Estate and Gift Tax Planning Opportunities Under the Tax Cuts and Jobs Act
In my January 12, 2018 blog, in which I addressed the Tax Cuts and Jobs Act[1] which became effective January 1, 2018, I reviewed some of the changes affecting the federal estate and gift tax – primarily the doubling of the exemption to $11,180,000 per… Read More
New Jersey Abolishes Its Estate Tax
Since 2002 New Jersey has imposed one of the highest, if not the highest, estate tax among those states which continue to impose an estate tax. That is because its estate tax exemption of $675,000 was the smallest in the nation. That is no longer… Read More
Treasury Department Plans to Close Valuation Loopholes for Closely-held Businesses
On August 2nd, the Treasury issued proposed regulations that seek to eliminate the use of several strategies to reduce estate, gift, and generation-skipping tax (“GST”). Specifically, if the new rules are finalized, taxpayers will generally no longer be able to take certain types of voting… Read More
Demystifying Discounts
Discounts for lack of marketability and lack of control or minority interest are essential elements of the valuation of stock or other interests in a closely-held business. They are factors which a prospective buyer will consider in determining how much to offer for such an… Read More
Disappearing Discounts
While the federal estate and gift tax used to be assessed at a maximum rate of the confiscatory fifty-five percent (55%) (and for a few years and for very large estates, an astounding sixty-five percent (65%)) it is now at the historically low figure of… Read More