The IRS issued final regulations that reconcile the current higher exclusion for the estate and gift tax unified credit amount in effect under the TCJA with the lower unified credit scheduled to go into effect in 2026.
Taxation of estates and trusts
Grantor retained annuity trusts may be an optimal wealth-transfer vehicle for many.
The tax violated due process where the only connection to the state was beneficiaries' residence there, the Court states.
Estate planning should account for a client’s digital assets, which often have significant financial or sentimental value.
The U.S. Supreme Court issued a unanimous decision holding that North Carolina’s attempt to tax a trust based solely on the residence of a beneficiary violates the Due Process Clause of the 14th Amendment.
New basis-consistency requirements make defensible valuations even more important.
The U.S. Supreme Court heard oral arguments in a case that will decide whether states can tax trusts based solely on the fact that a trust beneficiary lives in the state.
A special rule allows the TCJA's higher exclusion amount to continue to apply in some instances after the provision's scheduled sunset.
The law known as the Tax Cuts and Jobs Act affects many aspects of these so-called fiduciary returns.
The IRS addressed issues and made conforming revisions arising from the temporary increase in basic exclusion amount for estate and gift tax enacted by legislation known as the Tax Cuts and Jobs Act.
Sonja E. Pippin, associate professor in the Department of Accounting and Information Systems at the University of Nevada, Reno, received the JofA's Lawler Award for the best article of 2017.
A doubled estate/gift tax exemption makes policies less necessary, while more favorable basis rules decrease gain on their sale.
The Sec. 6501 statute of limitation does not run where no tax is assessed, the Tax Court holds.
This second part of a two-part article on everything practitioners should know about the estate tax covers estate tax planning techniques, including the marital deduction and the use of various types of trusts.
This first installment of a two-part article on everything practitioners should know about the estate tax includes the unified estate tax rules and exemption amounts, estate valuation, portability, and what’s included in the gross estate.
Previously, since 2014, an extension of time to claim the deceased spousal unused amount could be obtained only by a letter ruling request.
A beneficiary’s disclaimer could adjust the results of an existing irrevocable trust.
The contracts' extension was not a sale or exchange, and open-transaction treatment continued, the Tax Court holds.
Many tax attributes vanish at the end of life, and clients are well-advised to include them in their final arrangements.
In a taxpayer-friendly development, the IRS issued guidance permitting certain estates to make a late portability election if they did not make a timely election.