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Nov 14

Seeking to Repeal the Federal Estate Tax – The Sequel

In 2001 President George W. Bush tried to repeal the federal estate tax. He was successful — but only for one year, 2010.  Then during the administration of President Obama the federal estate tax returned.  Under the new estate tax law the rate of tax… Read More

Oct 31

Federal Estate Tax Inflation-Adjustments for 2018

Throughout the federal tax code there are figures which are inflation-adjusted – meaning they go up when there is inflation and they go up more when there is more inflation.  The adjusted figures for the coming year are generally announced in October of the current… Read More

Oct 23

IRS Withdraws Regulations Which Could Have Eliminated Valuation Discounts

The IRS has never been a fan of valuation discounts.  These discounts allow the owner of a closely-held business to transfer an interest in the business to family members and others and, for gift and estate tax purposes, take a discount which reduces the value… Read More

Apr 25

Checklist of Tax and Non-Tax Considerations for Someone on His/Her Deathbed

I am often asked by family members of a loved one who is on his/her death bed what steps should be taken from an estate planning, tax and non-tax perspective that will make the individual more comfortable, save taxes, preserve assets and make settling the… Read More

Categories

Tax, Trusts and Estates
Feb 23

Making Living Wills More Clear with a QR Code Link to a Video Personal Statement

They go by many names, living wills, advance directives for healthcare, healthcare powers of attorney and healthcare proxies.  I usually call them advance directives for healthcare (and will use that term in this article) because I think that covers all the issues they address. There… Read More

Nov 30

The Estate Tax Repeal Redux

A bit of tax history is in order.  In 2001 President George W. Bush signed the Economic Growth and Tax Relief Reconciliation Act of 2001 which eliminated what he had dubbed during his campaign the “death tax” … except it wasn’t a real repeal.  Under… Read More

Nov 14

Will My Facebook Page Join Me In Heaven?

What happens to your Facebook page, your Twitter account, your online banking and brokerage accounts and your emails when you die?  Who has access to these “digital assets” and who can use and control them or close them down?  This issue has been the subject… Read More

Sep 23

Clinton Proposes Estate Tax Increase on Super-Rich

As reported in an article from today’s (September 23, 2016) Wall Street Journal, Democratic presidential nominee Hillary Clinton has proposed an increase in the federal estate and gift tax.  She would lower the federal estate tax exemption from the 2016 amount of $5,450,000 per individual… Read More

Sep 19

Estate Planning Isn’t Just About Dying

Over the course of thirty years as a trusts and estates lawyer I have drafted hundreds, maybe even thousands, of wills.  After all, that is what estates lawyer do – we help our clients memorialize the disposition of their assets when we they die.  Wills… Read More

Jun 30

Material Interest Necessary to Obtain Decedent’s Tax Return

This guest post was authored by Mara Smith, a summer associate with Montgomery McCracken. For the last three years, you have spent one weekend during each of the summer months at your favorite great-aunt’s beachfront home in a swanky community at the Jersey Shore.  Also, you… Read More