LexisNexis® Legal Newsroom
2010 - The Year of Carryover Basis

The last issue of the Oast & Hook News addressed the estate tax laws that are effective for 2010. This issue of the Oast and Hook News will explore the issue of carryover basis. In previous years, the beneficiaries of estates received a great income tax benefit known as the "step up...

Some States Provide a Fix for Deaths in 2010

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 or trusts) may not make sense in 2010 where there...

The Impact of Federal Estate Tax Repeal

The repeal of the federal estate tax for 2010 created quite a conundrum in the estate planning world. Professionals struggle with how to counsel and craft effective estate plans for their clients. LexisNexis engaged esteemed authors, Stephanie Rapkin Esq. of Mequon, Wisc., and Beth D. Tractenberg, Esq...

Continued Uncertainty Around IRC § 2511(c): Notice 2010-19 Provides Guidance But Unanswered Questions Remain

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 became effective on January 1, 2010, and reads: Treatment...

Bullivant Houser Bailey PC: Oregon Replaces Inheritance Tax with Estate Tax

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 planning opportunities. Overview Oregon's...

The More Things Change, The More They Stay The Same

On January 10 th , PricewaterhouseCoopers hosted a webinar pertaining to potential tax legislation in 2012. The panelists concluded that, despite a number of tax provisions that will expire, a huge deficit, and a continuing clamor for significant tax reform, it is unlikely there will be major...

Ask Liza: Probate for U.S. Assets; Estate Tax for Non-Resident Aliens

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 no disputes. She has a social security number and...

Spouse vs. Charity: Estate Tax Apportionment

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 the persons interested in the gross tax estate."...

Ask Liza: Should We Get Married? Estate Planning for Same Sex Couples Now

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. We are still together as a couple and live five...

Ask Liza: Paying Capital Gains on Appreciated Assets

Dear Liza, My father passed away in 2002 when the federal estate tax limit was $1million. At that time my mother chose to put their home in the Bypass Trust. She has now passed and the home is worth $1.4 million. Do we inherit tax free or pay taxes on the amount over $1million? It’s nice when I...

Ask Liza: Should We Create a Living Trust?

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 I each own a home in our name (bought before we got...