Effective July 8, 2022, the IRS issued Revenue Procedure 2022-32 to supersede Revenue Procedure 2017-34 and now allow for a late estate tax exemption portability election to be made up to five (5) years from a deceased spouse’s death. Previously, this window was only two (2) years from the deceased spouse’s death. Revenue Procedure 2022-32
Estate Planning
Common Errors that Arise during an Estate Administration
By Steven M. Saraisky on
Posted in Estate Planning
In our busy practice, we tend to see certain recurring errors. In particular, we see planning errors that arise during the estate administration process after someone dies. Below are a few of these common errors, and, in the spirit of, “An ounce of prevention is worth a pound of cure,” we also discuss steps that…
Contested Estates – When is the Right Time to Go to Court?
By Steven M. Saraisky on
Posted in Estate Planning
In a contested estate situation, family members are mad, often fighting mad. A common client question is, “When are we going to court?” Perhaps surprisingly, our usual answer to this is, “Only when everything else has failed and you do not have other options.”
Contested estates generally involve a limited number of claims. These include:…
Gift Planning in 2021
By Steven M. Saraisky on
Trust and estate planners are still catching their breath from the 2020 year-end and dealing with the wave of gifting transactions that many clients completed. It seems the ink is not dry on those December transactions and we have to pivot and focus on getting gift tax returns completed.
The 2020 year-end was extremely busy…
What to Do After the Loss of a Loved One: Ten Important Things to Consider
By Tishya M. Signorelli on
Posted in Estate Administration, Estate Planning
As an estate and trust attorney who has been practicing for over 20 years, I never lose sight of the difficulty we all face when losing a loved one. Often when I meet a client, sometimes for the very first time, the initial words out of my mouth are “I am so very truly sorry…