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Those getting their estates in order will be pleased to hear that the IRS raised the estate, gift and generation skipping transfer tax exemption to $5.49 million per person effective January 1, 2017. What the changes mean Individuals who own assets worth more than $5.49 million at their death could have to pay a 40 […]

Where state law matters in proper will execution We expect that as time passes, people become more sophisticated and aware of what must be done to execute a valid will. Unfortunately, this is not so. In certain states, execution of a will is complete when it is signed by a second witness. Some states require […]

New estate planning channel for older demographic? A recent decision by the U.S. Tax Court affirmed the estate planning opportunity for older individuals that was perceived by some as being safely available in the Fifth Circuit where the Tax Court’s McCord decision, that was adverse to the taxpayer, was reversed. According to a Law 360 […]

Substantial Compliance The state probate code was amended in 2004 to permit documents that were intended to have testamentary effect but were not executed in accordance with the statutory requirements. The new probate code’s doctrine of substantial compliance holds that if a document was not executed in compliance with the statute, the proponent may establish […]

The Ninth U.S. Circuit Court of Appeals recently ruled that unmarried individuals who purchased a home together are eligible to a home mortgage interest deduction for up to $1.1 million in debt each. This decision reversed a previous tax court decision that stated unmarried individuals were subject to the same $1.1 million limitation as married […]

The New York State Department of Taxation and Finance recently issued a Technical Memorandum to finalize 2015 legislative amendments to NY estate tax reform. The provisions enacted in 2014 will be effective retroactive to April 1, 2015. The basic NY estate tax reform: exclusion amount increases In the Technical Memorandum, the Department of Taxation and Finance […]

Although all individuals holding a life insurance policy own an investment, they did not have the legal right to exert control over the investments inside the policy. However, according to a recent ruling by the U.S. Tax Court, investors who exercise control over how money is invested are subject to tax on the investment income. […]

The U.S. Tax Court recently issued a surprising decision that invalidated the part of an IRS cost-sharing regulation – under code section 482 – which states that taxpayers are required to take the costs of stock-based compensation into account. The decision regarding the cost-sharing regulation supports taxpayer criticism that questioned the regulatory requirement that cost-based transfer […]

Property Tax Rebate Governor Andrew Cuomo recently announced that the “Big Ugly” $1.3 billion rebate check program will be installed to offset New York state property taxes. In accordance with the legislation, 2.5 million homeowners that make under $500,000 will receive a property tax rebate check for $185 this year. The bill According to the […]

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 […]

Double Taxation & the Federal Estate Tax As many lawmakers push to end the federal estate tax for good, one national senator has written a letter to the Twin Falls Times-News, contending that this particular policy may be one of the least fair taxes on the books due to the double taxation it creates. In […]

Currently, just about everyone has an opinion on estate tax reform. A proposal to permanently repeal the federal estate tax has obtained approval in the U.S. House of Representatives, but there are many – including lawmakers, policy analysts and various kinds of experts – who have spoken their opinion on estate tax reform. Opponents of […]