The Tax Relief
Unemployment Insurance Reauthorization and Job Creation Act of 2010 reinstated
the estate tax and stepped-up basis rules and repealed the modified carryover
basis rules for the estates of decedents dying in 2010. In this Emerging Issues...
The long-awaited legislation concerning the estate, gift, and generation-skipping transfer taxes has been passed by both houses of Congress, and signed into law by the President. The legislation is known as the Tax Relief, Unemployment Insurance Reauthorization...
The 2010 Tax Act changes the landscape of gift, estate and
generation-skipping transfer tax planning, at least until the new law is due to
sunset at the end of 2012. For New Yorkers, however, the application of state
estate tax law has to be considered...
By Darin Christensen
On June 28, Governor Kitzhaber signed a bill that will replace
Oregon's inheritance tax with an estate tax. The estate tax is similar
to the former inheritance tax, but has several substantial differences
and provides some...
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....
Upon repeal of the federal estate tax laws, many estate
planners were forced to take a closer look at specific sections of the Internal
Revenue Code affected by repeal. One
provision that has received particular attention is section
2511(c) , which...
So Dem and GOP appear to all agree to extend this years income tax rates to next year - avoiding a jump in income and capital gains taxes when the ball falls on New Years Eve. This has been greeted with great fanfare in the press and an apparent sigh...
Dear Liza: My brother and I are dual citizens (Japan and US). We both reside in the US. Our Japanese mother recently passed away. She had some cash/ stock/ annuities/ mutual funds in the US, and some property in Japan that we will inherit jointly, with...
Dear Liza: We are a married couple in our early and mid 30s with a one year old son living in Southern California. I have been looking at setting up a trust and/or will for our little family but not sure what is needed in our scenario. My husband and...
The LexisNexis Estate Planning and Elder Law
Community continues to provide you with further information regarding the estate
tax debate. As part of our ongoing coverage of this issue, we have compiled some of the points in favor of and
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...
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...
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,
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...
Now that May of 2010 is upon us and there is still no federal estate tax finality, we can begin to look at the situations that families are facing where loved ones have passed since January 1. A key issue is that their estate planning documents (wills...