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Tag Archives: QTIP election
Post Mortem Estate & Income Tax Planning
View outline: Post Mortem Estate & Income Tax Planning Post Mortem Estate and Income Tax Planning Outline Post Mortem Estate & Income Tax Planning © 2011 David L. Silverman, J.D., LL.M. (Taxation) Law Offices of David L. Silverman 2001 Marcus … Continue reading
Posted in Estate Planning, Post Mortem Estate & Income Tax Planning, Post Mortem Estate & Income Tax Planning, Post Mortem Estate Planning, Probate & Administration, Treatises
Tagged applicable exclusion amount, estate lawyer, estate planning, estate tax, form 709, gift tax, gross estate, GST, ILIT, life insurance trusts, new york estate tax, probate, QTIP, QTIP election, surviving spouse, tax attorney, tax lawyer, tax planning, valuation discount
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Tax News & Comment — June, 2010
To view full issue: Tax News & Comment — June, 2010 To View Full Issue: Tax News & Comment — June, 2010 The June, 2010 issue of Tax News & Comment, in “From Washington,” discusses the new $56 billion tax … Continue reading
Posted in Tax News & Comment
Tagged applicable exclusion amount, asset protection, asset protection trusts, carryover basis, completed gift, Delaware Asset Protection Trust, estate planning, estate tax, form 709, gift tax, gross estate, GST, irs, marital deduction, probate, QTIP, QTIP election, qualified intermediary, surviving spouse, tax appeals tribunal, tax legislation, tax planning
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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
Posted in Disclaimers, Estate Planning, Post Mortem Estate Planning, Post Mortem Estate Planning
Tagged accepence of benefits, charitable disclaimers, credit shelter trust, disclaim within 9 months, disclaimant, disclaimer of fiduciary powers, disclaimers, disclaimers by infants, disclaiming applicable exclusion amount, disclaiming jointly owned property, EPTL 2-11(b)(2), exercise of general power of appointment, general power of appointment, interest passing without direction, IRC 2518, marital disclaimers, minors and incompetents, QTIP election, qualified disclaimers, separate and severable interests, surviving spouse
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NYS Department of Taxation and Finance Announces It Will Allow Separate QTIP Election
In certain cases, an estate is required to file a return for New York State estate tax but is not required to file a federal return. This may occur if there is no federal estate tax in effect on the decedent’s date of death or if the decedent died while the federal estate tax was in effect but the value of his or her gross estate was too low to require the filing of a federal estate tax return. In either instance, and if applicable, the estate may still elect to take a marital deduction for Qualified Terminal Interest Property (QTIP) on a pro-forma federal estate tax return that is attached to the New York State estate tax return. Continue reading
Marital Deduction Planning
By making a QTIP election, the Executor will enable the decedent’s estate to claim a full marital deduction. To qualify, the trust must provide that the surviving spouse be entitled to all income, paid at least annually, and that no person may have the power, exercisable during the surviving spouse’s life, to appoint the property to anyone other than the surviving spouse. Since the Executor may request a 6 month extension for filing the estate tax return, the Executor in effect has 15 months in which to determine whether to make the QTIP election. 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 →