Estate and Elder Law

Recent Posts

After the Election, Still Looking for Estate Tax Certainty
Posted on 9 Nov 2012 by karplaw

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... Read More

Election Consequences
Posted on 9 Nov 2012 by John Dedon

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... Read More

Obama's 2013 Revenue Proposals
Posted on 14 Feb 2012 by Gregory Herman-Giddens

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... Read More

Morrison & Foerster LLP: IRC §1022 Basis Adjustment Rules for Property Owned by and Acquired from 2010 Decedents
Posted on 15 Nov 2011 by Morrison and Foerster LLP

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... Read More

Make Large Gifts Now, Pay More Tax Later
Posted on 18 Feb 2011 by Deirdre R. Wheatley-Liss

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... Read More

IRS Issues Guidance on Electing Portability of Deceased Spousal Unused Exclusion Amount
Posted on 6 Oct 2011 by Jeramie Fortenberry

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... Read More

Charitable Contributions and Transferred Water Rights
Posted on 26 Jul 2011 by LexisNexis Estate and Elder Law Community Staff

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... Read More

Gagliardi on Classification of the Estate Tax Return for Audit
Posted on 7 Nov 2012 by Elaine Hightower Gagliardi

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... Read More

Estate and Gift Tax Alert
Posted on 25 Jan 2011 by Frankfurt Kurnit Klein & Selz

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: Continuing... Read More

McNees Wallace & Nurick LLC: 2012 Tax Act
Posted on 15 Jan 2013 by McNees Wallace & Nurick LLC

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... Read More

Fulbright & Jaworski LLP: Tax Changes Effective as of January 1, 2012: Significant Implications For Estate Planning
Posted on 31 Jan 2012 by Norton Rose Fulbright

By Philip J. Michaels , Joseph C. Sleeth, Jr. , Stephanie E. Heilborn and Lindsay H. Brown Estate Tax The federal estate tax applicable exclusion amount increases from $5,000,000 to $5,120,000 per person for 2012. The top estate... Read More

Estate Tax Exclusion Amount for 2012 to Increase to $5,120,000
Posted on 20 Oct 2011 by Gregory Herman-Giddens

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... Read More

How to Avoid Massachusetts Estate Taxes
Posted on 21 Aug 2012 by Tim J. McNamara

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... Read More

Historic Estate & Gift Tax Savings Opportunities Almost Gone
Posted on 24 Jul 2012 by David R. Schoenhaar

By: David 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... Read More

Don’t Forget New York’s Estate Tax – It’s Still There!
Posted on 7 Jun 2011 by Adam J. Gottlieb

By Adam J. Gottlieb Since 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... Read More