Wealth Strategies Journal

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Category: Estate & Gift Tax Developments (page 1 of 5)

[T&E Podcast 10/31] – This Week in Wealth (Transfer) with Salvatore LaMendola

Please click the play button below to listen to This Week in Wealth (Transfer) with Salvatore LaMendola (week of 10/31/16)

Past installments of this series can be found on our Podcast page and ITunes

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Special Needs – Special Trusts Part. 3: Common Errors – Bernard A. Krooks

SPECIAL NEEDS – SPECIAL TRUSTS – WHAT YOU DON’T KNOW CAN HURT YOUR CLIENTS AND YOU!

Part. 3: Common Errors

By Bernard A. Krooks

Littman Krooks LLP New York, New York / www.littmankrooks.com

Part 2. Drafting Considerations 

Set forth below are some common errors practitioners make when representing clients in connection with … Continue reading

Julius H. Giarmarco: Transfers of FLP and FLLC Interests Require Immediate Attention

By Julius H. Giarmarco

Family limited partnerships (FLPs) and family limited liability companies (FLLCs), if properly structured, are attractive vehicles for administrative convenience; income, estate and gift tax savings; and creditor protection. It is important that an FLP or FLLC be formed for valid business purposes and not merely as … Continue reading

Tax Court: Pending Income Tax Refunds Includable In Estate

In Estate of Russell Badgett Jr. v. Commissioner, the Tax Court held that the decedent had property interests in form of the values of his 2011 and 2012 Federal income tax refunds and consequently the refunds are included in the value of decedent’s gross estate for Federal estate tax purposes.

See full opinion … Continue reading

IRS Issues Proposed Regs on Gifts + Bequests from Expatriates

The IRS has issued proposed regulations on September 9, 2015,  addressing taxation of US  citizens and residents receiving gifts/bequests from individuals who previously expatriated from the US.

The proposed regulations are broken into seven parts, which are as follows:

  • Section 28.2801-1 of the proposed regulations sets forth the general rules
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Israel Mikel v. Commissioner: Litigation Costs Denied In Gift Tax Dispute

In Israel Mikel v. Commissioner, T.C. Memo 2015-64, the Tax Court denied the taxpayer’s request for an award of litigation costs after it was granted summary judgment in a gift tax dispute with the IRS, finding that the IRS’s position was substantially justified based on in terrorem provisions in a … Continue reading

Steve Akers: Legislation Requiring Consistency of Basis with Estate Tax Values and Requiring Information Reporting

Steve Akers, Senior Fiduciary Counsel, Southwest Region, Bessemer Trust, has made available for download his summary of legislation enacted on July 31, 2015, which requires consistency of basis with estate tax values and information reporting.  The abstract for Mr. Aker’s full report reads as follows:

Legislation enacted on July 31,

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Sanders Proposes Increased Estate Tax to Reduce Wealth Inequality

Presidential candidate, Bernie Sanders (I-Vt) introduced legislation to increase the federal estate tax.  The press release, which links to Senator Sanders’ legislation and description is as follows:

Sen. Bernie Sanders (I-Vt.) today introduced legislation to increase estate tax rates on the top three-tenths of one percent of Americans who inherit

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Final Portability Regs Issued

The IRS released final portability regulations effective June 12, 2015.  The Federal Register Summary reads as follows:

This document contains final regulations that provide guidance under sections 2010 and 2505 of the Internal Revenue Code on the estate and gift tax applicable exclusion amount, in general, as well as on the

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US Tax Court: Failure to Report Gross Income of IRA Distribution

In Morris v. Commissioner of Internal Revenue, the United States Tax Court sought an answer to “whether [the] petitioners failed to report during 2011 taxable distributions from an individual retirement account (IRA).” While the petitioners were under a belief that the money they obtained from their father’s estate would … Continue reading

Taxable or Nontaxable Gift? – IRS Tips Help You Determine

The general rule that any gift, money or property, is taxable under federal gift tax has a few exceptions that make the gift nontaxable. For example, gifts that are within annual exclusion of $14,000, gifts that are expenses paid directly to a medical or education institution, gifts to spouses, gifts … Continue reading

Members of Congress Move to Repeal Estate Tax This Week

House Ways and Means Committee member Kevin Brady, R-Texas, said March 17 that he expected the committee to mark up his estate tax repeal bill this week 23, and Senate Finance Committee member John Thune, R-S.D., said he planned to introduce a repeal bill that same week.

Brady said that … Continue reading

House Subcommittee on Select Revenue Measures Holds Hearing Today on Estate Tax Repeal

The House Subcommittee on Select Revenue Measures today holds a hearing on estate tax repeal.  [See links to additional articles below]  The press release is as follows:

Congressman David Reichert (R-WA), Chairman of the Subcommittee on Select Revenue Measures, today announced that the Subcommittee will hold a hearing on the

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Ron Aucutt’s ACTEC Summary of 2016 Budget Proposals

ACTEC has made available Ron Aucutt’s summary of the Administration’s Fiscal 2016 budget proposals.  Mr. Aucutt’s summary, along with his insightful commentary, begins as follows:

Dear Readers Who Follow Washington Developments:

It is rare to hear from the President himself about inheritances. It is rarer still when a White House

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A Nightmare in Elwood Estate by Phyllis Taite (Smith)

Phyllis Taite (Smith) has made available for download her article, “A Nightmare in Elwood Estate,” published in Tax Notes, Vol. 144, No. 4, 2014. The abstract reads as follows:

Estate of Elwood is a case involving reciprocal revocable trusts in which the Tax Court held that the estate was required under

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