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Results for estates articles
Estate Planning Regulation Impacts Small Business And Estate Tax Planning Strategies
Author: James F. McDonoughDate: January 10, 2017
The government lost estate and gift tax cases that attracted headlines. In response, the Department of Treasury (“Treasury”) proposed new regulations in early 2016 that would amend definitions in the 1992 regulations that were problematic in the court cases. In addition, Treasury it added requirements designed to defeat valuation discounts in the estate and gift tax areas.
The 1992 regulation gave IRS the right to disregard certain provisions in shareholder partnership and operating agreements for purposes of. The 1992 regulations defined an applicable restriction, however, it applied only to a transferor and members of his or her family. An applicable restriction effectively limits the ability to liquidate the entity (in whole or in part) and is more restrictive than a limitation imposed by state law. The law in many states limits the ability of a partner in a partnership or a member in a limited liability company to liquidate the entity. The result was that one could rely upon state law to avoid any problem. A second aspect of the regulation was the definition of a lapse. A liquidation right would lapse when it was eliminated or restricted, so the mere transfer of an interest that held such a right was not a lapse. These rules provided a clear framework for planning and were an obstacle for the government.
IRS Raises Estate and Gift Tax Exemption for 2017
Those getting their estates in order will be pleased to hear that the IRS raised the estate, gift and generation...
Will Execution, Witnesses and Notaries – State Law Does Matter
Where state law matters in proper will execution We expect that as time passes, people become more sophisticated and aware...
The U.S. Tax Court Creates New Estate Planning Channel for Older Individuals
New estate planning channel for older demographic? A recent decision by the U.S. Tax Court affirmed the estate planning opportunity...
The Probate Doctrine of Substantial Compliance: In the Matter of Anton
Substantial Compliance The state probate code was amended in 2004 to permit documents that were intended to have testamentary effect...
Tax Benefits: Home Mortgage Interest Deduction for Unmarried Couples
September 23, 2015
The Ninth U.S. Circuit Court of Appeals recently ruled that unmarried individuals who purchased a home together are eligible to...
NY Estate Tax Reform: What it Means for You
September 15, 2015
The New York State Department of Taxation and Finance recently issued a Technical Memorandum to finalize 2015 legislative amendments to...
Tax Court Issues Limits to Life Insurance Policy Control
September 11, 2015
Although all individuals holding a life insurance policy own an investment, they did not have the legal right to exert...
Tax Court Overturns IRS Cost-Sharing Regulation
September 3, 2015
The U.S. Tax Court recently issued a surprising decision that invalidated the part of an IRS cost-sharing regulation - under...
Is New York One of the Most Tax Friendly States?
July 7, 2015
New York state has long been a gift tax haven, but recent changes to legislation have reduced the burden of...