Estate & Tax Planning

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]

July 27, 2022

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

May 27, 2022

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?

March 29, 2022

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?

June 9, 2021

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

November 2, 2020

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

June 14, 2017

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 ...