News & Analysis as of October 12, 2024

Spouses

+ Follow

Estate Planning is a process where individuals prepare or plan for the settlement of their personal affairs in the event of incapacitation or death. Estate plans typically include provisions relating to the disposition of assets, guardianship of minor children, and appointment of representatives to make medical and financial decisions. Effective estate planning can decrease tax liability and facilitate the probate process. less -

What is Known as the IRS Survivor’s Penalty?

Allen Barron, Inc. on 3/20/2024

What is known as the IRS survivor’s penalty, and is there anything that can be done to provide for a surviving spouse as we age? The “survivor’s penalty” is the likelihood that a surviving spouse will face higher federal and...more

Time to Step Up? Florida’s Community Property Trust Act Worth A Look

DarrowEverett LLP on 12/27/2023

Unknown to many Floridians, Florida enacted the Community Property Trust Act which went into effect on July 1, 2021, and established the ability to convert non-community property into community property. The community...more

Transferee Liability for Estate Tax: The Downside of Being a Beneficiary

Rivkin Radler LLP on 8/11/2023

Death of a Parent- In the context of a family-owned business, it is often the case that the matriarch or patriarch of the family is also the chief executive of the business. They may have founded the business, or they may...more

To File or Not to File? A Gift Tax Return Doesn’t Always Have to be Filed.

Adler Pollock & Sheehan P.C. on 5/13/2020

Now that fewer people are subject to federal gift taxes, because of a generous $11.58 million lifetime gift tax exemption for 2020, a question many are asking is: “Do I need to file a gift tax return?” The short answer is...more

2019 Year-End Private Wealth Advisory

Katten Muchin Rosenman LLP on 11/26/2019

In 2019, the Tax Cuts and Jobs Act (the Act) and its resulting tax reform continued to dominate the planning landscape. As outlined in our 2018 Year-End Estate Planning Advisory, the Act made significant changes to individual...more

2018 Year-End Estate Planning Update

Verrill on 12/4/2018

Federal Transfer Taxes - The Internal Revenue Service has announced the annual inflation adjustments for the 2019 tax year... Federal unified gift and estate tax exclusion increasing to $11,400,000: As of January 1,...more

Proposed Treasury Regulations To Affect Family Wealth Transfers

Coblentz Patch Duffy & Bass on 8/17/2016

On August 2, 2016 the U.S. Treasury Department issued proposed regulations addressing transfers between family members of interests in family-controlled entities (e.g., corporations, partnerships and LLCs). If enacted, these...more

7 Results

View per page

Page: of 1