Estate & Tax Planning
Estate Planning for Married Couples with Children from Prior Relationships (Blended Families) and for Couples without Children (Updated December 2022)
Estate planning for blended families and for those without children can raise difficult issues, but viable options normally exist to keep the parties satisfied. Blended …
2023 Tax Year Estate Planning Related Tax Exemption Figures as Adjusted for Inflation
While high inflation is generally bad for the economy, the upside is that various tax figures adjust upwards for inflation on an annual (or other) …
Portability Can Now Be Elected Up to Five Years After Date of Death Without the Need for Private Letter Ruling Where an Estate Tax Return (IRS Form 706) Was Not Otherwise Required to be Filed [Rev. Proc. 2022-32]
The Internal Revenue Service (IRS) has provided good news to many families by effectively extending the time to file an IRS Form 706 and make …
IRS Issues “Anti-Abuse” Clawback Proposed Regulations: Important for Those Attempting to Utilize the Temporarily Doubled Basic Exclusion Amount
As we discussed in several prior Newsletters, the 2017 Tax Act temporarily doubled the exemption from the Estate and Gift Taxes, known as the Basic …
Estate Planning Related Tax Laws: Where Are We Now?
A. Proposed Tax Legislation As you are likely already aware, 2021 was the year of almost massive tax law changes, especially in the estate planning …
What Should You Do Now with Significant Federal Tax Law Changes Likely on Their Way?
In 2020, we provided a three-part newsletter series on “The Perfect Storm for Advanced Estate Planning.” The convergence of three significant variables made that time …
How to Best Use the Temporarily Doubled Exemptions From the Wealth Transfer Taxes
Important Update: IRS issued “anti-abuse” Proposed Regulations on April 27, 2022 which limits available taxable gifting options discussed in paragraph G below. See our May …
NEWS ALERT: With Revenue Procedure 2017-34, the IRS Effectively Allows a Two-Year Window for Portability Elections in Smaller Estates and Grants an Easy Second Chance at the Election for Some of Them
by Loraine M. DiSalvo –
Prior to 2010, the federal estate tax exemption (now known more commonly as the “Basic Exclusion Amount”) was a use-it-or-lose-it benefit…
