By Genevieve M. Moore , Morrison & Foerster LLP
It is more and more common for individuals to use a revocable trust instead of a Will as their primary estate planning document, particularly in California where we practice. Although there is an...
In 2010 a whole new set of tax rules could apply to gifts and assets passing from estates.
The U.S. federal transfer tax system just found itself unceremoniously dumped on the side of the road by a Congress that sped off to attend to health care and...
Many estate planning practitioners recommend the use of grantor retained annuity trusts (“GRATs”) as a tool through which individuals may reduce the ultimate estate tax liability of their estates. Property transferred to a...
To Be or Not to Be - An Estate Tax?
As Congress adjourns for the year, failure to act on new estate tax legislation means that the repeal of the Federal Estate and Generation Skipping Transfer (GST) taxes will go into effect in 2010. Before taking any...
As discussed in our December 2008 Estate Planning Update , effective January 1, 2009, the amount of property that an individual may transfer free of federal estate tax and generation-skipping transfer (GST) tax increased to $3.5 million. Various estate...
Will your taxes change if you make a gift of real estate subject to a life estate over a straight gift of real estate? Guest blogger Stacey Crowell Maiden, Esq. , Of Counsel to our Trusts and Estates and Elder Law Practice Group provides an explanation...
By Wendy M. Greenberg, Esq. , Morrison & Foerster LLP
The interest rate used to determine actuarial valuations of certain retained or remainder interests for purposes of federal gift and estate tax, commonly referred to as the "7520 rate"...
The Health Reform Act of 2010 enacted IRC §
7701(o), entitled "Clarification of economic substance doctrine." This
doctrine can be seen in the estate planning field, being a part of various
types of transactions. Examples include: when...
We are into
the second quarter of 2010 and still no federal estate tax. Will Congress pass
new legislation? And if so, will it be retroactive? Congress has given no
indication it will do anything, so we are likely to be dealing with this