Family Limited Partnerships: Are Discounts Disappearing?
“Family limited partnerships” – that is, family investment entities usually structured as LLCs or limited partnerships – have been a popular estate planning technique for years. Generally speaking, a...
View Article2015/2016 Estate and Gift Tax Update
Experts have started to calculate the inflation adjustments to key estate and gift exemption amounts for 2016. Note that these are not the official figures to be released by the IRS, but should be used...
View ArticleIRS Proposed Regs Redefine the Terms “Husband” and “Wife”
The Supreme Court has recently struck down state bans on same-sex marriage as unconstitutional in Obergefell v. Hodges, 576 US ___ (2015), after previously striking down the federal exclusion of...
View ArticleMoved to Florida, but Still Can’t Let Go of New York – Will Your Estate Be...
Many New Yorkers who want to move to Florida still desire to retain a home, an apartment, or some other type of property in the place where they grew up. What many of the newly minted Florida...
View ArticleParadox of Mental Incapacity in State Estate Tax: How Moving Your Elderly...
It is difficult enough for families to come to grips with having to care for an elderly parent that may no longer be able to live on their own. After coming to terms with this unfortunate reality, the...
View ArticleWho Gets the Little Red Corvette? We’ll Never Know. The Importance of Having...
Prince was not the first famous person to die without a Will. Others who died intestate include: Abraham Lincoln, Ulysses S. Grant, Howard Hughes, Martin Luther King, Jr., Sonny Bono and Pablo...
View ArticleIRS Issues Proposed Regulations Under Code §2704 Impacting Gift and Estate Taxes
The IRS has at last issued long-anticipated proposed regulations under Code §2704. We perceive the proposed regulations as an attempt by the IRS to curtail the use of discounts – such as minority...
View ArticleThe Repeal of the New Jersey Estate Tax: Is it Now Safe to Move Back to New...
On October 14, 2016, Governor Christie signed into law a transportation funding bill that also included the repeal of the New Jersey Estate Tax. Here is what you need to know: The New Jersey Estate Tax...
View ArticleDEADLINE ALERT: Prudent Property Management Dictates Review of Property Tax...
The New Jersey Tax Appeal Filing Deadline is April 3rd. In the upcoming weeks property owners will be receiving their annual property tax assessment notices (postcards) from the municipal assessor’s...
View ArticleForeign Parents With U.S. Children: Trusts Play an Important Role
Anyone who has seen the current Broadway hit Hamilton knows that we are a nation of immigrants. Moreover, many U.S. persons who moved here from elsewhere have parents back in their home country. When...
View ArticleTax Court holds that foreign corporation’s sale of a partnership interest not...
The US Tax Court recently held that a foreign corporation is not subject to US income tax on the sale of a partnership interest where the partnership conducts a US business. In so holding, the Tax...
View Article2017/2018 Estate and Gift Tax Update
Experts have started to calculate the inflation adjustments to key estate and gift exemption amounts for 2018. Note that these are not the official figures to be released by the IRS, but should be...
View ArticleIRS Withdraws Proposed Code §2704 Regulations on Lapsing Rights and Restrictions
The IRS has withdrawn the controversial proposed regulations under Code §2704 that would have significantly affected the use of discounts in US estate planning. Code §2704 provides that certain...
View ArticleFailure to Plan and Inaction Lead to Increased New Jersey Estate Tax
The New Jersey Tax Court recently released its opinion in Estate of Ruth Oberg, NJ Tax Court, Docket No 000240 (October 24, 2017), upholding the Division of Taxation’s assessment of additional New...
View ArticleConsiderations in Estate Planning for Bitcoin, Ethereum, and other...
While success in crypto-currency investing is far from assured, death, sadly, is. Accordingly, it is vital that investors in Bitcoin and other crypto-currencies are prepared for the unique estate...
View ArticleCan Snowbirds Avoid a SALTY Avalanche? Considerations for Changing Residency...
There have been sweeping changes to both the federal and New Jersey tax laws for the first half of 2018. At the federal level, the elimination of the state and local tax (SALT) deduction, which for...
View ArticleHome Transferred to Trust with Retained Interest Subject to NJ Inheritance Tax
The New Jersey Appellate Division recently issued its opinion in Estate of Van Riper v. Dir., Div. of Taxation, No. A-3024-16T4 (N.J. Super. Ct. App. Div. Oct. 3, 2018), upholding the Tax Court’s...
View Article2019 Estate and Gift Tax Update
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...
View ArticleGifting Opportunity Available to New Yorkers
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”...
View ArticleCourt Finds that Penalty for Late Filing of Estate Tax Return Was Arbitrary...
Seasoned trusts and estates practitioners know certain truths, such as: Stuff happens. Some estate tax disputes should not be litigated, but they are anyway. Sometimes justice is done. The recent case...
View Article
