Federal Estate and Gift Taxes
History and Overview of the Federal Estate Tax
The Prince Law FirmThe federal estate tax is defined by the Internal Revenue Service as a tax on the right to transfer property at death.
Strangi III Gives New Guidelines for Using Family Limited Partnerships as a Valuation Discount Tool
R. Frederick Caspersen,Lara N. Gilman,Michael L. Korbholz and Jeralyn A. SeilingFor some time, family limited partnerships (FLP's) have been a vital instrument for managing and transferring family wealth. Recently, however, the IRS has been attacking their use as a discount valuation tool. In 2003, the case of Estate of Strangi v. Commissioner, T.C. Memo. 2003-145 (2003) [Strangi II], caused serious concern among estate planning professionals by casting doubt on the continuing viability of the FLP as a strategy for minimizing the taxable estate.
Repeal of N.C. Inheritance Tax "A Step In The Right Direction, But!."
Mike Godwin 2 of Nexsen PruetThis article discusses the repeal of the North Carolina inheritance tax for people that have passed away after January 1, 1999.
Estate Planning: What is it?
Law Office of Ray R. GoldiePreliminary Overview of Estate Planning The goal of the estate planning attorney is to consider and to minimize .
Estate Planning and the Taxpayer Relief Act of 1997
Howard Neil VinokurOn July 29, 1997, President Clinton signed the Taxpayer Relief Act of 1997. The Act .
Qualified Personal Residence Trusts: Questions and Answers
Pepper Hamilton LLPEverything you ever wanted to know about QPRTs.
The Taxpayer Relief Act of 1997: An Overview of Selected Provisions
Buchanan Ingersoll & Rooney PCThe Taxpayer Relief Act of 1997, which was signed by President Clinton on August 5, 1997 (the "Act"), provides tax .
Choosing the "Best" Trustee
Checkett & Pauly, P.C.The selection of a trustee for a revocable living trust is one of the most important decisions when developing an e.
Preparing For the Sale of Your Home
The most disconcerting call a homeseller can receive is one advising him or her that their closing must be delayed..
Current Events In Trusts & Estates
Robert J. Weinberg of Pepper Hamilton LLPThis article provides an overview of recent developments occurring in the trusts and estates practice area.
Estate Tax Relief Legislation
Saul Ewing LLPOn September 27, a group of Democratic House members introduced what they consider to be compromise estate t.
Tax Basis of Inherited and Gifted Property
Goldsmith Law FirmA very common but often overlooked aspect of income taxation concerns the tax consequences of an individual's .
Buy/Sell Agreement Critical for Business Owners
J. Craig Swapp Law OfficesIf your estate includes a business or and interest in a business, you should have a buy/sell agreement.
Recommended Estate Planning Techniques
Ryan, Swanson & Cleveland, PLLCOverview We have found that many married couples have Wills they executed years ago, typically leaving all of th.
Estate Planning throughout the Ages
Michael Lee Hanks of Law Office of Michael L. HanksJust as in all aspects of life, for every phase of estate planning there is a season. This article will discuss th.
Leveraging the "Supergrat": Estate-Planning Strategies.
Gideon Rothschild of Moses & Singer LLPCreative split-interest trusts are one of the most favored estate-planning strategies for passing wealth to succeed.
Estate Tax Problems For The Un-Rich And Un-Famous
Susan Gell Myers 1 of Warner Norcross & Judd LLPThis article illustrates the importance of careful estate planning for those with even modest incomes.
IRA Plans Have Many Facets
Slaymaker & Nelson, P.A.IRA Plans Have Many Facets How are IRA's taxed? IRA's (Individual Retirement Accounts), Keogh Plans, Simplified.
Estate Planning for Non-Resident Spouses
Pillsbury Winthrop Shaw Pittman LLPThis memorandum discusses generally the U.S. gift tax and estate tax issues to consider for a married couple when .
Why You Should Have A Will And Estate Plan
Mansfield, Tanick and Cohen, P.A.If you die without a Will or other estate plan, state statutes will control and require division of your estate bet.
Should You Consider a Qualified Personal Residence Trust (QPRT)?
Gregory J. Morris 1 of Gregory J. MorrisThe Qualified Personal Residence Trust ("QPRT") represents an increasingly popular and effective planning technique.
Handing Down the Family Business
Motschenbacher & Blattner LLPIf you are the owner of a family-run business, your heirs may be able to benefit from a special new estate tax breaK.
Transferring Assets to Your Minor Children
In many cases, it makes sense for a parent/taxpayer to start transferring his wealth to his children well before.
Wills, Trusts, And Estate Planning
Bucholtz & Bull PCThe primary purpose of any will, trust, or estate planning is to make sure that your assets are distributed or held.
Who Should be the Beneficiary of Your Qualified Retirement Plan Benefits
Vacovec, Mayotte & Singer, LLPQualified retirement plan benefits are generally included in a deceased participant's estate under Internal Revenue.
Tax Law and Funding Future Education: A More Attractive Way to Save for College
William C. Hussey of White and Williams LLPParents of college-bound children were thrilled when Qualified State Tuition Programs were first introduced. Now the news has gotten even better with advantageous changes to investment options and rollovers, and tax-free distributions beginning January 01, 2002.
Federal Estate Tax Planning
Tydings & Rosenberg LLPOnce the value of your taxable fed-eral estate exceeds $625,000 ($650,000 as of 1999), your estate tax bracket is a.
New Chapter 14 Rules Affect Buy-Sell Agreements
Richard P. Breed of Tarlow, Breed, Hart & Rodgers, P.C.On November 5, 1990 Congress enacted the Omnibus Budget Reconciliation Act of 1990 ("OBRA").
Tax Reform Update
Karen A. McSherry of Schlossberg, LLCSomething exciting happened in Washington recently and, amazingly, it didn't involve anyone named Monica or .
Charitable Lead Trusts can Provide Great Benefits
Broad and CasselA Charitable Lead Trust ("CLT") is an often overlooked estate planning technique that, given the right circumstance.
ESTATE TAXES: Specific Strategies That Can Save You a Bundle
Levun, Goodman & Cohen, LLPThe Estate Tax Burden The federal estate tax has often been referred to as the sneak-up-on-'em tax.
GIFTING ASSETS: Reducing Your Estate Tax Burden
Many people plan to minimize estate taxes through properly drawn estate planning documents. However, estate tax savings can often be substantially increased by lifetime transfers of assets. Let's examine two available techniques.
Selected Estate Tax Provisions of the Taxpayer Relief Act of 1997
Frank W. Rogers of Woods Rogers PLCIntroduction The Taxpayer Relief Act of 1997 ("TRA 97" or the "Act") has been the subject of numerous commentari.
Unified Gift And Estate Tax System
Daniel C. Doherty, P.C.Regardless of how property passes at death, for estate tax purposes a decedent's "taxable estate" will include the .
Estates Involving Foreign Nationals Present Challenges
Tonya S. James of Vacovec, Mayotte & Singer, LLPIntroduction nationals relocate to the United States for education,trainiÃÂ
Does Elimination of the Federal Estate Tax Mean Elimination of Estate Planning?
Pycraft Legal Services, LLCThe battle over whether to repeal or reduce federal estate and gift taxes will probably be resolved this year. For .
Tax Strategies
Waller Lansden Dortch & Davis LLPHow nepotism can benefit your family when tax time arrives Hiring family members at your business could have more .
Protecting Your Vacation Home from the Grim Reaper
Dingeman, Dancer & Christopherson, P.L.C.A common estate planning question that needs to be resolved is "who gets the vacation home?" The answer .
Summary of Estate Planning Issues
Anthony B. Ferraro of Anthony B. FerraroThe purpose of this article is to provide a brief overview concerning both tax and non-tax issues that should be .
The Tax Consequences of Sellling an Asset that is Inherited or Received as a Gift
Diviacchi Law OfficeA very common but often overlooked aspect of income taxation concerns the tax consequences of an individual's sale.
North Carolina Estate Planning Tools
Mitchell & Associates Law Firm, PLLCThe Internal Revenue code ("IRC") and North Carolina law grant an unlimited gift and estate tax deduction for all .
Gift Giving Tips
Pillsbury Winthrop Shaw Pittman LLPTax-Free Gifts Generally, you are subject to U.S. gift tax whenever you give property to individuals. Three typ.
Things You Need to Know if You Are Named Executor of a Will or Trustee of an Estate
Anthony B. Ferraro of Anthony B. FerraroOverview Quite often a good friend or a member of your family will have a will or trust drawn up and ask you to .
Estate and Gift Tax Law Changes Provide Planning Opportunities
Broad and CasselCongress recently passed the Tax-payer Relief Act of 1997 which includes numerous changes in the tax laws including.
Congress Opens the Door to Leave More to Your Heirs and Less to the IRS
Powell, Trachtman, Logan, Carrle & Lombardo P.C.For professionals and their spouses who have avoided estate planning for themselves and their families for any .
Introduction to Estate Planning
Robert L Sommers of Sommers, Robert L.Estate planning is concerned with the use, conservation and disposition of a person's property and wealth. This involves two elements: (1) minimizing the gift or estate tax consequences that occur when a person's property is passed to another either during life or at death; and (2) provisions for taking care of the decedent's spouse and family. Both elements can be enormously complex, interrelated and often operate inversely. For instance, the goal of providing more for one's children or grandchildren and less for a surviving spouse may cause adverse estate tax consequences.
Employee Benefits Regulatory Update: DOL Announces Automatic Extension for Filing 1999 Form 5500--April 2000
Saul Ewing LLPThe Department of Labor (DOL) has just announced an automatic 2_ month extension for filing 1999 Form 5500 for cale.
Taxpayer Relief Act of 1997
Max Gutierrez, Jr. 1 of Brobeck Phleger & Harrison LLPWith Congress and the President promising tax relief and tax simplification for a number of years, there was little relief and a lot more complexity in the Taxpayer Relief Act of 1997 ("Act").
Estate Planning
Law Office of Robert J. RossTransferring Assets to Your Minor Children In many cases, it makes sense for a parent/taxpayer to start transfer.
Charitable Giving and Taxes-A summary of all of the basic income and estate and gift tax rules that apply in charitable giving.
Law Office of Robert DoucettePublic CharitiesÃÂPrivate Foundations If a charity is classified as a private foundation (not an operating foun.
Which Marital Deduction Formula Do You Use?
The choice of marital deduction clauses is important. It effects the amount passing to the surviving spouse (and th.
Elder Law FAQ's
Larsen and EdlundWhat is a will? A will is a legal document created to assist the Probate Court in the payment of your debts includ.
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