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... Read More
On December 17, President Obama signed into law the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act (the 2010 Tax Act). Under the 2010 Tax Act, individuals can take advantage of the most favorable estate, gift and generation-skipping... Read More
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... Read More
By: David R. Schoenhaar, Esq.* As of January 1, 2011, new legislation went into effect that: (i) significantly changed the Federal estate, gift and generation-skipping transfer ("GST") tax rates, (ii) unified exemption amounts and (iii... Read More
Deirdre R. Whealey-Liss of Fein, Such, Kahn & Shepard, P.C., presents a video overview the 2011-2012 Tax Sale on Gift Taxes, Estate Taxes, and Generation Skipping Taxes . For wealthy individuals this is an unprecedented opportunity to transfer that... Read More
By Adam J. Gottlieb There are many positives of the information and technological advances that private citizens have enjoyed over the past several decades. For example, we can now access information at break-neck speed on our handheld phones. We... Read More
By Liza Weiman Hanks | Dear Liza: My long term domestic partner of 30 years and I were registered domestic partners for a few years and then she decided she wanted to be totally financially independent of me so we terminated the agreement last year... Read More
Dear Liza: Does a person receiving a gift from a sibling in another country have to pay gift tax on that gift in the United States? In the United States, gifts are not considered ordinary income, so you don’t have to report them or pay income tax... Read More
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
By Adam J. Gottlieb There are many positives of the information and technological advances that private citizens have enjoyed over the past several decades. For example, we can now access information at break-neck speed on our handheld phones. We can... Read More
That's right - the gift tax is on sale this year, but the opportunity is closing fast. You have until December 31, 2010 to act on the biggest gift tax sale I have seen in my years of practice. But what is the fine print? Each person has a $1... Read More
Typical scenario - Client's child comes in and advises " Oh - and I own (all or part of) my parents' house. " For some reason the fact that they own another parcel of real estate is normally an afterthought. This leads to more questions... Read More