McConnell: Tax reform unlikely by August
Senate Majority Leader Mitch McConnell (R-Ky.) on Thursday poured cold water on the Trump administration’s goal of completing tax reform by the August recess. Source: McConnell: Tax reform unlikely by August | TheHillThe Future Of Proposed IRS § 2704 Modifications Is UNCERTAIN
In estate planning these days, there is uncertainty and there is UNCERTAINTY. Over the last few years we’ve gotten pretty good at developing techniques to deal with uncertainty, but the UNCERTAINTY surrounding the proposed regulations related to 26 USC §...Basis Consistency and Reporting for Property Acquired from a Decedent
Significant coverage was devoted at the recently concluded 51st Annual Heckerling Institute on Estate Planning in Orlando, Fla. to the Internal Revenue Service’s proposed regulations (proposed regs) concerning basis consistency and reporting for property...The Biggest Lie in Life Insurance
Valid point, especially now that the estate tax beast so rarely bites and may soon be destroyed. The article points out a few reasons for having life insurance, but omits some important ones such as estate creation for young families. Thus, the biggest lie in...Arguments for Keeping Death Tax Weak, BUT…
The arguments set forth in this Bloomberg article for keeping the death tax are weak (compare this other recent Bloomberg article pointing out the role inheritance plays in keeping whites richer than blacks), but the article comes close to making an important point so...Calif. Lawmaker Readies Estate Tax Plan if Congress Repeals
The name is Wiener, of course. SACRAMENTO, Calif. (CN) – Warding against the possibility of Congress nixing a lucrative federal estate tax, a California lawmaker on Tuesday announced a measure to ask voters to approve a mirroring state version. Source: Calif....Wife Has No Gain, Loss or Estate Inclusion on Transfer of Trust Assets Pursuant to Divorce Settlement Agreement
In Private Letter Ruling 201707008 (released Feb. 17, 2017), the Internal Revenue Service ruled that a wife wouldn’t recognize gain or loss from her husband’s transfer of property to a trust for her benefit under a proposed divorce settlement agreement....How do recent updates to estate tax laws impact your future?
Utility indeed, especially with added flexibility of the Clayton election and other precautionary provisions. Many of our married clients have structured their estate plans to apply the federal estate tax exclusion amount to create a trust for the benefit of their...Life Insurance: It Was Never Just About Taxes
This article raises important points — plan for the long-term and don’t let taxes direct the planning over more important goals — plus it’s a good review of the many benefits of life insurance. But as I’ve previously noted, the...Taxation of Aliens Trying to Leave America – Don’t Go Home without your IRS Sailing Permit or You Aren’t Coming Back
Article authored by my friend Brian Dooley, a top international tax expert: Before leaving the United States or any of its possessions permanently or for an extended amount of time, all U.S. resident aliens and nonresident aliens (with certain exceptions) must...Wealth Planners Are Not Afraid of Estate Tax Repeal
In fact, some attorneys see repeal as potentially being a boon for their businesses, especially if the tax is replaced with a capital gains tax such as the one proposed by President Donald Trump on the 2016 campaign trail. Source: Wealth Planners Are Not Afraid...Poor planning means government will take half of Prince’s estate
Prince’s estate has until Saturday to file an estate tax payment for the late rock superstar, and the taxes are expected to ultimately swallow nearly half the estate’s estimated $200 million value, meaning a likely windfall of roughly $100 million for the...Some Firms Apparently Not Yet Planning for Possibility of Repeal
While it is true that there is uncertainty in tax planning now (there always is) and there is a distinct possibility that the estate tax will be repealed and we should of course urge our clients to update after such a major change, it is not true that we cannot...New Regs re Dead But Not Forgotten IRC 1022
Think I’m noticing a trend here. A few months ago, IRS finally came out in support of using Clayton election for portability planning, after years of silence led to suspicion otherwise, and now years after repeal of 1022, the IRS decides to issue regs...Trumpian Carryover Basis Regime to Heat Up Life Insurance?
“Estate freeze” is a term that’s so commonly tossed around in the estate planning community that it’s actually become fairly useless shorthand, as it can be used to describe such a wide variety of techniques. However, as discussed by Jeffrey N. Pennell in his...Life After the Death Tax
Most agreed the new Republican regime in Washington may get rid of the long-loathed estate tax (this year levied at a top rate of 40 percent on assets above the exemption of just under $11 million for a married couple). Yet, it will almost certainly be replaced...Repeal and Uncertainty Impacts Estate Administration
Good advice in this article, but much of the uncertainty can be removed with thorough, comprehensive planning with an eye toward flexibility. For example, in our planning (http://Protect.LIFE), we offer not only the current flexibility of the Clayton election,...Six Things Family-Owned Firms Should Know About Succession Planning
Among the chief goals of succession planning is providing continuity of management and minimizing the tax costs of transferring property interests to new generations.Source: Six Things Family-Owned Firms Should Know About Succession PlanningImpact if Federal Estate Tax Repealed
Practitioners should review options with clients that might include: Outright bequest to surviving spouse, with contingent disclaimer trust, subject to the problems that this approach creates Clayton QTIP approach, subject to the complexity it creates...
Free to Advisors
