Gift Tax
Scarinci Hollenbeck’s Tax, Trusts & Estates practice group regularly provides content on gift taxes. To receive our attorneys' gift taxes articles please subscribe to our email list.
Split-Dollar Arrangements Not Subject to Gift Tax
Date: May 9, 2016
In a Groundbreaking Tax Court Decision in Estate of Morrissette v. Commissioner, the Court Deems Split-Dollar Arrangements are not Subject to Gift Taxes A recent Tax Court decision has potentially groundbreaking results. In Estate of Morrissette v. Commissioner, the Court ruled that the economic benefit regime applies to this split-dollar arrangement because the only economic […]
IRS Proposes Rules to Tax Gifts from Expatriates
The IRS recently issued a new set of proposed rules on taxes for high-net-worth individuals in the U.S., including citizens and residents, who receive gifts from expatriates. According to the National Law Review, the tax is significant because it is designed to disincentivize U.S. citizens from expatriating individually. The new rules The proposed tax, which […]
What You Need to Know About the Gift Tax Exclusion & How to Potentially Avoid it
Currently, the gift tax exclusion threshold is $14,000, but most high net worth individuals will probably never pay the tax, according to the Motley Fool. This is due to the fact that even if individuals exceed the $14,000 limit, they will most likely only need to file a gift tax return and apply part of […]
Is New York One of the Most Tax Friendly States?
New York state has long been a gift tax haven, but recent changes to legislation have reduced the burden of the estate tax as well. By doubling the estate tax exemption from $1 million to over $2 million, New York has positioned itself as one of the most gift and estate tax friendly states in […]
