Thursday, May 18, 2017

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In a recent Notice, the Internal Revenue Service set forth some administrative procedures helping taxpayers recalculate gift and generation-skipping transfer tax exemption with respect to gifts and bequests made to or for the benefit of a same-sex spouse, or descendants of same-sex spouses before the Supreme Court Case United States v. Windsor was decided, even though the statute of limitation for claiming such exemption had expired.

Prior to the Windsor decision, the U.S. government (and by extension, the Internal Revenue Service) did not recognize marriages of same-sex couples. In the Windsor case, the estate of a decedent sought to claim the estate tax marital deduction for bequests to the decedent’s same-sex spouse (the couple was legally married in Canada and their marriage was recognized by their home state of New York prior to the decedent’s death).  The Court in Windsor allowed the estate to claim the estate tax marital deduction, and in so doing struck down Section 3 of the Defense of Marriage Act.  Following the decision, same-sex marriages recognized by a U.S. state became recognized by the U.S. government.  The question then arose – would retroactive relief be available in the case of a decedent who was part of a same-sex marriage but who died prior to the Windsor decision? (more…)

Monday, May 1, 2017

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On Wednesday afternoon the White House again proposed eliminating the so-called death tax as part of its tax reform plan, but the details remain sparse.  When pressed for specifics Director Cohn simply stated that with the implementation of the administration’s tax plan, the death tax would disappear.

The phrase “death tax” entered the popular lexicon by way of tax reformers wanting to summarize and caricature the several parts of the Federal transfer tax system.

(more…)

Tuesday, April 25, 2017

The 7520 rate for May 2017 has decreased to 2.4%.

The May 2017 Applicable Federal Interest Rates can be found here.

Wednesday, April 12, 2017

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Billionaire David Rockefeller, the grandson of John D. Rockefeller, passed away recently at the age of 101.  In 2017, Forbes estimated that his fortune, investments in real estate, share of family trusts, and other holdings were worth $3.3 billion.  However, because of his family history, it is quite possible that a large portion of that $3.3 billion will not be subject to the estate tax upon his death. (more…)

Wednesday, March 22, 2017

The 7520 rate for April 2017 has increased to 2.6%.

The April 2017 Applicable Federal Interest Rates can be found here.

Tuesday, February 21, 2017

The 7520 rate for March 2017 has decreased to 2.4%.

The March 2017 Applicable Federal Interest Rates can be found here.

Monday, January 23, 2017

The 7520 rate for February 2017 has increased to 2.6%.

The February 2017 Applicable Federal Interest Rates can be found here.

Thursday, January 19, 2017

What he wants to accomplish vs. what he needs to accomplish…

As the United States rings in a New Year, it also welcomes a new president. All eyes are trained on Washington in anticipation of what President-elect Donald Trump will tackle in his first 100 days in office. Trump’s initial success will depend on how well he defines his own agenda and how he navigates the difference in details between his goals and the policy priorities of Congressional Republicans. Trump will also need to divide his political capital between the things his administration wants to do versus what it needs to do in the New Year.

Click here to read the Alert by David C. Russell and Miguel Rodriquez.

Tuesday, December 20, 2016

The 7520 rate for January 2017 has increased to 2.4%.

The January 2017 Applicable Federal Interest Rates can be found here.

Tuesday, December 13, 2016

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While there is considerable uncertainty among wealth planners and tax professionals regarding how the incoming administration will impact the federal tax code, nearly everyone agrees that change is imminent. With that in mind, we have assembled this chart, which compares current tax rates with President-elect Donald Trump’s proposed tax plan, and the House Republicans’ Blueprint plan (released in June, 2016).  Click here.