Tag Archives: disclaimers

Tax News & Comment — October 2013

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Post Mortem Estate Tax Planning

 Post Mortem Estate Planning Calculation and remittance of federal and NYS estate tax is of primary concern in administering an estate. An estate tax return must generally be filed within nine months of the decedent’s death, and payment must also … Continue reading

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Use of Disclaimers in Pre and Post-Mortem Estate Planning

View in PDF:  Tax News & Comment — February 2013 Introduction Disclaimers can be extremely useful in estate planning. A person who disclaims property is treated as never having received the property for gift, estate or income tax purposes. This … Continue reading

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Differing Tax Visions of President Obama and Governor Romney

Much has been made of the recent revelation that Governor Romney enjoyed a 14 percent tax rate on “carried interest,” which Congress permits to be reported as capital gain. Investors such as Mr. Romney pay a lower rate of tax … Continue reading

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Tax News & Comment — April 2011

View Issue: Tax News & Comment — April 2011 pril 14, 2011 I. ESTATE TAX RETURNS Calculation and remittance of federal and NYS estate tax is of primary concern in administering an estate. An estate tax return must be filed … Continue reading

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Estate Planning in 2010: Treatise

Estate Planning in 2010: Treatise PDF:  Estate Planning Outline © 2010 David L. Silverman, J.D., LL.M. (Taxation) Law Offices of David L. Silverman 2001 Marcus Avenue, Suite 265A South Lake Success, NY 11042 (516) 466-5900 July 26, 2010 Estate Planning … Continue reading

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Use of Disclaimers in Pre and Post-Mortem Estate Planning

Disclaimers can be extremely useful in estate planning. A person who disclaims property is treated as never having received the property for gift, estate or income tax purposes. This is significant, since the actual receipt of the same property followed by a gratuitous transfer would result in a taxable gift. Although Wills frequently contain express language advising a beneficiary of a right to disclaim, such language is gratuitous, since a beneficiary may always disclaim.

For a disclaimer to achieve the intended federal tax result, it must constitute a qualified disclaimer under IRC §2518. If the disclaimer is not a qualified disclaimer, the disclaimant is treated as having received the property and then having made a taxable gift. Treas. Regs. §25.2518-1(b). Under the EPTL, as well as under most states’ laws, the person disclaiming is treated as if he had predeceased the donor, or died before the date on which the transfer creating the interest was made. Neither New York nor Florida is among the ten states which have adopted the Uniform Disclaimer of Property Interests Act (UDPIA). Continue reading

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