Estate Planning

2018 Estate and Gift Tax Limits

2018 Estate and Gift Tax Limits

The IRS adjusts the various items for inflation periodically, including the estate and gift tax. Starting on January 1, 2018, the annual exclusion amount, the gift and estate tax credit and the exemption from the generation-skipping transfer tax (GSTT) will all increase. Annual Exclusion from Gift Tax […]

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Estate Tax Under President Trump

Estate Tax Under President Trump

For the first 140 years of our country estate tax only existed for short periods of time as revenue source during emergencies.1 The modern estate tax was implemented in 1916 as permanent revenue stream about three years after the federal income tax was passed into law. The […]

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Same-Sex Marriage and Estate Planning

Same-Sex Marriage and Estate Planning

The Supreme Court’s recent decision in the Obergefell v. Hodges case held that under the 14th Amendment, states are required to issue marriage licenses for same-sex couples who desire to marry, and also that states are required to recognize same-sex marriages that were lawfully licensed and performed out of […]

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Durable Power of Attorney for Healthcare

Durable Power of Attorney for Healthcare

None of us enjoy contemplating what would happen to ourselves or those close to us in the event we become incapacitated. Rather than think about those things, we tend to think “it will not happen to us,” or otherwise postpone thinking about it. This is a dangerous […]

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IRS Announces New Estate and Gift Tax Exemptions

IRS Announces New Estate and Gift Tax Exemptions

In Revenue Procedure 2014-61, the IRS recently announced new tax changes that will be effective starting in 2015. The following are the more relevant changes in relation to estate planning and gifting: The estate and gift tax exemptions increased due to inflation from $5.34 million to $5.43 […]

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What Are Defective Grantor Trusts?

What Are Defective Grantor Trusts?

A Defective Grantor Trust (“DGT”) allows you to transfer assets out of your estate and ultimately reduce your estate tax liability. The DGT may also be referred to as an “Intentionally Defective Grantor Trust (IDGT),” a “defective trust” or a “grantor trust.” This tool is most effective […]

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Fiscal Cliff Deal: Impact on Estate Planning and Gifting

Fiscal Cliff Deal: Impact on Estate Planning and Gifting

The wait is over, at least for now. Congress passed a bill on January 1, 2013 that avoided the “fiscal cliff,” and is expected to be signed into law shortly. The new deal has some important consequences for estate planning and gifting. Estate and Gift Tax The […]

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