The coronavirus (COVID-19) outbreak has given reason for us to not only make sure our estate plans reflect current wishes, but also to seek potential opportunities for smart tax planning. In the words of Albert Einstein,...more
The tax law known as the Tax Cuts and Jobs Act (H.R. 1), signed by President Trump on December 22, 2017, contains important changes to provisions governing gift, estate, and generation-skipping transfer (GST) taxes...more
1/5/2018
/ Estate Planning ,
Estate Tax ,
Generation-Skipping Transfer ,
Gift Tax ,
Gift-Tax Exemption ,
Income Taxes ,
New Legislation ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Exemptions ,
Tax Planning ,
Tax Rates ,
Tax Reform ,
Trump Administration
On Thursday November 9, Senate Republicans unveiled the substance of their tax reform bill. The Senate proposal maintains the House Republicans' plan to increase the amount exempt from gift, estate, and GST taxes from $5...more
11/13/2017
/ Estate Tax ,
Generation-Skipping Transfer ,
Gift Tax ,
Gift-Tax Exemption ,
Legislative Agendas ,
Proposed Legislation ,
Step-Up Basis ,
Tax Deductions ,
Tax Planning ,
Tax Rates ,
Tax Reform ,
Trump Administration
House Republicans unveiled the full text yesterday of their proposed tax legislation—titled the Tax Cuts and Jobs Act—which includes dramatic changes to the gift, estate, and generation-skipping transfer (GST) tax. ...more
11/6/2017
/ Business Taxes ,
Corporate Taxes ,
Estate Tax ,
Generation-Skipping Transfer ,
Income Taxes ,
Tax Deductions ,
Tax Rates ,
Tax Reform ,
Transfer Taxes ,
Trump Administration ,
Wealth Management
Historically, the IRS has closely scrutinized transfers of interests in family-owned entities between family members. In particular, it has sought to curtail the use of discounts to decrease the estate and gift tax value of...more
8/22/2016
/ Business Succession ,
Business Valuations ,
Closely Held Businesses ,
Estate Planning ,
Estate Tax ,
Family Businesses ,
Family Limited Partnerships ,
Gift Tax ,
IRC Section 2704 ,
IRS ,
Limited Liability Company (LLC) ,
Partnerships ,
Proposed Regulation ,
Succession Planning ,
Transfer of Assets ,
Transfer Taxes ,
U.S. Treasury
Historically, the Internal Revenue Service has closely scrutinized transfers between family members of interests in family-owned entities. Among other actions, the Service has sought to curtail the use of discounts to...more