusion from estate tax amount will be $5,120,000 , up from $5,000,000 in 2011...
As we described in an earlier article , calculating the Massachusetts Estate tax (imposed on estates over about $1 million) is not an easy task. So it should be no wonder that families find it difficult to form an estate plan that incorporates a Massachusetts...
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...
By Adam J. Gottlieb
late last year, there has been much discussion about the new federal estate tax
laws. A very important aspect of the federal estate tax changes is not the
federal estate tax at all. It is the state estate tax that continues...