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15 States Where the Most Estate Taxes Were Paid in 2021

by Arthur Geffen | Nov 3, 2022 | Estate Tax

In tax year 2021, 2,584 American taxpayers paid $18.4 billion in estate taxes after allowable deductions and state death tax deductions, according to recently published federal estate tax data from the Internal Revenue Service. < p style=”margin: 0px 0px...

IRS bumps up estate-tax exclusion to $12.92 million for 2023. Here’s what that means for wealthy Americans

by Arthur Geffen | Oct 20, 2022 | Estate Tax, Exclusion Estate Tax

Ultra-wealthy Americans can soon protect more assets from federal estate taxes, the IRS announced this week. Starting in 2023, individuals can transfer up to $12.92 million to heirs, during life or at death, without triggering a federal estate-tax bill, up from $12.06...

2023 will bring greater potential for estate and gift tax savings

by Arthur Geffen | Oct 12, 2022 | Estate Planning, Estate Tax, Gift Tax, Gifts

US Taxpayers enjoy a lifetime gift and estate tax exemption. This is the amount a person can transfer at death or during life without triggering a transfer tax. The exemption amount for 2023 is set to rise $860,000 to $12,920,000 per person ($25,840,000 per married...

Estates can now request late portability election relief for 5 years

by Arthur Geffen | Jul 12, 2022 | Estate Tax

he IRS issued a revenue procedure (Rev. Proc. 2022-32) Friday that allows estates to elect “portability” of a deceased spousal unused exclusion (DSUE) amount as much as five years after the decedent’s date of death. Estates of decedents dying after...

So You Used Up All of Your Gift and Estate Tax Exemption, Now What?

by Arthur Geffen | May 12, 2022 | Estate Tax, Gift Tax

Over the last couple of years, as there was concern that the gift and estate tax exemption (along with the related generation-skipping transfer tax exemption) would be reduced back to pre-2017 levels, many individuals made gifts or other transfers to utilize their...

Proposed Clawback Regs May Undermine Some Estate Planning

by Arthur Geffen | May 4, 2022 | Estate Planning, Estate Planning Solutions, Estate Tax

Recently issued proposed clawback regulations (Proposed Treasury Regulations Section 20.2010-1(c)(3)), (the proposed regs) may undermine the planning your clients completed over the past few years to address the coming reduction in the estate tax exemption or the then...
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Blog Posts

  • With Rising Interest Rates, Charitable Remainder Trusts Are Gaining Popularity January 4, 2023
  • WISHING ALL A HAPPY AND HEALTHY NEW YEAR December 30, 2022
  • Chart Shows Estimated 2023 IRS Tax refund dates – When Will You Get Your Refund? December 27, 2022
  • Getting Out | Expatriation And Federal Taxes December 7, 2022
  • 15 States Where the Most Estate Taxes Were Paid in 2021 November 3, 2022

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