Make a Gift Before 2021
I try very hard not to be political in these blog posts. I also try not to speculate on what the government may or may not do as they frequently compromise in an unpredicted manner. However, I would be remise if I didn’t talk about the fact that Joseph Biden is ahead in most of […]
What is a Disclaimer Trust?
A Disclaimer Trust is a special type of trust often created under a Will (or as a sub-trust of a revocable living trust). In order to understand Disclaimer Trusts, you first need to understand what a disclaimer is and what happens when you make a disclaimer so that you can understand the purpose and mechanics of Disclaimer Trusts. […]
Estate Tax Thoughts on a Trump Presidency
It is no secret that most Republicans and Donald Trump wish to get rid of the federal estate tax (or as it is commonly referred to “The Death Tax”). With Republicans in charge of the House, Senate and Presidency, I think we are very likely to see a full repeal. Many will counter that George […]
Reasons to Value a Trust
Recently I gave a lecture on the valuation of trusts. While I am not an accountant nor am I a valuation expert, I live and breathe trusts… and frequently the question comes up, what is value of a particular beneficiary’s interest in a trust. Keep in mind, just because a trust is worth $1M, it […]
Requirement of Executors to Report Basis of Assets When Administering an Estate – FollowUp
The IRS has released new regulations that have extended the due date for filing Form 8971 to March 31, 2016. Executors and administrators of estates that are required to file a federal Form 706 Estate Tax Return are now also required to file Form 8971 and report the basis of the assets included in the […]
IRS Releases Form 8971 – Executors Now Required to Report Basis of Assets When Administering Estate
For many years the IRS and beneficiaries of estates had a problem figuring out how much gain should be imposed on an inherited asset because the beneficiaries did not know the basis. The IRS did not like the fact that frequently the value reported by an Executor was not the value reported by a beneficiary […]
2016 Federal Estate Tax Exemption Amount
The IRS recently released Revenue Procedure 2015-53, announcing the inflation adjustments to many tax provisions. Of note, the unified credit against the federal estate tax for Calendar Year 2016 is $5,450,000. This is up from $5,430,000 in 2015. The annual gift tax exclusion of $14,000 per person/per donee remains the same. However, the annual gift […]
Non-residents Non-citizens of the US Should Be Careful of How they Invest in American Assets
Many individuals who live outside of America like to purchase real estate in America or invest in the U.S. Stock Market. It can be much safer than investing in other parts of the world and often times the individual has children who have moved to America to live or study. Florida and New York are […]
Japanese Inheritance Tax vs. US Estate Tax (2014 Update)
BRIEF OVERVIEW OFJAPANESE INHERITANCE AND GIFT TAXESvs.AMERICAN ESTATE AND GIFT TAXES (2014 Update) I. Estate Taxes A. America 1. If the Decedent is a Citizen or Permanent Resident Tax on Worldwide property (credit for taxes paid to foreign countries) Exemption of $5,340,000 in 2014 (indexed for inflation). For married couples, the exemption amount is $10,680,000 […]