December 6, 2017

Congress often boasts that they enact taxes reduction.  What they mean is that they reduce tax rates.  Taxes are calculated as (i) taxable income (ii) multiplied by the tax rate.  If rates are reduced but the calculation of taxable income is changed (i.e. deductions ar...

December 5, 2017

In Part I of this blog, we reviewed the effect of the Senate-passed estate tax law changes, and how the new law would reduce estate tax for about 2,700 estates per year. For eight years. The bill also provides that the increased estate tax exemption applies only for 20...

December 2, 2017

Although the Senate and House versions of the sweeping 2017 tax law changes need to be reconciled prior to sending the bill to the President’s desk, the Senate version of the 2017 tax legislation, approved last night by a 51-49 vote (Senator Corker of Tennessee the lon...

November 27, 2017

Basics, that is, of asset titling.  There's a whole lot more to the estate planning process, of course, but it is crucial to always keep in mind asset title and the effect of each.  The form of title to each asset dictates how, and to whom, each asset passes upon death...

November 22, 2017

The Internal Revenue Code provides each taxpayer's estate with an estate tax exemption of $5,490,000 (adjusted annually), and allows the estate of a taxpayer whose spouse has survived to elect to "transfer" or "port" (subject, of course, to limitations and exceptions i...

November 15, 2017

It is extremely important that a person's fiduciaries (executor, trustee, or attorney-in-fact under a power of attorney) have access to your digital information - photos, emails, bank accounts, financially valuable websites, blogs, Twitter accounts, etc, etc, etc.


November 10, 2017

Property division agreements in divorce proceedings often include provisions relating to life insurance, which can be used, for example, to fund financial obligations remaining at the insured ex-spouse's death.

Life insurance can be deceptively simple.  Unless the agree...

August 23, 2017

Each taxpayer is allowed - for federal gift, estate, and Generation Skipping Tax purposes - an exemption of $5,490,000 (for 20017 - the amount adjusts annually).  For decedents' estates who do not take full advantage of the exemption, the IRS Code allows - for gift and...

August 7, 2017

It is widely known that many states do not impose estate tax.  Here in the Northeast, it is common to hear someone say that she is a Florida resident, and thus

(i) pays no income tax and (ii) will avoid state estate tax.

True enough, if actually a resident and domiciliar...

August 1, 2017

The Generation Skipping Transfer Tax was instituted in 1986. Events and Transfers subject to this tax occur in various situations. And when they occur (even if there is no tax due) GSTT tax returns are required. Worse, if there is tax, the trustee may have personal lia...

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