Tax

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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Gift Planning: IRS Releases Final Gift Tax Return

Gift Planning: IRS Releases Final Gift Tax Return

On Friday March 18, 2011, the IRS released the final version of Form 709 for 2010. The latest form accounts for some changes made by the Tax Relief, Unemployment Reinsurance Authorization, and Job Creation Act of 2010, which was enacted on December 17, 2010. The Act, in […]

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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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Estate and Gift Tax Exemptions: Portability and Form 706

Estate and Gift Tax Exemptions: Portability and Form 706

With the year end fast approaching, there is no time to waste for those who want to take advantage of the current estate and gift tax exemptions. There is a current exemption for both estate and gift taxes of $5.12 million for each person and a maximum […]

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Uncertainty Looms in Estate Planning: Taking Advantage of Expiring Estate and Gift Tax Exemptions

Uncertainty Looms in Estate Planning: Taking Advantage of Expiring Estate and Gift Tax Exemptions

In 2010, Congress acted to increase the estate and gift tax exemptions to $5 million for individuals ($10 million for married couples) through the end of 2012. Congress also lowered the maximum estate and gift tax rate to 35% for the same length of time. As this […]

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Tax Law Changes Provide Big Opportunity For Estate and Gift Planning

Tax Law Changes Provide Big Opportunity For Estate and Gift Planning

The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 has opened a window of opportunity to avoid significant estate and gift taxes for 2011 and 2012. The Act, signed on December 17, 2010, has significantly increased the exemptions and decreased the maximum tax rates […]

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