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…
On November 6, the IRS announced the official estate and gift exclusion amounts for 2020 in Revenue Procedure 2019-44.
For an estate of any decedent dying during calendar year 2020, the applicable exclusion is increased from $11.4 million to $11.58 million. This change increases not only the applicable exclusion amount available at death, but also…
Seasoned trusts and estates practitioners know certain truths, such as:
The recent case of Estate of Skeba (Civil Action No 17-cv-10231, D NJ Oct 3, 2019)) in the District Court of New Jersey reflects all of the…
On March 31, 2014, broad changes were made to the New York estate and gift tax laws. In addition to increasing the New York basic exclusion amount for taxable estates, a New York estate tax “cliff” was introduced that phases out the New York basic exclusion amount for taxable estates between 100% and 105% of…
On November 15, the IRS announced the official estate and gift exclusion amounts for 2019 in Revenue Procedure 2018-57.
For an estate of any decedent dying during calendar year 2019, the applicable exclusion is increased from $11.18 million to $11.4 million. This change increases not only the applicable exclusion amount available at death, but also…
