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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...

President’s Tax Plan Would Kill Or Suppress Numerous Common Estate Tax Planning Techniques

by Arthur Geffen | Mar 30, 2022 | Estate Tax, Income Tax

On March 28th, the Biden Administration issued a 250-page General Explanation of the administration’s fiscal year 2023 revenue proposals. Click this link the view the “Green Book” PDF. Well-advised taxpayers are already considering actions to take before these...

A ‘Golden’ Trifecta Offers Rare Opportunity For Advanced Tax And Estate Planning

by Arthur Geffen | Dec 9, 2021 | Estate Planning, Estate Planning Solutions, Estate Tax

Rising ExemptionsThe lifetime gift and estate tax exemption is rising to $11.85 million next year, said Cain, but there is a lot of speculation that Congress will act to cut the exemption, and in any case, the current law will cut it by nearly half at the end of 2025....

Estate Tax Changes may not come to fruition

by Arthur Geffen | Nov 12, 2021 | Estate Planning, Estate Tax

The updated version of the Build Back Better Act released by the House Budget Committee on November 3, 2021, does not include any of the significant gift tax, estate tax, generation-skipping transfer tax or grantor trust legislation that was included in the House Ways...
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Blog Posts

  • How The Ultra-Wealthy Protect Their Money Using ‘Defective’ Trusts July 13, 2022
  • Estates can now request late portability election relief for 5 years July 12, 2022
  • How to File a Final Tax Return for a Person Who Has Died June 28, 2022
  • How To Pay Taxes As An Independent Contractor: The Complete Guide June 27, 2022
  • To Fix Tax Returns Electronically June 27, 2022

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