In two 2011 estate tax cases, executors were denied timeliness-related claims even though they asserted that administrative failures by the IRS contributed to the errors. The courts said that the lapses by the IRS did not rise to a...
Continue reading "Recent Estate Tax Rulings Uphold IRS Regulatory Interpretations"
Under our tax laws, married couples can gift up to $10.24 million together, or up to $5.12 million each, during their lifetimes, or at their death with no tax liability. Beginning 2011, if the surviving spouse files form 706 within...
Continue reading "Right of Tax Portability for Married Couples Who Suffer the Loss of a Spouse "
The Wealth Strategies Journal has posted a new article entitle "2011 in Review" by Robert Moshman, Esq.From the article: "The past year, 2011, was undoubtedly commendable in many respects that will become evident to historians someday...but for the rest of us,...
The Texas Society of Certified Public Accountants have provided comments on re-proposed regs (REG 128224-06) explaining which costs incurred by estates or non-grantor trusts are subject to the two percent floor for miscellaneous itemized deductions. The comments suggest that...
The law firm of Mcguire Woods has recently published a legal update on developments in fiduciary administration law. The various updates and topics are discussed by examining nine recent cases dealing with various topics in fiduciary law. For the full report See "Mcguire Fiduciary...
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When an American lives abroad, the most common examples of taxable gifts are property and monies given to ones children and grandchildren. The rules for levying transfer tax are roughly the same for expats as they are for U.S. citizens...
Giving a gift worth more than $13,000 usually means a gift tax return must be filed. There are, however, exceptions to this rule, such as gifts to charities or the payment of school tuition or medical expenses. Even if the...
Continue reading "Beware of Gift Tax Rules in Estate Planning"
Under our current tax laws, the maximum tax exemption a person can claim during his lifetime for a gift is $5.12 million ($10.24 million for a married couple). There is generally a $13,000 annual gift-tax exclusion which does not count...
Melissa Cover Selinger has published "On The Money: Estate Planning Window of Opportunity" at BizTimes.com. The article describes the favorable estate tax and gift tax circumstances that will expire Jan 1, 2013, namely the 35% top rate on gift and...
Estate planning is generally considered to be a good idea. However, not realizing that each individual will need to have an estate plan that is tailored to their needs and future outlook is not the best idea. Specifically, factors such...
The Wealth Strategies Journal has posted a new article, entitled "When Higher Marginal Tax Rates Helped the Economy: Professor Paleveda's Paradox," by Nick Paleveda, MBA, JD, LLM.From the article: "Generally, it is the thinking of the hoi palloi that...
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The Wealth Strategies Journal has posted a new article, entitled "Cross Purchase," by Martin M. Shenkman, CPA, MBA, JD.Summary: Buyout agreements are vital to family and closely held businesses. With the economic turmoil and rapidly changing laws you need to...
The executor of the Dickow estate has petitioned the Supreme Court to review a First Circuit decision that upheld the dismissal of the estate's refund suit as untimely. The executor is arguing that under Section 6081 the IRS has...
The Sherayzen Law Office has published "Current Basic Estate and Gift Tax Rules" on their webpage. The article discusses the Unified Federal Estate and Gift Tax Exemption, Federal Estate and Gift Tax Rates, and Portable Exemptions for 2012. Posted by...
Doria D. Aronson has written "United States: Know the Law - Paying Gift Tax" In the Manchester Union Leader. The article makes four suggestions to minimize the impact of the gift tax. They are:1) Pay for your children's education. Tuition...
Continue reading "Four Tips to Minimze One's Gift Tax Liability"
