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Tag Archives: estate planning
From Washington & Albany — Washington: New Taxes Arrive; Governor Cuomo: NY Taxes Too High
I. From Washington A rainbow of new federal income taxes arrived on January 1, 2014, led by the new 3.8 percent “Medicare” tax imposed by IRC §1411. Although enacted as part of the health care legislation of President Obama, … Continue reading
Posted in From Washington, NYS Dept. of Tax'n & Finance, NYS Tax Litigation
Tagged affordable care act, applicable exclusion amount, capital gains tax, division of tax appeals, estate planning, final regulations net investment income tax, income tax, medicare surtax, new york estate tax, nonresident trusts, payroll tax, phaseout of itemized deductions, President Obama, probate, tax legislation, tax planning
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Rev. Rul. 85-13: Is There a Limit to Disregarding Disregarded Entities?
I. Introduction Although the federal estate tax is not extinct, with the combined marital exemption now north of $10 million, it is an endangered species. Recently, Governor Cuomo signaled his intent — likely to be affirmed by State Republicans — … Continue reading
Posted in Asset Sales to Grantor Trusts, Estate Planning
Tagged defective grantor trusts, disregarded entities, estate planning, federal estate tax exemption, grantor trusts, IRC section 675, irc section 675(4)(C), nongrantor trust, nys estate tax, Portability, qprts purchase residence, Revenue Ruling 85-13, sales to defective grantor trusts, sales to grantor trusts, substitution power
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Tax News & Comment — February 2014
Posted in Tax News & Comment
Tagged 1031, applicable exclusion amount, carryover basis, Congress, credit shelter trust, doma, estate planning, estate tax, Health Insurance Regulations, Medicare Tax, new york estate tax, New York Trust Fiduciaries, New York Trustees, President Obama, Revenue Ruling 85-13, Trustee Commissions, Windsor v. United States
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Estate Planning in 2013
Posted in Estate Planning, Estate Planning in 2013, Estate Planning in 2013, News, Treatises
Tagged applicable exclusion amount, carryover basis, completed gift, Congress, estate planning, estate tax, form 709, gift tax, gross estate, GST, marital deduction, new york estate tax, QTIP, QTIP election, surviving spouse, tax planning
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Recent IRS Developments — October 2031
I. Taxpayer Advocate Issues 2014 Report National Taxpayer Advocate Nina Olson recently issued a report detailing the issues on which the Taxpayer Advocate Service (TAS) will focus during the fiscal 2014 tax year. IR-2013-63. The Taxpayer Advocate is required by … Continue reading
Posted in IRS, Tax News & Comment
Tagged Congress, estate planning, gift tax, income tax, irs, President Obama, tax legislation, tax planning, treasury
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Tax News & Comment — October 2013
Posted in News, Tax News & Comment
Tagged 1031, applicable exclusion amount, asset protection, audit, completed gift, Congress, credit shelter trust, deferred exchange, Delaware Asset Protection Trust, disclaimers, division of tax appeals, estate attorney, estate planning, estate tax, form 709, gift tax, income tax, irs, like kind exchange, marital deduction, new york estate tax, President Obama, probate, QTIP, QTIP election, qualified intermediary, statute of limitations, surviving spouse, tax appeals tribunal, tax attorney, tax fraud, tax lawyer, tax legislation, tax planning, treasury, valuation discount
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Taxation of Grantor Trusts
Posted in Delaware Asset Protection Trusts, Grantor Trust Treatise, Grantor Trusts, Grantor Trusts, News, Treatises, Trusts
Tagged administrative powers, adverse party, asset protection trusts, beneficial enjoyment, beneficial owner, compliance issues grantor trusts, Delaware Asset Protection Trust, estate planning, fiduciary accounting income, fiduciary income, grantor trusts, IRC 671, irc 672, irc 673, IRC 674, irc 675, irc 676, IRC 677, irc 678, mallinckrodt trusts, nevada asset protection trust, nonadverse party, nongrantor trusts, plr 200131002, power to control beneficial interest, reporting grantor trust income, substitution powers, table income of trust
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Tax and Legal Issues Arising in Connection With The Federal Gift Tax Return (2013 Revision)
Posted in Estate Planning, Federal Gift Tax, Gift Tax Planning, Gifts to Minors, Tax & Legal Issues Arising in Connection with the Federal Gift Tax Return (2013 Revision), Treatises
Tagged applicable exclusion amount, completed gift, deceased spouse unused exclusion amount, DSUE, estate planning, estate tax, gift tax, marital deduction, QTIP, QTIP election, tax planning
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Peering Through the Legal Prism: When Asset Protection Becomes Fraudulent
VIEW IN PDF: Tax News & Comment — August 2011 I. Introduction English law addressing fraudulent conveyances dates back to the early Middle Ages. The first comprehensive attempt to prohibit such transfers appeared in the Fraudulent Conveyances Act of 1571, … Continue reading
Tax News & Comment — May 2013
Tax News & Comment — May 2013
Posted in Tax News & Comment
Tagged applicable exclusion amount, credit shelter trust, Delaware Asset Protection Trust, estate planning, estate tax, gift tax, gross estate, GST, probate, tax appeals tribunal, tax lawyer, tax legislation, tax planning
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Portability of Estate Tax Exclusion — Did Congress Guild the Lily?
View in PDF: Tax News & Comment — February 2013 I. Introduction As part of the 2010 Tax Act, Congress enacted a statute allowing a surviving spouse to utilize the unused portion of the predeceasing spouse’s lifetime estate tax … Continue reading
Posted in Estate Planning, Gift Tax Planning, Lifetime Exclusion, Portability
Tagged advantages of portability, applicable exclusion amount, credit shelter trust, credit shelter trust vs. portability, deceased spousal exclusion amount, disadvantages of portability, DSUE, electing portability, estate attorney, estate planning, estate tax, estate tax exclusion, estate tax return, gift tax, gross estate, GST, ILIT, IRS estate tax audits, new york estate tax, Portability, QTIP election, QTIP Trust, tax attorney, tax lawyer
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Portability of Estate Tax Exclusion — Did Congress Guild the Lily?
View in PDF: Tax News & Comment — February 2013 I. Introduction As part of the 2010 Tax Act, Congress enacted a statute allowing a surviving spouse to utilize the unused portion of the predeceasing spouse’s lifetime estate tax … Continue reading
Posted in Estate Planning, Lifetime Exclusion, Portability
Tagged advantages of portability, applicable exclusion amount, credit shelter trust, credit shelter trust vs. portability, deceased spousal exclusion amount, disadvantages of portability, DSUE, electing portability, estate planning, estate tax, estate tax exclusion, estate tax return, gift tax, gross estate, GST, ILIT, IRS estate tax audits, new york estate tax, Portability, QTIP election, QTIP Trust
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2012 Taxpayer Relief Act & Tax Outlook for 2013
View in PDF: Tax News & Comment — February 2013 2012 Taxpayer Relief Act & Tax Outlook for 2013 I. Overview of Act On January 2, President Obama signed the American Taxpayer Relief Act of 2012 (the Act) into law, … Continue reading
Posted in From Washington, News, Tax News & Comment
Tagged applicable exclusion amount, asset protection, audit, Congress, estate attorney, estate planning, estate tax, gift tax, gross estate, income tax, Internal Revenue Service, like kind exchange, marital deduction, Medicaid, Medicare, new york estate tax, Portability, President Obama, probate, QTIP, tax attorney, tax lawyer, tax planning, valuation discount
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Tax News & Comment — February 2013
View in PDF: Tax News & Comment — February 2013
Posted in Tax News & Comment
Tagged applicable exclusion amount, asset protection, asset protection trusts, credit shelter trust, estate attorney, estate planning, estate tax, gift tax, gross estate, GST, ILIT, irs, like kind exchange, marital deduction, New York decanting statute, new york estate tax, President Obama, probate, QTIP, tax attorney, tax lawyer, tax legislation, tax planning
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Tax News & Comment — August 2014