by Dave Duringer | Oct 26, 2016 | Archived, Asset Protection, Death Tax, Estate Planning, Gift Tax, Tax Planning
IRS has released Revenue Procedure 2016-55 outlining 2017 estate tax exclusion and other exemption amounts relevant to estate planning, as follows: The annual gift exclusion remains at $14,000 The basic exclusion amount (for determining unified credit against gift and...
by Dave Duringer | Oct 5, 2016 | Archived, Asset Protection, Death Tax, Estate Planning, Gift Tax, Income Tax, Tax Planning
Tell a friend, please — you may have seen me and other estate planning attorneys blogging recently on proposed changes to Section 2704 regulations taking effect at the end of this year. While these changes affect the kind of estate tax avoidance planning that we...
by Dave Duringer | Sep 16, 2016 | Asset Protection, Creditors & Predators, Death Tax, Estate Planning, Gift Tax, Income Tax, Tax Planning
This is authored by Matt McClintock, VP of Education for WealthCounsel: I initially created this article as a resource for members of WealthCounsel, but we share it with the entire industry. To that end, I’m sharing this resource here and encourage attorneys and...
by Dave Duringer | Sep 3, 2016 | Asset Protection, Charity, Death Tax, Estate Planning, Family Protection, Gift Tax, Income Tax, Tax Planning
[slideshare id=56750185&doc=aac527e2-7f52-466b-8109-82432616b858-160106174411] If attacked, do you want to be Victor or Victim? At SacredHonor.US, we hate it when people die embarrassed. And at Protect.FM, we believe good estate plans protect families. We make it...
by Dave Duringer | Aug 31, 2016 | Asset Protection, Death Tax, Estate Planning, Gift Tax, Health Planning, Income Tax, Tax Planning
A practitioner’s checklist for clients near death Source: Twenty Tips for Planning at the Eleventh Hour | Wealth Management If attacked, do you want to be Victor or Victim? At SacredHonor.US, we hate it when people die embarrassed. And at Protect.FM, we believe good...
by Dave Duringer | Aug 31, 2016 | Asset Protection, Creditors & Predators, Estate Planning, Gift Tax, Tax Planning
Conclusion In order to split gifts to a trust when Mom is a beneficiary of the trust, the gifts to children must be ascertainable and severable from gifts to Mom. Unfortunately, there is ambiguity in interpreting this phrase, but the Service seems to permit gift...
by Dave Duringer | Aug 18, 2016 | Archived, Asset Protection, Death Tax, Estate Planning, Gift Tax, Tax Planning
The new proposed Internal Revenue Code Section 2704 proposed regulations1 contain three sets of new rules. Here’s a brief summary of each of them. Source: Major Components of New Section 2704 Proposed Regs If attacked, do you want to be Victor or Victim? At...
by Dave Duringer | Aug 13, 2016 | Asset Protection, Death Tax, Estate Planning, Gift Tax, Tax Planning
GiftLaw Note:Decedent died on Date 1, survived by Spouse. In order for Spouse to benefit from Decedent’s deceased spouse unused exemption (DSUE), Decedent’s estate was required to file Form 706 within nine months of Decedent’s death. Decedent’s estate failed to...
by Dave Duringer | Aug 11, 2016 | Archived, Asset Protection, Death Tax, Estate Planning, Gift Tax, Tax Planning
On August 4, the Treasury Department issued long-awaited Proposed Regulations (Proposed Regulations) on valuation discounts for family-owned businesses under §2704 of the Internal Revenue Code (Code). The Proposed Regulations are out for comment until a public hearing...
by Dave Duringer | Aug 10, 2016 | Archived, Asset Protection, Death Tax, Gift Tax, Tax Planning
If attacked, do you want to be Victor or Victim? At SacredHonor.US, we hate it when people die embarrassed. And at Protect.FM, we believe good estate plans protect families. We make it easy for your family to attain the comfort of skill at arms. David R. Duringer, JD,...
by Dave Duringer | Aug 3, 2016 | Archived, Asset Protection, Charity, Death Tax, Estate Planning, Gift Tax, Tax Planning
Although the details are significant, the bottom line is that the proposed regulations would appear to eliminate almost all minority (lack of control) discounts for closely held entity interests, including active businesses owned by a family. To accomplish that,...
by Dave Duringer | May 16, 2016 | Charity, Death Tax, Gift Tax, Income Tax, Property Tax, Religious Faith, Tax Planning
Through our work with the Andersons, Pitcairn has seen firsthand how a family can build a lasting philanthropic legacy, and we’ve identified five key traits that contributed to their success. We believe other wealthy families can better achieve their own philanthropic...
by Dave Duringer | Apr 21, 2016 | Gift Tax, Tax Planning
http://leimbergservices.com/rss/Keebler-CCA201614036.mp3 A recent Chief Counsel Advice, CCA 201614036, addressed the issue of what assessment statute expiration date (ASED) period would apply in regard to gift tax returns understated due to the domino effect of...
by Dave Duringer | Dec 18, 2015 | Archived, Death Tax, Gift Tax, Income Tax, Tax Planning
The amount you can leave to your heirs federal estate tax free is on the rise. Source: IRS Announces 2016 Estate And Gift Tax Limits: The $10.9 Million Tax Break – Forbes Forbes’ headline is misleading. In the last paragraph, they admit that planning for...
