UPDATED 3/30/20: Gift Tax Return Due Dates Extended to July 15, 2020

UPDATE 3/30/20: The IRS has extended the deadline for gift tax return filings, too - July 15, 2020. You may read Notice 2020-20 under "Guidance" on the IRS Coronavirus Tax Relief page. 3/26/20: It has been widely reported that the income tax return filing and payment dates for many taxpayers have been pushed back. What has been [...]

2020-04-01T12:48:06-04:00March 25th, 2020|Articles, Blog, Gift Tax Planning, News, News Alert|

The Essence of Estate Planning: Let the Journey Begin

At its most fundamental level, estate planning is about controlling the otherwise-uncontrollable. Death is inevitable; disability is increasingly probable as we age. When death or incapacity occurs, what happens to us, to our property, and to our loved ones? Planning in advance and taking advantage of our many applicable federal and state laws allows us [...]

Perpetual Dynasty Trusts – Maximizing The Benefits Of Trusts By Structuring Them To Last Longer

In past issues of The Passionate Estate Planner, we have emphasized the benefits which trusts can provide for those who want to transfer assets to their loved ones. To summarize, these benefits include providing protection from a beneficiary’s creditors or divorce problems, helping protect a beneficiary from predators who might wish to take advantage of [...]

Courts Rule Against IRS in Defined-Value Transfer Cases; Clear the Way for Using Hard to Value Assets to Optimize 2010 Tax Act Gifting Possibilities

Alpharetta, Georgia—May 9, 2012—Defined-value transfers, a mechanism for gifting hard-to-value assets, has long been a target of the IRS, with the agency often arguing the legitimacy of the strategy then attempting to revalue the assets for a higher amount at a later date. Now, says Attorney Richard Morgan, a string of taxpayer victories in IRS [...]

The 2010 Tax Act, Gifts, and Perpetual Dynasty Trusts – The Perfect Estate Planning Combination

One of the many provisions of the tax law which became effective on December 17, 2010 (the “2010 Tax Act”) was a provision which effectively created federal gift and generation-skipping transfer (“GST”) tax exemptions1 of $5,000,000 for each individual U.S. citizen or U.S. permanent resident. Another provision made these exemptions subject to indexing for inflation [...]

Charitable Giving and Social Capital

“Social capital” is essentially money or other assets which will be used for activities which benefit either the government or society. When you pay taxes, you are involuntarily creating social capital, which will be spent as the government decides. With proper estate planning, you can reduce or eliminate wealth transfer taxes such as the estate, [...]

The 2010 Tax Act Made A Number of Changes to the Federal Estate, Gift, and Generation Skipping Transfer Tax Laws – To What Extent Should Your Estate Plan Rely On Those Changes?

The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the "2010 Tax Act") made a significant number of changes to the federal estate, gift, and generation-skipping transfer ("GST") tax laws. One question which many of our clients have asked is "Do I need to make any changes to my existing estate planning [...]

2016-12-22T06:24:04-05:00January 1st, 2011|Articles, Gift Tax Planning, News|

Planning – Especially Important for Business Owners

Many business owners spend the bulk of their time working to build their businesses. Sadly, too many business owners also fail to spend much, if any, time planning for their own futures or the futures of their businesses. Proper and careful planning can help ensure that a business runs smoothly, produces maximum value for its [...]

Gifts to Irrevocable Trusts Which Are Intended to Be Fully Exempt from the Generation-Skipping Transfer Tax May Best Be Avoided in 2010

As of January 1, 2010, the federal estate, gift, and generation-skipping transfer ("GST") tax laws changed significantly. One aspect of these changes has the potential to create havoc for people who have previously created irrevocable trusts which were intended to be exempt from GST tax ("GST trusts"). Advisors who have clients who are making gifts [...]

2016-12-22T06:24:08-05:00February 5th, 2010|Articles, Gift Tax Planning, News|