Republicans in Congress have proposed the repeal of the federal estate tax and they may have the votes to make it happen. Federal estate tax repeal would radically change estate planning, but it won’t mean action is not necessary. Many wills and trusts use formulas based on tax definitions to allocate wealth to the intended…
This webinar will cover some often-overlooked elections, deductions and planning ideas available for estate income tax returns such as the following: Choice of fiscal year analysis for an estate; IRC 645 Election – inclusion of qualified revocable trust with estate income tax return; IRC 663(b) election – 65-day distribution election; IRC 643(e)(3) election – recognition…
Originally posted on Forbes.com Introduction U.S. Rep. Randy Feenstra (R-IA) introduced a bill called the Death Tax Repeal Act on February 13, 2025, with more than 170 representatives signing on. U.S. Senator John Thune (R-SD) introduced companion legislation in the U.S. Senate. No odds-on passage as the Ouija Board has not proven adept…
Originally posted on Forbes.com Overview The Corporate Transparency Act (CTA) filing requirements have been reinstated and most filings will now be due January 13, 2025 instead of the December 31, 2024 prior deadline. The bottom line is that any entity classified as a “reporting company” under the CTA has to file with the…
This article was originally posted on Steve Leimberg’s Business Entities Email Newsletter Archive Message #3159. A Trump victory suggests that it is unlikely that significant new taxes will be imposed on the wealthy. This is quite a different result than what most estate planning conversations seem to have focused on. Had the Democrats swept, everyone anticipated substantial…
Originally posted in NAEPC Journal of Estate and Tax Planning. Many tax hurdles can undermine intended planning. This can be especially nettlesome if planning has to be done quickly. Two of the critical tax doctrines that might be used to challenge a plan are the step-transaction doctrine and the reciprocal trust doctrine. This article…
The Loper Bright case, decided by SCOTUS at the beginning of July, and which overruled its 1984 decision in Chevron v. Natural Resources Defense Council, Inc., represents a generation change in the importance of all Federal regulations from those issued under antitrust legislation to those under the Internal Revenue Code. The decision reclaims for the…
Date and Time: Thursday March 28, 2024 4-5:30 pm EST Register Here Course Description: The end of 2025 will result in the gift, estate and GST tax exemption being reduced by half. Clients should evaluate the benefits of planning to use exemption before that occurs. How might clients evaluate options for planning before the…
Originally posted on Forbes.com Introduction Senator Wyden has proposed new taxes to tap the very rich. One goal is to stop a common tax plan (some call it a “game”) the wealthy can play. They buy assets that grow in value. Rather than selling them which would trigger a gain and tax on…
Date and Time: Thursday, September 21, 2023 4-5:00 pm ET Register Here Course Description: Practitioners are quite aware that in 2026 the Federal estate and gift, estate and GST tax exemptions will be reduced by half. Clients might also be aware but have likely not focused on the issue. Many who should address estate…