Taxation of estates & trusts

TOPICS / TAX

June 1, 2018

Tax overhaul may fuel life settlement industry

A doubled estate/gift tax exemption makes policies less necessary, while more favorable basis rules decrease gain on their sale.

December 1, 2017

IRS may examine predeceased spouse’s estate return to determine allowable DSUE amount

The Sec. 6501 statute of limitation does not run where no tax is assessed, the Tax Court holds.

November 1, 2017

Exploring the estate tax: Part 2

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.

October 1, 2017

Exploring the estate tax: Part 1

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.

September 1, 2017

IRS provides simplified method for late portability elections

Previously, since 2014, an extension of time to claim the deceased spousal unused amount could be obtained only by a letter ruling request.

August 1, 2017

Monster.com founder’s estate wins dispute over VPFC gain recognition

The contracts’ extension was not a sale or exchange, and open-transaction treatment continued, the Tax Court holds.

August 1, 2017

Use of trust disclaimers in estate planning

A beneficiary’s disclaimer could adjust the results of an existing irrevocable trust.

July 1, 2017

Planning opportunities for the final tax return

Many tax attributes vanish at the end of life, and clients are well-advised to include them in their final arrangements.

June 9, 2017

IRS provides simplified method to request an extension of time to make a portability election

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.

April 26, 2017

Trump’s tax reform priorities unveiled

Key features include a large reduction in the corporate tax rate, fewer and lower tax brackets for individuals, and a repeal of the estate tax and the alternative minimum tax.

February 1, 2017

Trusts and estates: Uses and tax considerations

Wealth planning with these often highly advantageous tools must be weighed against possible drawbacks of income tax accounting.

January 18, 2017

IRS permits same-sex couples to recalculate marital exclusion amounts

The IRS spelled out the procedures same-sex married couples should use to recalculate the transfer-tax treatment for property transferred to spouses before the U.S. Supreme Court invalidated Section 3 of the Defense of Marriage Act.,

January 1, 2017

Estate allowed deduction for theft loss suffered by an LLC in which it held an interest

The Tax Court finds a sufficient nexus between the Ponzi scheme theft loss suffered by an LLC and the value of the estate’s interest in the LLC.

November 1, 2016

Proposed regulations would affect estate valuation discounts

The IRS aims to close a ‘loophole’ of lapsing rights and restrictions in transfers of family-owned businesses.

October 25, 2016

IRS issues 2017 inflation adjustments for many tax provisions

The IRS issued its annual revenue procedure containing inflation-adjusted amounts for the 2017 tax year, affecting over 50 Code provisions, as well as the new tax rate tables for individuals and estates and trusts.

September 28, 2016

Guidance allows QTIP election where executor elects portability

The IRS removed a prohibition on making a qualified terminable interest property (QTIP) election when the election would have been null and void because the estate had a zero estate tax liability.

June 1, 2016

Estate basis consistency and reporting: What practitioners need to know

The new law imposes a potentially elaborate reporting regime for values of estate property and ominous consequences for failures.

April 1, 2016

The importance of appraisals when gifting art

Charitable deductions stand a much better chance of being upheld when taxpayers closely follow the qualified appraiser rules.

March 24, 2016

Estates have until June 30 to file estate basis form

The IRS announced one last postponement in the due date for filing under rules requiring reporting of the value of an estate’s assets to the IRS and beneficiaries.

March 7, 2016

What to do when a client wants to give an LLC or limited partnership unit to charity

Many charitable organizations will not accept a gift of an LLC or limited partnership units because the entity’s business is not part of their charitable mission.