by Arthur Geffen | May 15, 2017 | Estate Tax, IRS
The Internal Revenue Service has announced, in IRS Notice 2017-12, that an IRS-issued account transcript can substitute for an estate tax closing letter. An estate tax closing letter (IRS Letter 627) is a written communication from the IRS which: (1) specifies...
by Arthur Geffen | May 10, 2017 | Estate Planning Solutions, Estate Tax
The potential for estate tax repeal is a good reason to break out your estate planning documents for review. Many estate plans revolve around the funding of an exemption trust to hold the estate tax exemption amount and a marital trust to hold assets in excess...
by Arthur Geffen | May 2, 2017 | Estate Tax
More than 50 multi-millionaires have signed a letter urging President Donald Trump and Congress to abandon their attempts to abolish the federal estate tax, the only tax on inherited wealth in the U.S. Chuck Collins, heir to the Oscar Mayer fortune and author...
by Arthur Geffen | May 2, 2017 | Estate Tax
One has to marvel at the politics of the estate tax. I generally believe that people don’t care about taxes, as long as someone else is paying them. The estate tax defies that belief. I also generally believe that policies with negligible cost and...
by Arthur Geffen | Feb 15, 2017 | Estate Tax
Still frustrated about the new process for obtaining an estate tax closing letter? The IRS heard your concerns and issued Notice 2017-12, suggesting an alternative method to confirm the closing of an estate — but does the alternative method make the process any...
by Arthur Geffen | Aug 4, 2016 | Estate Tax
Estate lawyer Carlyn McCaffrey of McDermott, Will & Emery in New York got her first call from a frantic business owner this morning about the bomb the Treasury Department dropped yesterday, curbing valuation discounts for operating businesses–as well as...
