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Last update: Mar 19, 2007
Greenberg Traurig: Evaluating the Potential Success of a GRAT Against Comp... Jan 26, 2006
Tax Management Memorandum January 23, 2006, Vol. 47 No. 02 MEMORANDUM Evaluating the Potential Success of a GRAT Against C.. Tax-efficient wealth transfer is an important goal of most sound estate planning strategies
Greenberg Traurig: Restricted Management Accounts: An Alternative to the F... Oct 01, 2005
Due to the investor’s inability to control or access the RMA assets, the value of the RMA may be discounted for estate and gift tax purposes.” An RMA is an investment account established under a written agreement between an investor and an investment manager. Benefits of Using an RMA Due to the investor’s inability to control or access the RMA assets, the value of the RMA may be discounted for estate and gift tax purposes
Gibbons: Intentionally Defective Grantor Trusts -- A creative an... May 09, 2005
A creative and effective estate planning technique, IDGTs can result in substantial federal estate tax savings. Although it may be a strange question, you probably will not be surprised to learn that the answer is when you want to save taxes
McDermott: Possible Tightening of German Inheritance/Gift Taxation Feb 02, 2005
Following are, some important questions with answers about inheritance and gift tax planning which are addressed in respect of indicated legislative changes. Introduction The judges of the German Supreme Tax Court (BFH) in Munich appeared before the public with their decision in early 2002
Chapman and Cutler: November 2004 Nov 01, 2004
Asset Allocation and Tax Changes to Illinois 529 Plans. PART I: ASSET ALLOCATION - THE OFTEN MISSING PIECE OF THE PUZZLE A well-designed estate plan will not achieve all of its objectives, such as estate tax reduction, testamentary disposition of assets and asset management during disability, without an asset ownership structure that compliments the plan
Fox Rothschild: Estate Planning for Non-Citizens Residing in the United... Oct 01, 2004
TAX ES AND IMMIGRATION PRACTICE GROUPS. This Alert begins to answer the questions of whether you need a Will, what documents protect you and your family in the event of disability or illness, and how federal estate tax applies to non-citizens
Greenberg Traurig: Issues in Developing Legal Structures for Global Famili... Oct 01, 2004
However, this information is crucial to determining the potential tax and non-tax issues that may affect the design and implementation of any proposed structure. Depending on applicable law, the location of an asset may subject its owner to certain taxes or restrict its transfer, particularly when real property is involved
Hodgson Russ: Tax Dispute Resolution Services Sep 22, 2004
Our attorneys represent clients in tax disputes from the auditor’s examination level through the appellate process and in the court system. We work at the local, state, federal, and international levels, and in all types of tax disputes—business tax, personal income tax, sales and use tax, estate and gift tax, international tax, and controversies under international treaties
Pepper Hamilton: How the Disconnect Between the Income and Estate Tax Ru... Apr 22, 2004
Law Firm of Pepper Hamilton LLP | Publications @import "style.css"; -- Register/Login Publications How the Disconnect Between the Income and Estate Tax Rules Created Planning for Grantor Trusts 04/22/2004 This article originally appeared in the April 2004 issue of the Journal of Taxation. For nearly three-quarters of a century, taxpayers have sought to use trusts to save on income and estate taxes
Riker Danzig: Answers to your Estate Planning Questions March 2004 Mar 01, 2004
CONTENTS Wills, Trusts and Probate Basic Estate Planning Probate and Probate Avoidance Trusts Wealth Transfer Taxes NJ Estate Taxes NJ and Gifts Federal Estate Taxes Marital Deductions Bypass Trusts Estate Tax Repeal Generation Skipping Transfer Tax Gifts and Trusts Educational Trusts Life Insurance Trusts Real Property Issues Taxable Gifts Special Planning Situations Family Businesses Blended Families Planning with IRAs Real Property in Other States Charitable Giving Healthcare Directives and
Pepper Hamilton: Prudent Estate Planning Items to Consider for the New Y... Feb 09, 2004
Here is a list of “important numbers” for the year 2004: Things That Stay the Same: The annual exclusion from federal gift tax remains at $11,000 per donee. The applicable exclusion amount for federal gift tax remains at $1 million
Debevoise: New Estate and Gift Tax Thresholds for 2004 Jan 22, 2004
A. Reduction in Top Marginal Rate The top marginal Federal estate, gift and generation-skipping transfer ("GST") tax rate is reduced to 48% in 2004 from 49% last year. B. Increase in Some but Not All Exemptions The exemption from both estate tax and GST tax increases to $1,500,000 this year
Proskauer Rose: December 2003 Dec 01, 2003
30 K) In This Issue: The New Gift Tax Law: Avoiding A Potential Pitfall Qualified State Tuition Programs (529 Plans) Offer Tax-Advantaged Savings For College IRS Issues Final Retirement Plan Minimum Distribution Regulations ^top. Proskauer Rose LLP 1996-2004 | Disclaimer | Privacy Policy | Browser Resources | Site Map document
Sutherland Asbill & Brennan: Interview: Lloyd Leva Plaine Interviewed by Jerald Davi... Aug 01, 2003
Author: Lloyd Leva Plaine is in charge of the individual tax planning practice group at Sutherland Asbill an LLP (Washington, D.C. office). Lloyd is a frequent lecturer on gift tax, estate tax, income tax, and generation-skipping transfer tax and has written and published numerous articles in these areas
Winstead: Planned gifts will provide future support (10 kb) Jun 22, 2003
Planned Gifts Will Provide Future Support By Cheryl Cain Crabbe Each year charities receive gifts from benefactors to provide essential support and services to the community. But annual gifts often only fund the current operation of these charities
White & Case: Tax News for the Czech Republic May 01, 2003
Silk: Public Policy Activities of Tax-Exempt Organizations Jan 01, 2003
Tax Characteristics (1) Tax on operating surplus (2) Net investment income tax (3) Unrelated business income tax (4) Charitable deduction for donations (5) Business deduction for dues (6) Exemption from gift tax Restrictions on Public Policy Activities (1) Public education and advocacy. 1 Beware of the IRC Section 527(f) tax
Kilpatrick Stockton: Year-End Estate Planning Reminder and Privacy Notice Nov 14, 2002
Annual exclusion gifts to individuals In 2002, you may give $11,000 free of gift tax to as many individuals as you wish. The gift may consist of almost any asset, including stocks, bonds, real estate, cash, and partnership interests
Kilpatrick Stockton: Year-End Estate Planning Reminder and Privacy Notice Nov 14, 2002
Annual exclusion gifts to individuals In 2002, you may give $11,000 free of gift tax to as many individuals as you wish. The gift may consist of almost any asset, including stocks, bonds, real estate, cash, and partnership interests
Katten Muchin Zavis Rosenman: New Estate Tax Law and Gift Tax Law Nov 07, 2002
Katten Muchin Zavis Rosenman: Executive Summary: Estate Tax and Gift Tax Changes Nov 02, 2002
Greenberg Traurig: How Can You Save Estate Taxes Using an Estate Freeze? Oct 01, 2002
How Can You Save Estate Taxes Using an Estate Freeze. The basic concept of a freeze is to exchange an appreciating asset for one that has a fixed value for estate tax purposes, thereby "freezing" the value of your taxable estate
Greenberg Traurig: Save Estate Taxes with a Grantor Retained Annuity Trust... Oct 01, 2002
Save Estate Taxes with a Grantor Retained Annuity Trust ("GRAT"). A grantor retained annuity trust ("GRAT") is primarily a wealth-shifting rather than an income tax deferral technique
Chapman and Cutler: September 2002 Sep 01, 2002
September, 2002 Gifts to Minors Autumn is upon us and students are heading back to school. For many students, it is the thoughtful gift-giving of family members that has made their further education possible
Michael Best & Friedrich: Techniques For Making Gifts To Minors Jul 01, 2002
...com With increases in 2002 to both the annual exclusion from gift tax (to $11,000 per donee) and the lifetime exclusion from gift and estate taxes (to $1,000,000), it is a good time to consider making gifts to your children and grandchildren. The benefits of gifting assets are numerous
Testa: Senate Rejects Permanent Repeal of Estate Taxes Jun 14, 2002
Under the Economic Growth and Tax Relief Reconciliation Act of 2001 ("EGTRRA"), the estate tax is scheduled to be repealed in 2010, but only for that year. In 2011 the repeal is scheduled to "sunset" and the estate tax will be reinstated in its current form
Testa: Senate Rejects Permanent Repeal of Estate Taxes Jun 14, 2002
FEDERALAND STATE TAXATION. June 14, 2002 On Wednesday, June 12th, the Senate defeated by a margin of six votes Republican proposed legislation that would have made estate tax repeal permanent
Winston Strawn: Alert for New Automatic Allocation Rules for GST Exempt... May 03, 2002
Testa: Gifting Strategies (MICRO VIEW) Apr 01, 2002
As of January 1, 2002: The annual gift tax exclusion increased from $10,000 per year to $11,000 per year. The estate and gift tax exemption increased from $675,000 per donor to $1,000,000 per donor
Shearman & Sterling: New Automatic Allocation Rules May Have Unintended Gene... Apr 01, 2002
New Automatic Allocation Rules May Have Unintended Generation-SkippingTransferTax Consequences. Alert--If you have made a gift to a trust in 2001, including the payment of a premium by either you or your employer on a life insurance policy held by an insurance trust, you may need to file a federal gift tax return for 2001 to prevent the automatic allocation of exemption from the generation-skipping transfer ("GST") tax to such gift
Pitney Hardin: Additional Opportunities to Make Tax-Free Gifts Mar 01, 2002
Gifts may be subject to two types of taxes, gift tax and generation-skipping transfer ("GST") tax. This year, cost of living adjustments and the Economic Growth and Tax Relief Reconciliation Act of 2001 will allow more gifts to be made free of gift and GST tax than ever before
Choate: For Clients Who Made Gifts to Irrevocable Trusts Mar 01, 2002
Michael Best & Friedrich: Estate Planning (March 2002) [PDF Format - 12.9KB] Mar 01, 2002
At first blush, one might think that after the increase in the applicableexclusionamountfrom$675,000to$1,000,000, each taxpayer may give an additional $325,000 without paying any gift tax. This is not true if the taxpayer has madetaxablegiftsinexcessofthepre-increaseapplicable exclusion amount
Kirkpatrick & Lockhart: Automatic Allocation of Generation-Skipping Transfer Ta... Mar 01, 2002
Automatic Allocation of Generation-Skipping Transfer Tax Exemption. The generation-skipping transfer ("GST") tax (which is separate from the estate tax) is currently a 50% tax on certain gifts and bequests to grandchildren and more remote descendants
Hodgson Russ: Avoiding Probate Fees Feb 02, 2002
Volume 9, Number 12, December 27, 2001 by Alice A. Joseffer New types of Canadian trusts permit Canadian residents to transfer property in trust on a tax-deferred basis and avoid probate. If the Canadian resident is a US citizen or if the property is US-situs, such as real estate, the potential US tax implications could trap the unwary
Piper Rudnick: Estate Planning Alert: Gift tax changes Feb 01, 2002
Lowenstein Sandler: 2001 Federal Tax Changes Affect Gift Tax Return Filing ... Feb 01, 2002
2001 Federal Tax Changes Affect Gift Tax Return Filing Requirements For Generation-Skipping Transfer Tax Trusts. he Economic Growth and Tax Relief Reconciliation Act of 2001 (the "Act"), made significant changes to the estate, gift and generation-skipping transfer ("GST") tax provisions, many of which provide new benefits for taxpayers
Hale Dorr: Private Client Bulletin Jan 01, 2002
Greenberg Traurig: Estate and Gift Taxation of Nonresident Aliens Dec 13, 2001
A. B. Reference Chart for Estate, Gift and Generation Skipping Transfer Taxes Carryover Basis From and After Estate Tax Repeal. Elimination of 5% Estate Tax Surcharge Elimination of Credit for State Death Taxes Elimination of QFOBI Liberalized Tax Treatment of Qualified Conservation Easements Qualified Domestic Trust Distributions Generation Skipping Transfer Tax Installment Payments of Estate Tax
Isaacson: Low Interest Rates and Tax Planning...What Does One Hav... Nov 01, 2001
Isaacson, Rosenbaum, Woods « Low Interest Rates and Tax Planning - What Does One Have to Do With the Other. These affect the interest rate assumptions with which the Internal Revenue Service values pension plan liabilities, certain deferred charitable gifts, and the rates which must be charged on related-party credit sales of assets
Schnader: Trust & Estate Alert Oct 01, 2001
Taxpayers who intend to finance a beneficiary's education expenses should consider using Section 529 Qualified Tuition Programs ("Section 529 Plans") and Coverdell Education Savings Accounts ("Coverdell Accounts," formerly "Education IRAs") as two possible funding techniques. Broadened dramatically by the recent passage of the Economic Growth and Tax Relief Reconciliation Act of 2001 ("EGTRRA"), these vehicles offer tax-deferred, and in many cases tax-free, investment opportunities for education
Chapman and Cutler: September 2001 Sep 01, 2001
This newsletter focuses on the significant impact of the 2001 Act on the Federal estate, gift and generation-skipping transfer ("GST") taxes generally. For the estates of decedents dying in the years 2002 through 2009, the 2001 Act reduces the tax rates and increases the exemption amounts of the estate, gift and GST taxes
King & Spalding: Trusts & Estates Client Alert: New Tax Act and Other De... Aug 28, 2001
Trusts and Estates: New Tax Act and Other Developments Call for Review of Estate Plans On June 7, 2001, the President signed into law the Economic Growth and Tax Relief Reconciliation Act of 2001. For example, the effective exemption from estate and gift tax increases from $675,000 to $1 million in 2002
Dickstein Shapiro: Tax Law Update Aug 01, 2001
Gift and Estate Planning Impact of New Tax Law. Dickstein Shapiro Morin sky LLP's Tax Practice focuses on federal and state income, excise, gift, and estate tax planning, and the handling of controversies, including litigation, for a variety of public and private firms, tax-exempt organizations, employee benefit plans, and individuals
Dickstein Shapiro: Tax Law Update Aug 01, 2001
Gift and Estate Planning Impact of New Tax Law. Dickstein Shapiro Morin sky LLP's Tax Practice focuses on federal and state income, excise, gift, and estate tax planning, and the handling of controversies, including litigation, for a variety of public and private firms, tax-exempt organizations, employee benefit plans, and individuals
Hale Dorr: Private Client Bulletin Aug 01, 2001
McDermott: Changes to the Tax Law Make Section 529 Plans Attractiv... Aug 01, 2001
McDermott - Newsletters - Changes to the Tax Law Make Section 529 Plans Attractive Way to Save for if (document. selectedIndex=0; } Please select a language: English Italian German PUBLICATIONS NEWSLETTERS CHANGES TO THE TAX LAW MAKE SECTION 529 PLANS ATTRACTIVE WAY TO SAVE FOR August 2001 Over the years the U.S. Congress has given taxpayers a variety of tax-advantaged ways to save and pay for higher education, including Education IRAs, HOPE scholarships and prepaid tuition plans
McDermott: Changes to the Tax Law Make Section 529 Plans Attractiv... Aug 01, 2001
McDermott - Newsletters - Changes to the Tax Law Make Section 529 Plans Attractive Way to Save for if (document. selectedIndex=0; } Please select a language: English Italian German PUBLICATIONS NEWSLETTERS CHANGES TO THE TAX LAW MAKE SECTION 529 PLANS ATTRACTIVE WAY TO SAVE FOR August 2001 Over the years the U.S. Congress has given taxpayers a variety of tax-advantaged ways to save and pay for higher education, including Education IRAs, HOPE scholarships and prepaid tuition plans
Sheppard Mullin: There's Good News and Bad News...Estate Tax Repeal... Jul 31, 2001
Estate Tax Repeal and the New Tax Law NS4 = (document. Estate Tax Repeal and the New Tax Law July 31, 2001 Click Here to View a PDF Copy of the Document
Ober Kaler: Memorandum: Summary of Economic Growth and Tax Relief R... Jul 02, 2001
Venable: "Important Estate and Gift Tax Developments in 200... Jul 01, 2001
...xable LLP Home Publications Articles Printer Friendly Version ARTICLES The Tax Lawyer Important Estate and Gift Tax Developments in 2001 By A. Christopher Sega Summer 2001 Top About Venable | Attorneys | Practice Areas | News and EventsPublications | Recruiting | Contact Us | Client Login | SitemapVenable Copyright 2004. Disclaimer and Legal Notices
Testa: Congress Has Repealed the Federal State Tax (Micro View... Jul 01, 2001
...xsp; Private Equity Viewpoint Congress Has Repealed the Federal State Tax (Micro View) Henry W. Comstock, Jr. Mark M. Christopher Summer 2001 It has been widely reported that Congress has repealed the federal estate tax. What is not widely known is that the gift tax was not repealed, and estate tax repeal will not go into effect for nine years
Mintz Levin: Trusts and Estates Advisory: 2001 Tax Legislation Jul 01, 2001
Any permanent repeal of the estate tax will require a further act of Congress. The Act does not provide for the ultimate repeal of the gift tax
Jackson & Campbell: Summer 2001 Jul 01, 2001
As you undoubtedly know, President Bush recently signed the "Tax Reform Bill," formally known as The Economic Growth and Tax Relief Reconciliation Act of 2001. In addition to the highly publicized changes to the income tax law, the bill contains several provisions that will make significant changes to the Federal estate and gift tax system over the next decade
Debevoise: Estate and Gift Tax Reform and Partial Repeal Jun 12, 2001
President Bush has made repeal of the estate tax a centerpiece of his tax policy. Indeed, the Economic Growth and Tax Relief Reconciliation Act of 2001 (the “Act”), which he signed June 7, nominally repeals the estate tax beginning in 2010
Preston Gates & Ellis: Recent Congressional Changes to the Estate & Gift Tax Jun 08, 2001
Preston Gates & Ellis : Recent Congressional Changes to the Estate Tax ArticlesAlertsNewslettersPresentations 6. 2001Recent Congressional Changes to the Estate TaxOn June 7, 2001, President Bush signed the Tax Relief Reconciliation Act which significantly changes income, estate, and gift taxes
Kramer Levin: Highlights of the Economic Growth and Tax Relief Reconc... Jun 07, 2001
Highlights of the Economic Growth and Tax Relief Reconciliation Act of 2001. To Our Clients and Friends: On June 7, 2001, President Bush signed into law the Economic Growth and Tax Relief Reconciliation Act of 2001 (the "2001 Tax Act")
Sullivan & Worcester: The Impact of Recent Estate and Gift Tax Changes on Est... Jun 01, 2001
S&W LLP -> S&W in Print -> S&W Publications -> The Impact of Recent Estate and Gift Tax Changes on Estate Planning S&W Publications | News & Views 444 ) frameHeight = frameHeight - 444; document. write( '' ); // -- The Impact of Recent Estate and Gift Tax Changes on Estate Planning Trusts es Department Client Advisory #2001-04 June 2001 Printable version (Adobe PDF) Background
McDermott: Death of the Death Tax? Some Questions and Answers for ... Jun 01, 2001
McDermott - Newsletters - Death of the Death Tax. selectedIndex=0; } Please select a language: English Italian German PUBLICATIONS NEWSLETTERS DEATH OF THE DEATH TAX
McDermott: Death of the Death Tax? Some Questions and Answers for ... Jun 01, 2001
McDermott - Newsletters - Death of the Death Tax. selectedIndex=0; } Please select a language: English Italian German PUBLICATIONS NEWSLETTERS DEATH OF THE DEATH TAX
Frost Brown Todd: Privacy Notice Jun 01, 2001
Montgomery McCracken: Repeal of the Death Tax is Short-Lived Jun 01, 2001
...umors of the demise of the so-called death tax have been grossly exaggerated. Although the Economic Bush, does the following, · Reduces the estate and generation-skipping tax rates during years 2002 through 2009, and · Increases the estate and generation-skipping tax exemptions during years 2002 through 2009, and · Reduces the gift tax rate during years 2002 through 2009, and · Increases the gift tax exemption during years 2002 through 2009, and · Eliminates the estate and generation-skipping
Parker Poe: (View PDF) Jun 01, 2001
THE ECONOMIC GROWTH AND TAX RELIEF RECONCILIATION ACT OF 2001 TRANSFER TAX PROVISIONS June 2001. The Economic Growth and Tax Relief Reconciliation Act of 2001 ("2001 Tax Act") was passed by Congress and signed by President Bush on June 7, 2001
Winston Strawn: The Economic Growth and Tax Relief Reconciliation Act o... Jun 01, 2001
Ballard Spahr: Download a PDF version of this newsletter Jun 01, 2001
"You've got to be very careful if you don't know where you are going, because you might not get there." -- Yogi Berra Yogi's words capture the essence of the care needed in estate planning after "The Economic Growth and Tax Relief Reconciliation Act of 2001." As Chart 1 below indicates, over a ten-year period beginning in 2002, Congress has significantly reduced, then briefly repealed, and finally resurrected the current estate tax. EstateTaxExemption Amountyoucangiveatdeath
Lowenstein Sandler: 2001 Federal Tax Changes Force Taxpayers to Reevaluate ... Jun 01, 2001
2001 Federal Tax Changes Force Taxpayers To Reevaluate Their Estate Plans. n June 7, 2001, President George W. Bush signed into law the Economic Growth and Tax Relief Reconciliation Act of 2001 (the "Act"), perhaps the most sweeping tax cut since 1981
Bell: Economic Growth and Tax Relief Reconciliation Act of 20... Jun 01, 2001
IRS Issues Final Regulations on Public Inspection Requirements for Private Foundations Client AlertEstate Planning Group June 12, 2001 Economic Growth and Tax Relief Reconciliation Act of 2001- Estate, Gift and Generation-Skipping Provisions President Bush has signed the "Economic Growth and Tax Relief Reconciliation Act of 2001" (the "Relief Act") into law. Among the most significant of the provisions contained in that law, signed on June 7th, are sweeping changes in the federal estate, gift
Shearman & Sterling: Economic Growth and Tax Relief Reconciliation Act of 20... Jun 01, 2001
Economic Growth and Tax Relief Reconciliation Act of 2001. Today, June 7, 2001, President Bush signed into law the "Economic Growth and Tax Relief Reconciliation Act of 2001" (the "Act")
Michael Best & Friedrich: Estate Planning Update (April 2001) Apr 01, 2001
The new regulations take effect in the 2002 tax year. In 2001, taxpayers have the option of calculating the MRD amount using either the old or new regulations
Michael Best & Friedrich: GRATS: An Estate Tax Reduction Technique with Renewed V... Apr 01, 2001
Estate Planning Update Spring 2002 - GRATS: An Estate Tax Reduction Technique with Renewed Vitality GRATS: An Estate Tax Reduction Technique with Renewed Vitality Contact: Mary-Ann WilsonPhone: (312) 222-6623Fax: (312) 222-0818Email: mawilson@mbf-law. Such a GRAT might work like this: On March 31, 2002, a 55 year-old taxpayer contributes $500,000 of marketable securities to a five-year GRAT. The GRAT provides for a distribution of the GRAT assets to the taxpayer’s children at the end of the five
Mayer Brown: Wealth Management Update - 2001 Gift Tax Returns Mar 01, 2001
Sullivan & Worcester: Gift Tax Returns Due With Income Tax Returns Feb 01, 2001
This letter is intended as a reminder that if you have established any trusts last year or made any other substantial gifts, you may also have to file a gift tax return. If it is uncertain whether a particular transaction may be claimed to involve a gift, disclosure may be helpful in order to place a limit on the time in which the transaction may be challenged by the IRS. Filing a gift tax return does not necessarily mean that any taxes have to be paid
McDermott: GReAT NEWS! Feb 01, 2001
Unless you believe that the estate tax is going away -- soon and for good - you'd be wise to consider "GRATting" now any property with significant appreciation potential. Thus, the difference between the value of the GRAT assets and the now-reduced value of the retained annuity became a taxable gift
McDermott: GReAT NEWS! Feb 01, 2001
Unless you believe that the estate tax is going away -- soon and for good - you'd be wise to consider "GRATting" now any property with significant appreciation potential. Thus, the difference between the value of the GRAT assets and the now-reduced value of the retained annuity became a taxable gift
Testa: Protecting Value for the Family Dec 01, 2000
Effective estate and gift tax rates now range from 37% to 55%, and without effective planning a person’s assets can be reduced by half in the event of death. A structured program of leveraged gifting can minimize the potential tax bite while at the same time providing the flexibility to meet the needs of a developing family
Michael Best & Friedrich: Estate Planning Update (Fall 2000) Oct 01, 2000
Estate Tax Repeal Still Possible [click on title for full article] Last summer Congress passed legislation that would have phased out the federal estate tax over the next ten years. Proponents of the legislation, which was known as the "Death Tax Elimination Act of 2000," argued that the tax should be repealed because it forces the sale of family farms and small businesses in order to pay the tax
Faegre & Benson: Tuition Gifts Help Solve the Riddle of Death and Taxes Apr 01, 2000
...com //This credit MUST stay intact for use var linkset=new Array(); //SPECIFY MENU SETS AND THEIR LINKS. FOLLOW SYNTAX LAID OUT // linkset populated in favorites. The court s decision, announced in September, removes the legal stigma of keeping patent opinions confidential –- but keeps the value of the patent opinion itself largely unchanged. (September 2004) Ho Ho Ho: IRS Says Holiday Gift Coupons are TaxableAn IRS Technical Advice Memorandum released earlier this month concludes that certain
Sullivan & Worcester: Lifetime Giving Feb 01, 2000
Second, more meaningful but also more uncertain, is the possible reduction and even complete repeal of the estate and gift taxes. Gifts Exempt from the Gift Tax
Debevoise: Year 2000 Estate Planning Opportunities Jan 20, 2000
Two exemptions from the federal gift, estate and generation skipping transfer taxes have increased this year. The increases are as follows: · Unified Credit: A total of $675,000 of lifetime gifts per donor (over and above the $10,000 per donee annual exclusion noted below) are now exempt from gift tax, and if aggregate gifts amount to less, the balance of this “unified credit” will shelter a corresponding portion of the donor’s taxable estate
Paul Weiss: Changes in New York Gift and Estate Law Bring Good News... Jan 01, 2000
CHANGES IN NEW YORK GIFT AND ESTATE LAW BRING GOOD NEWS TO NEW YORK RESIDENTS. PAUL, VVEISS, RIFKIND, VVHARTON SON Changes in New York gift and estate tax law that take effect in January and February 2000 will benefit you financially
Chapman and Cutler: December 1999 Dec 01, 1999
December, 1999 Estate Tax Planning for Married Couples The estate planning process for a married couple addresses two important goals. Second, if appropriate, certain provisions can be incorporated into the couple's estate plan so that property may be disposed of to their intended beneficiaries in the most tax-efficient manner
FROF: The Gift of Education:Recent Ruling Expands Gift Giving... Nov 02, 1999
FROF Articles - The Gift of Education:Recent Ruling Expands Gift Giving for Educational Purposes function displayAttorney(aID) { win = window. open("/inside/attorney.asp?IC=y aID,'_blank','menu=yes,height=410,width=630,scrollbars=yes,toolbar=yes,location=no,directories=no,status=no,resizable=yes'); } The Gift of Education:Recent Ruling Expands Gift Giving for Educational Purposes by Mark L. Silow Reprinted from The Legal Intelligencer In a recent Technical Advice Memorandum (TAM 199941013,
Morgan Lewis: Adding GRATs to Your Arsenal of Trusts May 17, 1999
THE PENNSYLVANIA STATE UNIVERSITY 53RD ANNUAL TAX CONFERENCE MAY 17 - 18, 1999. INTRODUCTION. This Outline will address the general rules regarding the creation of a Grantor Retained Annuity Trust ( hereinafter, "GRAT"), the income, gift and estate tax consequences of a GRAT and the planning considerations in connection with the use of a GRAT.
FROF: Significant Federal Tax Savings through the Qualified P... Mar 23, 1999
FROF Articles - Significant Federal Tax Savings through the Qualified Personal Residency Trust (QPRT) function displayAttorney(aID) { win = window. open("/inside/attorney.asp?IC=y aID,'_blank','menu=yes,height=410,width=630,scrollbars=yes,toolbar=yes,location=no,directories=no,status=no,resizable=yes'); } Significant Federal Tax Savings through the Qualified Personal Residency Trust (QPRT) by Norman Leibovitz The Qualified Personal Residency Trust (QPRT) can offer significant federal tax savings
Shearman & Sterling: Recent Estate and Gift Tax Proposals Would Eliminate Tw... Mar 01, 1999
Recent Estate and Gift Tax Proposals Would Eliminate Two Key Planning Opportunities. The following are the two significant proposals in the estate and gift tax area, both of which were also proposed but not enacted last year
Morgan Lewis: New York Estate and Gift Tax Reform: Leveling the Playi... Oct 25, 1998
FROF: Charitable Gift Annuities Aug 11, 1998
Cohen & Wolf: Giving Away the Family Home (and Saving Big on Estate T... Jun 01, 1998
Debevoise: New IRS Rules on Gifts of Stock Options Apr 22, 1998
The IRS also issued Revenue Procedure 98-34 outlining the method of valuing compensatory options for gift, estate and generation-skipping transfer tax. Tax Advantages of Giving Options The use of gifts of transferable stock options for estate planning purposes has been growing because of the following favorable tax consequences: The person to whom a nonstatutory stock option was granted does not recognize income at the time of the gift
Debevoise: Estate Planning Aspects of 1998 Budget Proposals Feb 09, 1998
If enacted, these proposals would foreclose the use of several popular methods of reducing gift and estate tax. In general, when an individual transfers property to a trust in which he or she has retained an interest, the entire value of the property transferred to the trust is treated as a taxable gift notwithstanding the value of the individual’s retained interest
Jones Day: New Tax-Free Gift Limits in 2002 and a GST Exemption Al... Jan 31, 1998
New Tax-Free Gift Limits in 2002 and a GST Exemption Allocation Warning. First, we will summarize the increases in the amounts that the tax laws permit to be gifted in 2002 without gift tax
Jones Day: New Tax-Free Gift Limits in 2002 and a GST Exemption Al... Jan 31, 1998
Jones Day - Publications - New Tax-Free Gift Limits in 2002 and a GST Exemption Allocation Warning function setLanguage(theform,section,page){ lang = theform. Private Capital Planning AlertNew Tax-Free Gift Limits in 2002 and a GST Exemption Allocation Warning February 2002 PDF Version This Planning Alert will highlight two issues
Heller Ehrman: Wealth Management & Estate Bulletin (October 2001) Sep 30, 1997
WEALTH MANAGEMENT E PLANNING TIME TO CONSIDER GIFTING. cussed the recent changes enacted to the estate, gift and generation-skipping transfer tax provisions of the Internal Revenue Code by the Economic Growth and Tax Relief Reconciliation Act of 2001 (the "2001 Tax Act")
Isaacson: Conservation Tax Alert Sep 01, 1997
Provisions of the Act which will affect land conservation include the following: Partial exclusion from estate tax for certain land subject to a qualified conservation easement. Liberalization of treatment of severed mineral rights for conservation easement tax deductions
Jones Day: Estate Tax Repeal? (Don't Believe the Hype) Apr 30, 1997
As you know, over the Memorial Day weekend, Congress passed a tax package providing a $1. Included in the tax bill are sweeping changes to the federal transfer tax rules (the estate tax, the gift tax, and the generationskipping transfer tax)
Cohen & Wolf: In Life Insurance We Trust. Feb 01, 1996
ESTATE AND GIFT TAX ALERT - June
Holme Roberts & Owen, LLP function Go(){ return } Site Search: News Letters ESTATE AND GIFT TAX ALERT Is The Estate Tax Really Repealed. Is The Gift Tax Repealed
Tax e-bulletin Issue #6 (June 8
Tax e-Bulletin - Issue 6 Print this Page POYNER & SPRUILL TAX e-BULLETIN - ISSUE # 6 You have probably heard that the new tax law, which is called the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA), was signed into law on June 7, 2001. This law makes changes in a number of areas but particularly in the estate tax, generation-skipping transfer tax and gift tax laws
New Tax Rules in Effect
...(I) Gifts to Irrevocable Trusts. If you made gifts to irrevocable trusts in 2001, including gifts to life insurance trusts or so-called Crummey trusts, and you are not already planning to file a gift tax return this year, you may need to file one, even if your gift is under the annual exclusion amount (which was $10,000 per beneficiary in 2001 but is due to increase this year as noted below)
Deferred Payment Sates to Grantor Trusts
DEFERRED PAYMENT SALES TO GRANTOR TRUSTS, GRATS AND NET GIFTS: INCOME AND TRANSFER TAX ELEMENTS. Abstract Estate planners have long recognized the attractiveness of the various freeze techniques for transfer tax purposes
Estate
First of all, due to certain "sunset" rules contained in the Congressional Budget Act of 1974, the taxes that are eliminated as of January 1, 2010, are reinstated beginning after December 31, 2010, as if the Act had never been enacted. A second issue is the reappearance of "carryover" basis for inherited assets as is currently the case for assets received by gift
Tax
Congress Passes Broad Estate
On May 26, 2001, Congress passed sweeping tax legislation that modifies the estate, gift and generation-skipping tax regimes. The measures first reduce and then ultimately repeal the estate and generation-skipping taxes, while leaving the gift tax system in force
CLIENT UPDATE
We welcome this opportunity to share our insights into a number of major tax law and estate planning developments. THE FUTURE OF ESTATE TAXATION As we write this letter, the future of estate taxation remains as unclear as it ever has been in our collective memory
Estate Planning Update
"Estate Planning Update
Private Clients
Featured Articles: State Tax Savings Window for Education Savings Plan Contributions Increased Estate Tax Exemption and Related Estate Planning Considerations The Privacy of Medical Information in the Context of your Estate Plan. We give our clients skilled and thoughtful advice and provide the highest quality legal representation in the areas of tax and estate planning, trust and estate administration, charitable organizations, trust and estate litigation, and family business planning
Income Tax Changes
The new law also phases in substantial changes to the federal estate, gift and generation-skipping transfer taxes, that ultimately result in repeal of the estate and generation-skipping transfer taxes in 2010. Individuals with potentially taxable estates and charities that depend on tax incentives to help drive fundraising have taken a keen interest in what these changes may mean for them
Income Tax Changes
The new law also phases in substantial changes to the federal estate, gift and generation-skipping transfer taxes, that ultimately result in repeal of the estate and generation-skipping transfer taxes in 2010. Individuals with potentially taxable estates and charities that depend on tax incentives to help drive fundraising have taken a keen interest in what these changes may mean for them
Income Tax Changes
The new law also phases in substantial changes to the federal estate, gift and generation-skipping transfer taxes, that ultimately result in repeal of the estate and generation-skipping transfer taxes in 2010. Individuals with potentially taxable estates and charities that depend on tax incentives to help drive fundraising have taken a keen interest in what these changes may mean for them
Tax
Wealth Management & Estate Planning Bulletin
RECENT CHANGES TO TAX LAW COULD AFFECT YOUR ESTATE PLAN To Our Clients and Friends. The new Act affects many different provisions of the Internal Revenue Code, including the estate, gift, and generation-skipping transfer (GST) tax provisions
: July 2002
Moreover, the proceeds can be sheltered from federal estate tax by placing the policies in an irrevocable life insurance trust ("ILIT"). In addition, the proceeds will generally also be exempt from income tax
: Estate
Generation-Skipping Transfer Tax (GST): The 2001 Act makes a number of changes in the GST area. These changes were primarily designed to provide relief when errors have been made in allocating the GST exemption
: Estate
The Economic Growth and Tax Relief Reconciliation Act of 2001 (the "2001 Act") was signed into law on June 7, 2001. This memorandum discusses the gift, estate and generation-skipping transfer tax provisions of the 2001 Act, their rationale, their future and their planning implications
Akerman Senterfitt: A Transactional Approach to Estate and Tax Planning
Receive Periodic Payments From Trust at Discounted Value Reducing Estate Tax and/or Income Tax Transfer Assets to Entity or Entity Structure Controlled by Client. The Capital Transactions Group takes a transactional approach to tax planning to integrate income tax savings with estate and gift tax planning
Akerman Senterfitt: Features of our Plans
In addition, as many are aware, tax laws change frequently. These services would include income and gift tax return preparation, updated financial projections which show the success of a plan as well as a client's cash flow needs, and advice regarding cash flows for note payments, annuity payments and so forth
Baker & McKenzie: Financial Bulletin of the Ministry of Finance
European Tax Newsletter Newsletter - October 2002 0t. Value-added tax in case of providing free-of-charge humanitarian aid and remedying the consequences of floods Assistance provided by a VAT payer in the form of a financial gift is not considered as a taxable supply as specified by Article 2 of the VAT Act
Cooley Godward: The Economic Growth & Tax Relief Reconciliation Act of ...
To help our clients and friends understand the implications for estate planning, this Alert summarizes the Tax Act’s impact on estate, gift, and generation-skipping transfer taxes. Changes to the Estate, Gift and Generation-Skipping Transfer Taxes Under the new Tax Act, there will be a phase-out of the estate tax and generation-skipping transfer (GST) tax with eventual repeal in 2010
Cooley Godward: The Economic Growth & Tax Relief Reconciliation Act of ...
To help our clients and friends understand the implications for estate planning, this Alert summarizes the Tax Act’s impact on estate, gift, and generation-skipping transfer taxes. Changes to the Estate, Gift and Generation-Skipping Transfer Taxes Under the new Tax Act, there will be a phase-out of the estate tax and generation-skipping transfer (GST) tax with eventual repeal in 2010
Fox Rothschild: Generation Skipping Transfer ("GST") Tax Exem...
TAX AND ESTATES DEPARTMENT. GENERATION SKIPPING TRANSFER ("GST") TAX EXEMPTION
Garvey Schubert Barer: Summary of Changes in U.S. Estate and Gift Tax and Gene...
...write('') } Resource Center Publications Description Summary of Changes in U.S. Estate and Gift Tax and Generation Skipping Transfer Tax Congress passed the Economic Growth and Tax Relief Reconciliation Act of 2001 on May 26, 2001, and the President signed it into law on June 7, 2001. Exemptions The Act provides definite relief from the estate tax starting in the year 2002
Goodwin Procter: Bargain Sales of Closely Held Business Interests
Objective To allow senior family member to make lifetime transfers of S corporation stock to junior family members at a reduced gift tax cost, ensuring that future appreciation in the value of the stock transferred escapes transfer taxation, while providing an income stream to fund retirement or other cash needs of senior family member. Valuation discounts applicable to minority interests can significantly reduce the value of the gift
Goodwin Procter: New Tax Rules Could Trigger Unwanted Allocation of Gene...
New Tax Rules Could Trigger Unwanted Allocation of Generation-Skipping Transfer Tax Exemption. Certain provisions of The Economic Growth and Tax Relief Reconciliation Act of 2001 (the "2001 Tax Act") could cause taxpayers to "waste" part of the important exemption from generationskipping transfer tax ("GST tax")
Goodwin Procter: Family Limited Partnerships Overview
Objective To transfer interests in real estate or other assets to family members at a reduced tax value and to possibly reduce the tax value of any interest in such assets retained at death. Tax Consequences · Donor can greatly accelerate the transfer of assets during his or her life as a result of the reduced gift tax value of the partnership interests
Goodwin Procter: Federal Tax Law Changes
As you probably know, President Bush has recently signed legislation which makes significant changes to the federal tax laws. The popular press is filled with reports of the demise of the despised "death tax." The increased exemption and lower estate and gift tax rates will undoubtedly provide significant savings for some taxpayers, but the phase-out of the estate tax, the interplay of the new gift and estate tax rules and the legislation's "sunset provision" mean that careful planning is
Goodwin Procter: Summary of the Federal Transfer Tax System
FEDERAL TRANSFER TAX SYSTEM. ESTATE TAX Tax Rate; Assets Subject to Tax
Gray Cary: Estate Planning Update:? Economic Growth and Tax Relief...
Economic Growth and Tax Relief Reconciliation Act by Ellen van Hoften Select - Communicationse-Alerts + Online NewsArticles of InterestMedia CenterSeminars + EventsJournal of Internet Law Memo-- ESTATE PLANNING UPDATE Economic Growth and Tax Relief Reconciliation Act October 2002 by Ellen van Hoften Now that the Economic Growth and Tax Relief Reconciliation Act of 2001 has become law, we want to bring to your attention some of its more significant provisions which may affect your estate
Greenberg Traurig: Divorce: A Window For Estate Planning Opportunities
Jerome M. Hesch Greenberg Traurig, P.A. Miami, Florida Adjunct Professor of Law University of Miami School of Law Graduate Programs in Estate Planning and Taxation Coral Gables, Florida. Table of Contents I. GIFT TAX CONSEQUENCES OF ALIMONY, CHILD SUPPORT AND PROPERTY SETTLEMENTS.
Hinshaw & Culbertson: Estate and Gift Taxes Increases in Applicable Credit Am...
Hinshaw & Culbertson: The New Estate Tax Law/The Long Goodbye
Michael Best & Friedrich: Estate Planning Update
As an associate, her practice will focus on estate planning matters, including estate and gift taxation. The Basics of Lifetime Gifting
Poyner and Spruill: North Carolina Estate and Gift Tax Made More Consistent...
Estate Planning Bulletin - April 2003 Print this Page Estate Planning Bulletin April 2003 In This Issue: Update on Federal and North Carolina Estate, Gift, and Generation-Skipping Transfer Taxes North Carolina Estate and Gift Tax Made More Consistent with Federal Law Trusts As Beneficiaries of Retirement Plans In Light of the New Final IRS Regulations and Recent IRS Ruling Update On Federal and North Carolina Estate, Gift, and Generation-Skipping Transfer Taxes by: William T. Belcher You have
Riker Danzig: 3/00 Gift Tax Reminder
The gift tax return (Form 709) is a calendar year return normally due on April 15th. Generally, you must file this return: If you gave gifts to any particular donee in excess of $10,000
Riker Danzig: 3/99 Gift Tax Return Reminder
The gift tax return (Form 709) is a calendar-year return normally due on April 15th. If you gave gifts to any particular donee in excess of $10,000
Riker Danzig: 3/01 Gift Tax Return Reminder
As you are preparing your annual income tax return, you should also consider whether you need to file a federal gift tax return. The gift tax return (Form 709) is a calendar-year return normally due on April 15th (April 16th this year)
Riker Danzig: 3/98 Gifts of Limited Partnership Interests Ruled Ine...
Riker Danzig Article (243) 3/98 Gifts of Limited Partnership Interests Ruled Ineligible for Gift Tax Annual Exclusion From Riker Danzig Tax UPDATE, March 1998 In Technical Advice Memorandum 9751003, the IRS determined that gifts of limited partnership interests transferred to the donor's family members over a period of three years failed to qualify for the annual $10,000 gift tax exclusion provided in Section 2503(b) of the Code. Over a three-year period, the donor gifted limited partnership
Riker Danzig: 3/98 Significant New York Tax Legislation Replaces Cu...
Riker Danzig Article (242) 3/98 Significant New York Tax Legislation Replaces Current Estate Tax With a "Pick Up" Tax and Repeals Gift Tax in Its Entirety From Riker Danzig Tax UPDATE, March 1998 The State of New York imposes an estate tax upon the transfer of the New York taxable estate of every deceased individual who was a resident of New York at the time of his or her death. The tax is also imposed upon the estates of nonresidents, but only real and tangible personal property located within
Riker Danzig: New Twist on GST Exemption Allocations Creates Unintend...
Riker Danzig Article (453) New Twist on GST Exemption Allocations Creates Unintended Problems for Many Insurance Trusts From Riker Danzig Tax UPDATE, December 2001. The IRS has tried to make life a little easier for taxpayers by expanding the rules for automatic allocation of the generation-skipping transfer ("GST") tax exemption
Riker Danzig: 2/95 Minors' Accounts Present Troubling Tax and P...
Riker Danzig Article (189) 2/95 Minors' Accounts Present Troubling Tax and Practice Problems From Riker Danzig Tax UPDATE, February 1995 Parents and grandparents who wish to make gifts to minor children and grandchildren are sometimes advised to set up Uniform Transfer to Minors Act (UTMA) accounts for them. (Under prior law,these were known as Uniform Gifts to Minors Act accounts
Riker Danzig: 2/95 IRS Grants Reprieve to Family Limited Partnershi...
Riker Danzig Article (190) 2/95 IRS Grants Reprieve to Family Limited Partnerships From Riker Danzig Tax UPDATE, February 1995 The family limited partnership ("FLP") has become an attractive vehicle to manage family assets, provide some protection from creditors, and reduce federal gift and estate taxes. Treasury Regulations were issued on December 29, 1994, dealing with certain partnership income tax issues (under Internal Revenue Code Section 701)
Riker Danzig: 2002 Offers Greater Opportunities for Gift-Giving
These changes stem from the Economic Growth and Tax Relief Reconciliation Act of 2001 (the "Act"), which was signed into law on June 7, 2001. This Act not only resulted in lower tax rates for this year, and even lower rates in 2002, but it created a number of new or more generous tax credits and exclusions that will go into effect in 2002
Riker Danzig: 3/99 College Savings Plans Offer Unique Tax Benefits
Earnings on these plan accounts are not taxed until they are withdrawn. New Jersey has a state-administered plan known as "New Jersey Best." Though other state plans may be used by New Jersey residents, withdrawals from the New Jersey plan for higher education expenses have the further advantage of being exempt from New Jersey income tax
Riker Danzig: 6/01 Planning Considerations ? What Should You Do?
From Riker Danzig Tax UPDATE, June 2001. E.g., a number of clients, particularly those in second marriages, leave the amount of their estate tax exemption to their children at the first death, with the balance of the estate passing outright or in a marital trust for the spouse (or perhaps to charity, if they are unmarried)
Riker Danzig: 3/03 Tax and Trusts & Estates UPDATE
Riker Danzig Article (497) 3/03 Tax and Trusts es UPDATE Written by the Riker Danzig Tax and Trust es Group Contents New Jersey Estate Tax May Require Will Changes Is It Time to Review Your Estate Plan. Do You Need to File a Gift Tax Return This Year
Riker Danzig: 3/02 Riker Danzig Tax UPDATE
The gift tax return (Form 709) is a calendar-year return normally due on April 15th. If you gave gifts to any particular donee in 2001 in excess of $10,000
Riker Danzig: Qualified 529 Tuition Plans Should Be Considered for Ye...
Riker Danzig Article (450) Qualified 529 Tuition Plans Should Be Considered for Year-End Gift Planning From Riker Danzig Tax UPDATE, December 2001. Fortunately, there is an improved opportunity available to do this in a manner that offers unique income, gift, and estate tax benefits: the Qualified Tuition Program, commonly referred to as a Section 529 Plan
Riker Danzig: 6/01 Estate Tax Suspended in the Largest Tax Cut In T...
Riker Danzig Article (438) 6/01 Estate Tax Suspended in the Largest Tax Cut In Twenty Years From Riker Danzig Tax UPDATE, June 2001. On June 7, 2001, President George W. Bush signed into law the Economic Growth and Tax Relief Reconciliation Act of 2001 (the “Act”)
Riker Danzig: 12/00 Gifts Must Be Completed This Year to Get 2000 T...
Riker Danzig Article (391) 12/00 Gifts Must Be Completed This Year to Get 2000 Tax Benefits From Riker Danzig Tax UPDATE, December 2000. Timing is critical if you want to complete gifts this year
Riker Danzig: 3/04 Tax and Trusts & Estates UPDATE
Riker Danzig Article (526) 3/04 Tax and Trusts es UPDATE A publication of the Riker Danzig Tax and Trusts es Group In this Issue Important New Jersey Tax Law Changes Dangers of Ignoring Terms of Trust Agreements IRS Attacks FLPs and LLCs IRS Rules Favorably on Bailout of Stock Contributed to Charitable Trust Gift Tax Return Reminder Focus on Foundations-Event Tickets and Pledges Important New Jersey Tax Law Changes Inheritances Payable to Minors May Now Be Transferred to Court-Approved Trusts An
Saul Ewing: Estate Tax Relief Legislation
Members introducing the legislation have been led to believe by top White House officials that President Clinton would sign the compromise estate tax relief bill that they have introduced. e. Death Tax Relief Now Act of 2000) are as follows: 1) Double the applicable credit amount against estate and gift tax from the current amount of $675,000 to $1,300,000 and then gradually increase the credit to $2,000,000 for an individual or $4,000,000 per married couple by 2009; 2) Index the unified credit
Testa: New Tax Act Makes Major Changes To
The Act makes extensive changes over the next ten years to the current estate, gift and generation skipping tax law, including a repeal of the estate tax (but not the gift tax) in 2010, an intervening increase in the $675,000 estate tax exemption to $3,500,000, and an intervening reduction of the highest estate and gift tax rates from 55% to 45. In an unusual development forced by the legislative budgetary process, all provisions under the Act, and in particular the scheduled repeal of the
Ulmer & Berne: Estate and Gift Tax
Ulmer & Berne: Estate Tax Repeal
In addition, beginning January 1, 2010, the Act repeals the estate and generation-skipping transfer taxes (but not the gift tax) in full. Due to the "sunset" provision, the transfer taxes that are eliminated as of January 1, 2010 are reinstated for years beginning after December 31, 2010 as if the Act had never been enacted
Ulmer & Berne: Family Business Interests
Effective for deaths occurring after December 31, 1997, an estate is eligible to exclude from taxation a portion of certain "qualified family-owned business interests" passing to "qualified heirs". 3 million of qualified family-owned business interests to pass to qualified heirs free of estate tax
Ulmer & Berne: Final Regulations Issued on Adequate Disclosure of Gift...
Events and Publications | Business etters Final Regulations Issued on Adequate Disclosure of Gifts by James A. Goldsmith Business & Tax Law Letter Spring 2000 The IRS has issued final regulations, effective December 3, 1999, regarding the valuation of prior gifts in determining estate and gift tax liability and the applicable period of limitations. In general, the IRS has three years from the date a gift or estate tax return is filed to assess additional tax
Ulmer & Berne: Estate and Gift Taxes
Beginning on January 1, 1998, the unified estate and gift tax credit exemption amount is increased from the current $600,000 to $1 million, as follows: $625,000 for decedents dying (and gifts made) in 1998; $650,000 in 1999; $675,000 in 2000 and 2001; $700,000 in 2002 and 2003; $850,000 in 2004; $950,000 in 2005; $1,000,000 in 2006 and thereafter. Beginning in 1999, the following wealth transfer provisions will be indexed annually for inflation: the $10,000 annual exclusion for gifts, the $1
New Tax Rules in Effect
...(I) Gifts to Irrevocable Trusts. If you made gifts to irrevocable trusts in 2001, including gifts to life insurance trusts or so-called Crummey trusts, and you are not already planning to file a gift tax return this year, you may need to file one, even if your gift is under the annual exclusion amount (which was $10,000 per beneficiary in 2001 but is due to increase this year as noted below)
Congress Passes Broad Estate
On May 26, 2001, Congress passed sweeping tax legislation that modifies the estate, gift and generation-skipping tax regimes. The measures first reduce and then ultimately repeal the estate and generation-skipping taxes, while leaving the gift tax system in force
Income Tax Changes
The new law also phases in substantial changes to the federal estate, gift and generation-skipping transfer taxes, that ultimately result in repeal of the estate and generation-skipping transfer taxes in 2010. Individuals with potentially taxable estates and charities that depend on tax incentives to help drive fundraising have taken a keen interest in what these changes may mean for them
Income Tax Changes
The new law also phases in substantial changes to the federal estate, gift and generation-skipping transfer taxes, that ultimately result in repeal of the estate and generation-skipping transfer taxes in 2010. Individuals with potentially taxable estates and charities that depend on tax incentives to help drive fundraising have taken a keen interest in what these changes may mean for them
Income Tax Changes
The new law also phases in substantial changes to the federal estate, gift and generation-skipping transfer taxes, that ultimately result in repeal of the estate and generation-skipping transfer taxes in 2010. Individuals with potentially taxable estates and charities that depend on tax incentives to help drive fundraising have taken a keen interest in what these changes may mean for them
Wealth Management & Estate Planning Bulletin
RECENT CHANGES TO TAX LAW COULD AFFECT YOUR ESTATE PLAN To Our Clients and Friends. The new Act affects many different provisions of the Internal Revenue Code, including the estate, gift, and generation-skipping transfer (GST) tax provisions
Permanent Estate Tax Repeal? Not Yet (If Ever). So
Jones Day - Publications - Permanent Estate Tax Repeal. Private Capital Planning AlertPermanent Estate Tax Repeal
Permanent Estate Tax Repeal? Not Yet (If Ever). So
Permanent Estate Tax Repeal. U.S. Senate Fails to Pass Permanent Estate Tax Repeal Current law provides for the repeal of the federal estate tax only for persons dying in 2010
ESOPtions Volume 3
The Employee Stock Ownership Plan Journey: A Business Owner's Solution Under New Tax Law. Introduction The new tax legislation that President Bush signed into law on June 7, 2001, enhances the tax benefits that the company and employees receive with respect to retirement plans and reduces the estate and gift tax burden on business owners of closely held corporations
Community Bankers Update Volume 10
Accumulated Earnings Tax: Can a Bank Have Too Much Capital. Grantor Retained Annuity Trusts: Transferring Stock While Minimizing Transfer Tax 3
: Estate
Generation-Skipping Transfer Tax (GST): The 2001 Act makes a number of changes in the GST area. These changes were primarily designed to provide relief when errors have been made in allocating the GST exemption
: Estate
The Economic Growth and Tax Relief Reconciliation Act of 2001 (the "2001 Act") was signed into law on June 7, 2001. This memorandum discusses the gift, estate and generation-skipping transfer tax provisions of the 2001 Act, their rationale, their future and their planning implications
: Too Much Wealth
This goal is often accomplished by utilizing various lifetime gifting techniques that qualify for gift tax exemptions and exclusions, principally the $10,000 annual gift tax exclusion and the current $675,000 lifetime gift tax exemption. In addition, the amount of available exemptions and exclusions often is "leveraged" by gifting assets such as private company stock or interests in venture funds as early as possible when valuations are low and by using vehicles such as family limited
Baker & McKenzie: Financial Bulletin of the Ministry of Finance
European Tax Newsletter Newsletter - October 2002 0t. Value-added tax in case of providing free-of-charge humanitarian aid and remedying the consequences of floods Assistance provided by a VAT payer in the form of a financial gift is not considered as a taxable supply as specified by Article 2 of the VAT Act
Cooley Godward: The Economic Growth & Tax Relief Reconciliation Act of ...
To help our clients and friends understand the implications for estate planning, this Alert summarizes the Tax Act’s impact on estate, gift, and generation-skipping transfer taxes. Changes to the Estate, Gift and Generation-Skipping Transfer Taxes Under the new Tax Act, there will be a phase-out of the estate tax and generation-skipping transfer (GST) tax with eventual repeal in 2010
Fox Rothschild: Generation Skipping Transfer ("GST") Tax Exem...
TAX AND ESTATES DEPARTMENT. GENERATION SKIPPING TRANSFER ("GST") TAX EXEMPTION
Garvey Schubert Barer: Summary of Changes in U.S. Estate and Gift Tax and Gene...
...write('') } Resource Center Publications Description Summary of Changes in U.S. Estate and Gift Tax and Generation Skipping Transfer Tax Congress passed the Economic Growth and Tax Relief Reconciliation Act of 2001 on May 26, 2001, and the President signed it into law on June 7, 2001. Exemptions The Act provides definite relief from the estate tax starting in the year 2002
Goodwin Procter: New Tax Rules Could Trigger Unwanted Allocation of Gene...
New Tax Rules Could Trigger Unwanted Allocation of Generation-Skipping Transfer Tax Exemption. Certain provisions of The Economic Growth and Tax Relief Reconciliation Act of 2001 (the "2001 Tax Act") could cause taxpayers to "waste" part of the important exemption from generationskipping transfer tax ("GST tax")
Goodwin Procter: Federal Tax Law Changes
As you probably know, President Bush has recently signed legislation which makes significant changes to the federal tax laws. The popular press is filled with reports of the demise of the despised "death tax." The increased exemption and lower estate and gift tax rates will undoubtedly provide significant savings for some taxpayers, but the phase-out of the estate tax, the interplay of the new gift and estate tax rules and the legislation's "sunset provision" mean that careful planning is
Gray Cary: Estate Planning Update:? Economic Growth and Tax Relief...
Economic Growth and Tax Relief Reconciliation Act by Ellen van Hoften Select - Communicationse-Alerts + Online NewsArticles of InterestMedia CenterSeminars + EventsJournal of Internet Law Memo-- ESTATE PLANNING UPDATE Economic Growth and Tax Relief Reconciliation Act October 2002 by Ellen van Hoften Now that the Economic Growth and Tax Relief Reconciliation Act of 2001 has become law, we want to bring to your attention some of its more significant provisions which may affect your estate
Gray Cary: Estate Planning Opportunities in a Slowing Economy
Under any economic condition, a lifetime gift allows the donor to remove the future income and appreciation of the gifted asset from his or her estate. Certain “advanced” estate planning vehicles allow for such gifts to be “leveraged” so that the donor can make the gifts at discounted values
Honigman Miller: Tax Considerations in Trust Administration
I. Overview of Tax Considerations Involving Trusts Initial Questions. Each time that you begin the representation of a trustee of any kind of trust, you should determine the answers to the following questions: · What possible taxes are owing
Honigman Miller: Tax Law Focus
ECONOMIC GROWTH AND TAX RELIEF RECONCILIATION ACT OF 2001 INTRODUCTION On June 7, 2001, President Bush signed into law the Economic Growth and Tax Relief Reconciliation Act of 2001 ("2001 Act"). The 2001 Act, which is designed to provide tax relief primarily to individuals, represents the largest tax cut in 20 years
Honigman Miller: Tax Law Focus - May 2003
Included in this issue of theTax Law Focus are selected current tax topics which might be of interest to you. Our Tax Department is ready to help you with specific questions relating to the tax topics discussed below or any of your tax law needs
Honigman Miller: Tax Law Focus
Our Tax Department is ready to help you implement a year-end tax plan or assist you with any of your tax law needs. YEAR-END ESTATE AND GIFT TAX PLANNING CHECKLIST by Regis A. Carozza Although income taxes often are the focus of year-end tax planning efforts, estate and gift tax planning should not be overlooked
McGuire Woods: CHARITABLE GIVING AND TAX-EXEMPT ORGANIZATIONS HANDBOOK
McGuireWoods LLP | News/Resources | Publications Search Site A Guide to Charitable Giving This book was prepared by our tax lawyers and is designed to be a handy reference for tax professionals, financial advisors, development personnel, and others involved in charitable giving. The rules outlined in this handbook are based upon the federal tax laws in effect on January 1, 1998
McGuire Woods: AN INTRODUCTION TO ESTATE PLANNING
McGuireWoods LLP | Publications | Intro to Estate Planning return to McGuireWoods Tax Publications For more than a century our firm has helped clients write their wills and arrange their family financial affairs the process now called estate planning. A common goal is reducing taxes, particularly estate or gift taxes
Michael Best & Friedrich: Estate Planning Update
As an associate, her practice will focus on estate planning matters, including estate and gift taxation. The Basics of Lifetime Gifting
Morris: Estate Planning before the Sale or IPO
7753 Basic Goals and Tax planning Maximize Unified Credit (currently $625,000) Shift appreciation. Grantor Retained Income Trust ("GRIT") Example: Business worth $100 Dividend yield 2% Expected growth rate 10% Father transfers stock to trust, retaining income for 10 years, remainder to daughter Father s income interest valued as if he will receive 10% per year Gift to daughter - $5 IRC § 2702 (1990) now requires that only "qualified payments" (e
Nutter McClennen & Fish: The Economic Growth and Tax Relief Reconciliation Act o...
...xsp; Tax Advisories The Economic Growth and Tax Relief Reconciliation Act of 2001 On June 7, President Bush signed into law the Economic Growth and Tax Relief Reconciliation Act of 2001, the largest tax cut since 1981. 35 trillion tax cut and contains a wide variety of provisions primarily affecting individual taxpayers, the effective dates of which vary over the next 10 years
Nutter McClennen & Fish: IRS Issues Temporary Regulations on Intermediate Sancti...
...xsp; Tax Advisories The Economic Growth and Tax Relief Reconciliation Act of 2001 On June 7, President Bush signed into law the Economic Growth and Tax Relief Reconciliation Act of 2001, the largest tax cut since 1981. 35 trillion tax cut and contains a wide variety of provisions primarily affecting individual taxpayers, the effective dates of which vary over the next 10 years
Nutter McClennen & Fish: ERISA and Employee Benefit Update
...xsp; Tax Advisories The Economic Growth and Tax Relief Reconciliation Act of 2001 On June 7, President Bush signed into law the Economic Growth and Tax Relief Reconciliation Act of 2001, the largest tax cut since 1981. 35 trillion tax cut and contains a wide variety of provisions primarily affecting individual taxpayers, the effective dates of which vary over the next 10 years
Nutter McClennen & Fish: ERISA and Employee Benefits Update: 2002 COLAs for Doll...
Timely adoption of these amendments is essential in order to maintain the tax-qualified status of employee retirement and savings plans. The new deadline also applies to the correction of disqualifying provisions of new plans adopted or effective after December 7, 1994 and plan amendments adopted after December 7, 1994 that would cause an existing plan to fail to be tax-qualified
Poyner and Spruill: A Better Vehicle for Educational Planning?
Historically our clients biggest concerns in setting aside college monies for a junior family member is that the beneficiary will not use the money for schooling and that there is no tax advantaged vehicle to hold the monies until the child needs it. Contributions to a Section 529 plan by a donor (hereafter the "Donor") for the benefit of a designated beneficiary qualify for the annual gift tax exclusion of the Donor provided the contributions to the plan are made in cash and the plan is
Poyner and Spruill: Why You Need a Will
Historically our clients biggest concerns in setting aside college monies for a junior family member is that the beneficiary will not use the money for schooling and that there is no tax advantaged vehicle to hold the monies until the child needs it. Contributions to a Section 529 plan by a donor (hereafter the "Donor") for the benefit of a designated beneficiary qualify for the annual gift tax exclusion of the Donor provided the contributions to the plan are made in cash and the plan is
Poyner and Spruill: New Prudent Investor Act Will Be Important To Both Trus...
Historically our clients biggest concerns in setting aside college monies for a junior family member is that the beneficiary will not use the money for schooling and that there is no tax advantaged vehicle to hold the monies until the child needs it. Contributions to a Section 529 plan by a donor (hereafter the "Donor") for the benefit of a designated beneficiary qualify for the annual gift tax exclusion of the Donor provided the contributions to the plan are made in cash and the plan is
Poyner and Spruill: Private Split Dollar Life Insurance- "Mr. Clean&qu...
Historically our clients biggest concerns in setting aside college monies for a junior family member is that the beneficiary will not use the money for schooling and that there is no tax advantaged vehicle to hold the monies until the child needs it. Contributions to a Section 529 plan by a donor (hereafter the "Donor") for the benefit of a designated beneficiary qualify for the annual gift tax exclusion of the Donor provided the contributions to the plan are made in cash and the plan is
Snell & Wilmer: Business Succession Planning
Business owners who leave business interests to their heirs need to ensure that their estates also have sufficient liquidity to pay death taxes, administrative expenses, and ongoing living expenses. To the extent that the owner has not transferred the business interests during his or her life, they will be in the owner's gross estate for estate tax purposes (or for purposes of any capital gains tax in the event of estate tax repeal)
Testa: New Tax Act Makes Major Changes To
The Act makes extensive changes over the next ten years to the current estate, gift and generation skipping tax law, including a repeal of the estate tax (but not the gift tax) in 2010, an intervening increase in the $675,000 estate tax exemption to $3,500,000, and an intervening reduction of the highest estate and gift tax rates from 55% to 45. In an unusual development forced by the legislative budgetary process, all provisions under the Act, and in particular the scheduled repeal of the
Vorys Sater: Early start key strategy to fund college education for ...
NOW. Assuming that educational expenses grow at 5 percent per year, investments grow at 10 percent per year (after tax, for simplicity) and that the average cost today for one year at college is $20,000 (blending in-state public school tuition with the costs of private colleges and universities), a person would have to save $357 per month for a newborn to meet the projected cost of four years at college. There are no tax savings, of course, but the advantage of having access to the funds at any
Vorys Sater: Early start key strategy to fund college education for ...
NOW. Assuming that educational expenses grow at 5 percent per year, investments grow at 10 percent per year (after tax, for simplicity) and that the average cost today for one year at college is $20,000 (blending in-state public school tuition with the costs of private colleges and universities), a person would have to save $357 per month for a newborn to meet the projected cost of four years at college. There are no tax savings, of course, but the advantage of having access to the funds at any
Weil: Clinton's 1999 Budget Targets Estate Planning and ...
The balance depends in part on proposed tax increases that are projected to raise revenue of $23 billion over the next five years. Almost 10% of these tax increases are aimed at popular estate planning techniques and savings tools
Weil: Death Tax Relief -- The Road Not Taken
35 trillion tax cut that was signed by President Bush on June 7th dedicates $133. 2 billion of revenue cuts to transfer tax reduction, but takes no substantial steps toward either the goal of reform or repeal
White & Case: Asia-Pacific Tax Report (Spring 2000)
White & Case: Asia-Pacific Tax Report (Autumn 2001)
White and Williams: Preserving Family Wealth: Family Limited Partnerships
As a result, the taxpayers had to include in their estates for death tax purposes the current fair market value of the assets they had previously transferred to the FLPs and FLLCs, rather than the discounted value of the FLP or FLCC ownership interests. Interests in an FLP or FLLC may be gifted or otherwise transferred during the owner s lifetime subject to any restrictions contained in the entity s governing documents
Williams Mullen: Family Limited Partnerships
The FLP is not a separate taxpaying entity. The FLP is, however, required to file an informational tax return (Form 1065) which provides the I.R.S. with the amount of income, expenses, contributions, and distributions of the FLP during the tax year
New Tax Rules in Effect
...(I) Gifts to Irrevocable Trusts. If you made gifts to irrevocable trusts in 2001, including gifts to life insurance trusts or so-called Crummey trusts, and you are not already planning to file a gift tax return this year, you may need to file one, even if your gift is under the annual exclusion amount (which was $10,000 per beneficiary in 2001 but is due to increase this year as noted below)
Congress Passes Broad Estate
On May 26, 2001, Congress passed sweeping tax legislation that modifies the estate, gift and generation-skipping tax regimes. The measures first reduce and then ultimately repeal the estate and generation-skipping taxes, while leaving the gift tax system in force
Income Tax Changes
The new law also phases in substantial changes to the federal estate, gift and generation-skipping transfer taxes, that ultimately result in repeal of the estate and generation-skipping transfer taxes in 2010. Individuals with potentially taxable estates and charities that depend on tax incentives to help drive fundraising have taken a keen interest in what these changes may mean for them
Income Tax Changes
The new law also phases in substantial changes to the federal estate, gift and generation-skipping transfer taxes, that ultimately result in repeal of the estate and generation-skipping transfer taxes in 2010. Individuals with potentially taxable estates and charities that depend on tax incentives to help drive fundraising have taken a keen interest in what these changes may mean for them
Income Tax Changes
The new law also phases in substantial changes to the federal estate, gift and generation-skipping transfer taxes, that ultimately result in repeal of the estate and generation-skipping transfer taxes in 2010. Individuals with potentially taxable estates and charities that depend on tax incentives to help drive fundraising have taken a keen interest in what these changes may mean for them
Wealth Management & Estate Planning Bulletin
RECENT CHANGES TO TAX LAW COULD AFFECT YOUR ESTATE PLAN To Our Clients and Friends. The new Act affects many different provisions of the Internal Revenue Code, including the estate, gift, and generation-skipping transfer (GST) tax provisions
Permanent Estate Tax Repeal? Not Yet (If Ever). So
Jones Day - Publications - Permanent Estate Tax Repeal. July 2002 U.S. Senate Fails to Pass Permanent Estate Tax Repeal Current law provides for the repeal of the federal estate tax only for persons dying in 2010
Permanent Estate Tax Repeal? Not Yet (If Ever). So
Permanent Estate Tax Repeal. U.S. Senate Fails to Pass Permanent Estate Tax Repeal Current law provides for the repeal of the federal estate tax only for persons dying in 2010
ESOPtions Volume 3
The Employee Stock Ownership Plan Journey: A Business Owner's Solution Under New Tax Law. Introduction The new tax legislation that President Bush signed into law on June 7, 2001, enhances the tax benefits that the company and employees receive with respect to retirement plans and reduces the estate and gift tax burden on business owners of closely held corporations
Community Bankers Update Volume 10
Accumulated Earnings Tax: Can a Bank Have Too Much Capital. Grantor Retained Annuity Trusts: Transferring Stock While Minimizing Transfer Tax 3
: Estate
Generation-Skipping Transfer Tax (GST): The 2001 Act makes a number of changes in the GST area. These changes were primarily designed to provide relief when errors have been made in allocating the GST exemption
: Estate
The Economic Growth and Tax Relief Reconciliation Act of 2001 (the "2001 Act") was signed into law on June 7, 2001. This memorandum discusses the gift, estate and generation-skipping transfer tax provisions of the 2001 Act, their rationale, their future and their planning implications
: Too Much Wealth
This goal is often accomplished by utilizing various lifetime gifting techniques that qualify for gift tax exemptions and exclusions, principally the $10,000 annual gift tax exclusion and the current $675,000 lifetime gift tax exemption. In addition, the amount of available exemptions and exclusions often is "leveraged" by gifting assets such as private company stock or interests in venture funds as early as possible when valuations are low and by using vehicles such as family limited
Baker & McKenzie: Financial Bulletin of the Ministry of Finance
European Tax Newsletter Newsletter - October 2002 0t. Value-added tax in case of providing free-of-charge humanitarian aid and remedying the consequences of floods Assistance provided by a VAT payer in the form of a financial gift is not considered as a taxable supply as specified by Article 2 of the VAT Act
Cooley Godward: The Economic Growth & Tax Relief Reconciliation Act of ...
To help our clients and friends understand the implications for estate planning, this Alert summarizes the Tax Act’s impact on estate, gift, and generation-skipping transfer taxes. Changes to the Estate, Gift and Generation-Skipping Transfer Taxes Under the new Tax Act, there will be a phase-out of the estate tax and generation-skipping transfer (GST) tax with eventual repeal in 2010
Fox Rothschild: Generation Skipping Transfer ("GST") Tax Exem...
TAX AND ESTATES DEPARTMENT. GENERATION SKIPPING TRANSFER ("GST") TAX EXEMPTION
Garvey Schubert Barer: Summary of Changes in U.S. Estate and Gift Tax and Gene...
...write('') } Resource Center Publications Description Summary of Changes in U.S. Estate and Gift Tax and Generation Skipping Transfer Tax Congress passed the Economic Growth and Tax Relief Reconciliation Act of 2001 on May 26, 2001, and the President signed it into law on June 7, 2001. Exemptions The Act provides definite relief from the estate tax starting in the year 2002
Goodwin Procter: New Tax Rules Could Trigger Unwanted Allocation of Gene...
New Tax Rules Could Trigger Unwanted Allocation of Generation-Skipping Transfer Tax Exemption. Certain provisions of The Economic Growth and Tax Relief Reconciliation Act of 2001 (the "2001 Tax Act") could cause taxpayers to "waste" part of the important exemption from generationskipping transfer tax ("GST tax")
Goodwin Procter: Federal Tax Law Changes
As you probably know, President Bush has recently signed legislation which makes significant changes to the federal tax laws. The popular press is filled with reports of the demise of the despised "death tax." The increased exemption and lower estate and gift tax rates will undoubtedly provide significant savings for some taxpayers, but the phase-out of the estate tax, the interplay of the new gift and estate tax rules and the legislation's "sunset provision" mean that careful planning is
Gray Cary: Estate Planning Update:? Economic Growth and Tax Relief...
Gray Cary: Estate Planning Opportunities in a Slowing Economy
Honigman Miller: Tax Considerations in Trust Administration
I. Overview of Tax Considerations Involving Trusts Initial Questions. Each time that you begin the representation of a trustee of any kind of trust, you should determine the answers to the following questions: · What possible taxes are owing
Honigman Miller: Tax Law Focus
ECONOMIC GROWTH AND TAX RELIEF RECONCILIATION ACT OF 2001 INTRODUCTION On June 7, 2001, President Bush signed into law the Economic Growth and Tax Relief Reconciliation Act of 2001 ("2001 Act"). The 2001 Act, which is designed to provide tax relief primarily to individuals, represents the largest tax cut in 20 years
Honigman Miller: Tax Law Focus - May 2003
Included in this issue of theTax Law Focus are selected current tax topics which might be of interest to you. Our Tax Department is ready to help you with specific questions relating to the tax topics discussed below or any of your tax law needs
McGuire Woods: CHARITABLE GIVING AND TAX-EXEMPT ORGANIZATIONS HANDBOOK
...charitable giving redirect Search Site A Guide to Charitable Giving This book was prepared by our tax lawyers and is designed to be a handy reference for tax professionals, financial advisors, development personnel, and others involved in charitable giving. The rules outlined in this handbook are based upon the federal tax laws in effect on January 1, 1998
Michael Best & Friedrich: Estate Planning Update
Morris: Estate Planning before the Sale or IPO
7753 Basic Goals and Tax planning Maximize Unified Credit (currently $625,000) Shift appreciation. Grantor Retained Income Trust ("GRIT") Example: Business worth $100 Dividend yield 2% Expected growth rate 10% Father transfers stock to trust, retaining income for 10 years, remainder to daughter Father s income interest valued as if he will receive 10% per year Gift to daughter - $5 IRC § 2702 (1990) now requires that only "qualified payments" (e
Nutter McClennen & Fish: The Economic Growth and Tax Relief Reconciliation Act o...
...xsp; Tax Advisories The Economic Growth and Tax Relief Reconciliation Act of 2001 On June 7, President Bush signed into law the Economic Growth and Tax Relief Reconciliation Act of 2001, the largest tax cut since 1981. 35 trillion tax cut and contains a wide variety of provisions primarily affecting individual taxpayers, the effective dates of which vary over the next 10 years
Nutter McClennen & Fish: IRS Issues Temporary Regulations on Intermediate Sancti...
...xsp; Tax Advisories The Economic Growth and Tax Relief Reconciliation Act of 2001 On June 7, President Bush signed into law the Economic Growth and Tax Relief Reconciliation Act of 2001, the largest tax cut since 1981. 35 trillion tax cut and contains a wide variety of provisions primarily affecting individual taxpayers, the effective dates of which vary over the next 10 years
Nutter McClennen & Fish: ERISA and Employee Benefit Update
...xsp; Tax Advisories The Economic Growth and Tax Relief Reconciliation Act of 2001 On June 7, President Bush signed into law the Economic Growth and Tax Relief Reconciliation Act of 2001, the largest tax cut since 1981. 35 trillion tax cut and contains a wide variety of provisions primarily affecting individual taxpayers, the effective dates of which vary over the next 10 years
Poyner and Spruill: A Better Vehicle for Educational Planning?
Historically our clients biggest concerns in setting aside college monies for a junior family member is that the beneficiary will not use the money for schooling and that there is no tax advantaged vehicle to hold the monies until the child needs it. Contributions to a Section 529 plan by a donor (hereafter the "Donor") for the benefit of a designated beneficiary qualify for the annual gift tax exclusion of the Donor provided the contributions to the plan are made in cash and the plan is
Poyner and Spruill: Why You Need a Will
Historically our clients biggest concerns in setting aside college monies for a junior family member is that the beneficiary will not use the money for schooling and that there is no tax advantaged vehicle to hold the monies until the child needs it. Contributions to a Section 529 plan by a donor (hereafter the "Donor") for the benefit of a designated beneficiary qualify for the annual gift tax exclusion of the Donor provided the contributions to the plan are made in cash and the plan is
Poyner and Spruill: New Prudent Investor Act Will Be Important To Both Trus...
Historically our clients biggest concerns in setting aside college monies for a junior family member is that the beneficiary will not use the money for schooling and that there is no tax advantaged vehicle to hold the monies until the child needs it. Contributions to a Section 529 plan by a donor (hereafter the "Donor") for the benefit of a designated beneficiary qualify for the annual gift tax exclusion of the Donor provided the contributions to the plan are made in cash and the plan is
Poyner and Spruill: Private Split Dollar Life Insurance- "Mr. Clean&qu...
Historically our clients biggest concerns in setting aside college monies for a junior family member is that the beneficiary will not use the money for schooling and that there is no tax advantaged vehicle to hold the monies until the child needs it. Contributions to a Section 529 plan by a donor (hereafter the "Donor") for the benefit of a designated beneficiary qualify for the annual gift tax exclusion of the Donor provided the contributions to the plan are made in cash and the plan is
Sidley Austin: How to Make a Trust an Account Owner of a 529 Plan
A pre-existing trust from which future distributions may be made to fund the beneficiary's higher education may wish to invest part or all of the trust assets in a 529 savings account to obtain the advantageous income-tax treatment granted to 529 savings accounts. This would be advantageous if the beneficiary has not completed school, because the beneficiary could use the 529 savings account funds on a tax-advantaged basis to pay future qualified higher education expenses and the
Snell & Wilmer: Business Succession Planning
Business owners who leave business interests to their heirs need to ensure that their estates also have sufficient liquidity to pay death taxes, administrative expenses, and ongoing living expenses. To the extent that the owner has not transferred the business interests during his or her life, they will be in the owner's gross estate for estate tax purposes (or for purposes of any capital gains tax in the event of estate tax repeal)
Testa: New Tax Act Makes Major Changes To
The Act makes extensive changes over the next ten years to the current estate, gift and generation skipping tax law, including a repeal of the estate tax (but not the gift tax) in 2010, an intervening increase in the $675,000 estate tax exemption to $3,500,000, and an intervening reduction of the highest estate and gift tax rates from 55% to 45. In an unusual development forced by the legislative budgetary process, all provisions under the Act, and in particular the scheduled repeal of the
Vorys Sater: Early start key strategy to fund college education for ...
NOW. Assuming that educational expenses grow at 5 percent per year, investments grow at 10 percent per year (after tax, for simplicity) and that the average cost today for one year at college is $20,000 (blending in-state public school tuition with the costs of private colleges and universities), a person would have to save $357 per month for a newborn to meet the projected cost of four years at college. There are no tax savings, of course, but the advantage of having access to the funds at any
Vorys Sater: Early start key strategy to fund college education for ...
NOW. Assuming that educational expenses grow at 5 percent per year, investments grow at 10 percent per year (after tax, for simplicity) and that the average cost today for one year at college is $20,000 (blending in-state public school tuition with the costs of private colleges and universities), a person would have to save $357 per month for a newborn to meet the projected cost of four years at college. There are no tax savings, of course, but the advantage of having access to the funds at any
Weil: Clinton's 1999 Budget Targets Estate Planning and ...
The balance depends in part on proposed tax increases that are projected to raise revenue of $23 billion over the next five years. Almost 10% of these tax increases are aimed at popular estate planning techniques and savings tools
Weil: Death Tax Relief -- The Road Not Taken
35 trillion tax cut that was signed by President Bush on June 7th dedicates $133. 2 billion of revenue cuts to transfer tax reduction, but takes no substantial steps toward either the goal of reform or repeal
White & Case: Asia-Pacific Tax Report (Spring 2000)
White and Williams: Preserving Family Wealth: Family Limited Partnerships
As a result, the taxpayers had to include in their estates for death tax purposes the current fair market value of the assets they had previously transferred to the FLPs and FLLCs, rather than the discounted value of the FLP or FLCC ownership interests. Interests in an FLP or FLLC may be gifted or otherwise transferred during the owner s lifetime subject to any restrictions contained in the entity s governing documents
Williams Mullen: Family Limited Partnerships
The FLP is not a separate taxpaying entity. The FLP is, however, required to file an informational tax return (Form 1065) which provides the I.R.S. with the amount of income, expenses, contributions, and distributions of the FLP during the tax year
Congress Passes Broad Estate
On May 26, 2001, Congress passed sweeping tax legislation that modifies the estate, gift and generation-skipping tax regimes. The measures first reduce and then ultimately repeal the estate and generation-skipping taxes, while leaving the gift tax system in force
Income Tax Changes
The new law also phases in substantial changes to the federal estate, gift and generation-skipping transfer taxes, that ultimately result in repeal of the estate and generation-skipping transfer taxes in 2010. Individuals with potentially taxable estates and charities that depend on tax incentives to help drive fundraising have taken a keen interest in what these changes may mean for them
Income Tax Changes
The new law also phases in substantial changes to the federal estate, gift and generation-skipping transfer taxes, that ultimately result in repeal of the estate and generation-skipping transfer taxes in 2010. Individuals with potentially taxable estates and charities that depend on tax incentives to help drive fundraising have taken a keen interest in what these changes may mean for them
Income Tax Changes
The new law also phases in substantial changes to the federal estate, gift and generation-skipping transfer taxes, that ultimately result in repeal of the estate and generation-skipping transfer taxes in 2010. Individuals with potentially taxable estates and charities that depend on tax incentives to help drive fundraising have taken a keen interest in what these changes may mean for them
Wealth Management & Estate Planning Bulletin
RECENT CHANGES TO TAX LAW COULD AFFECT YOUR ESTATE PLAN To Our Clients and Friends. The new Act affects many different provisions of the Internal Revenue Code, including the estate, gift, and generation-skipping transfer (GST) tax provisions
Permanent Estate Tax Repeal? Not Yet (If Ever). So
Jones Day - Publications - Permanent Estate Tax Repeal. July 2002 U.S. Senate Fails to Pass Permanent Estate Tax Repeal Current law provides for the repeal of the federal estate tax only for persons dying in 2010
Permanent Estate Tax Repeal? Not Yet (If Ever). So
Permanent Estate Tax Repeal. U.S. Senate Fails to Pass Permanent Estate Tax Repeal Current law provides for the repeal of the federal estate tax only for persons dying in 2010
ESOPtions Volume 3
The Employee Stock Ownership Plan Journey: A Business Owner's Solution Under New Tax Law. Introduction The new tax legislation that President Bush signed into law on June 7, 2001, enhances the tax benefits that the company and employees receive with respect to retirement plans and reduces the estate and gift tax burden on business owners of closely held corporations
Community Bankers Update Volume 10
Accumulated Earnings Tax: Can a Bank Have Too Much Capital. Grantor Retained Annuity Trusts: Transferring Stock While Minimizing Transfer Tax 3
: July 2002
Moreover, the proceeds can be sheltered from federal estate tax by placing the policies in an irrevocable life insurance trust ("ILIT"). In addition, the proceeds will generally also be exempt from income tax
: Estate
Generation-Skipping Transfer Tax (GST): The 2001 Act makes a number of changes in the GST area. These changes were primarily designed to provide relief when errors have been made in allocating the GST exemption
: Estate
The Economic Growth and Tax Relief Reconciliation Act of 2001 (the "2001 Act") was signed into law on June 7, 2001. This memorandum discusses the gift, estate and generation-skipping transfer tax provisions of the 2001 Act, their rationale, their future and their planning implications
: Too Much Wealth
This goal is often accomplished by utilizing various lifetime gifting techniques that qualify for gift tax exemptions and exclusions, principally the $10,000 annual gift tax exclusion and the current $675,000 lifetime gift tax exemption. In addition, the amount of available exemptions and exclusions often is "leveraged" by gifting assets such as private company stock or interests in venture funds as early as possible when valuations are low and by using vehicles such as family limited
Akerman Senterfitt: A Transactional Approach to Estate and Tax Planning
Receive Periodic Payments From Trust at Discounted Value Reducing Estate Tax and/or Income Tax Transfer Assets to Entity or Entity Structure Controlled by Client. The Capital Transactions Group takes a transactional approach to tax planning to integrate income tax savings with estate and gift tax planning
Akerman Senterfitt: Features of our Plans
In addition, as many are aware, tax laws change frequently. These services would include income and gift tax return preparation, updated financial projections which show the success of a plan as well as a client's cash flow needs, and advice regarding cash flows for note payments, annuity payments and so forth
Baker & McKenzie: Financial Bulletin of the Ministry of Finance
European Tax Newsletter Newsletter - October 2002 0t. Value-added tax in case of providing free-of-charge humanitarian aid and remedying the consequences of floods Assistance provided by a VAT payer in the form of a financial gift is not considered as a taxable supply as specified by Article 2 of the VAT Act
Cooley Godward: The Economic Growth & Tax Relief Reconciliation Act of ...
To help our clients and friends understand the implications for estate planning, this Alert summarizes the Tax Act’s impact on estate, gift, and generation-skipping transfer taxes. Changes to the Estate, Gift and Generation-Skipping Transfer Taxes Under the new Tax Act, there will be a phase-out of the estate tax and generation-skipping transfer (GST) tax with eventual repeal in 2010
Fox Rothschild: Generation Skipping Transfer ("GST") Tax Exem...
TAX AND ESTATES DEPARTMENT. GENERATION SKIPPING TRANSFER ("GST") TAX EXEMPTION
Fox Rothschild: Alert Archives
Garvey Schubert Barer: Summary of Changes in U.S. Estate and Gift Tax and Gene...
...write('') } Resource Center Publications Description Summary of Changes in U.S. Estate and Gift Tax and Generation Skipping Transfer Tax Congress passed the Economic Growth and Tax Relief Reconciliation Act of 2001 on May 26, 2001, and the President signed it into law on June 7, 2001. Exemptions The Act provides definite relief from the estate tax starting in the year 2002
Goodwin Procter: New Tax Rules Could Trigger Unwanted Allocation of Gene...
New Tax Rules Could Trigger Unwanted Allocation of Generation-Skipping Transfer Tax Exemption. Certain provisions of The Economic Growth and Tax Relief Reconciliation Act of 2001 (the "2001 Tax Act") could cause taxpayers to "waste" part of the important exemption from generationskipping transfer tax ("GST tax")
Goodwin Procter: Federal Tax Law Changes
As you probably know, President Bush has recently signed legislation which makes significant changes to the federal tax laws. The popular press is filled with reports of the demise of the despised "death tax." The increased exemption and lower estate and gift tax rates will undoubtedly provide significant savings for some taxpayers, but the phase-out of the estate tax, the interplay of the new gift and estate tax rules and the legislation's "sunset provision" mean that careful planning is
Gray Cary: Estate Planning Update:? Economic Growth and Tax Relief...
Gray Cary: Estate Planning Opportunities in a Slowing Economy
Honigman Miller: Tax Considerations in Trust Administration
I. Overview of Tax Considerations Involving Trusts Initial Questions. Each time that you begin the representation of a trustee of any kind of trust, you should determine the answers to the following questions: · What possible taxes are owing
Honigman Miller: Tax Law Focus
ECONOMIC GROWTH AND TAX RELIEF RECONCILIATION ACT OF 2001 INTRODUCTION On June 7, 2001, President Bush signed into law the Economic Growth and Tax Relief Reconciliation Act of 2001 ("2001 Act"). The 2001 Act, which is designed to provide tax relief primarily to individuals, represents the largest tax cut in 20 years
Honigman Miller: Tax Law Focus - May 2003
Included in this issue of theTax Law Focus are selected current tax topics which might be of interest to you. Our Tax Department is ready to help you with specific questions relating to the tax topics discussed below or any of your tax law needs
Honigman Miller: Tax Law Focus
Our Tax Department is ready to help you implement a year-end tax plan or assist you with any of your tax law needs. YEAR-END ESTATE AND GIFT TAX PLANNING CHECKLIST by Regis A. Carozza Although income taxes often are the focus of year-end tax planning efforts, estate and gift tax planning should not be overlooked
Lowenstein Sandler: CLOSELYheld
The partnership will generally Inside NEW TAX ACT AFFECTS ESTATE AND RETIREMENT PLANNING By: Michael N. Gooen, Esq. NEW TAX ACT AFFECTS ESTATE AND RETIREMENT PLANNING By Michael N. Gooen, Esq
Michael Best & Friedrich: Estate Planning Update
Morris: Estate Planning before the Sale or IPO
7753 Basic Goals and Tax planning Maximize Unified Credit (currently $625,000) Shift appreciation. Grantor Retained Income Trust ("GRIT") Example: Business worth $100 Dividend yield 2% Expected growth rate 10% Father transfers stock to trust, retaining income for 10 years, remainder to daughter Father s income interest valued as if he will receive 10% per year Gift to daughter - $5 IRC § 2702 (1990) now requires that only "qualified payments" (e
Poyner and Spruill: A Better Vehicle for Educational Planning?
Historically our clients biggest concerns in setting aside college monies for a junior family member is that the beneficiary will not use the money for schooling and that there is no tax advantaged vehicle to hold the monies until the child needs it. Contributions to a Section 529 plan by a donor (hereafter the "Donor") for the benefit of a designated beneficiary qualify for the annual gift tax exclusion of the Donor provided the contributions to the plan are made in cash and the plan is
Poyner and Spruill: Why You Need a Will
Historically our clients biggest concerns in setting aside college monies for a junior family member is that the beneficiary will not use the money for schooling and that there is no tax advantaged vehicle to hold the monies until the child needs it. Contributions to a Section 529 plan by a donor (hereafter the "Donor") for the benefit of a designated beneficiary qualify for the annual gift tax exclusion of the Donor provided the contributions to the plan are made in cash and the plan is
Poyner and Spruill: New Prudent Investor Act Will Be Important To Both Trus...
Historically our clients biggest concerns in setting aside college monies for a junior family member is that the beneficiary will not use the money for schooling and that there is no tax advantaged vehicle to hold the monies until the child needs it. Contributions to a Section 529 plan by a donor (hereafter the "Donor") for the benefit of a designated beneficiary qualify for the annual gift tax exclusion of the Donor provided the contributions to the plan are made in cash and the plan is
Poyner and Spruill: Private Split Dollar Life Insurance- "Mr. Clean&qu...
Historically our clients biggest concerns in setting aside college monies for a junior family member is that the beneficiary will not use the money for schooling and that there is no tax advantaged vehicle to hold the monies until the child needs it. Contributions to a Section 529 plan by a donor (hereafter the "Donor") for the benefit of a designated beneficiary qualify for the annual gift tax exclusion of the Donor provided the contributions to the plan are made in cash and the plan is
Sidley Austin: How to Make a Trust an Account Owner of a 529 Plan
A pre-existing trust from which future distributions may be made to fund the beneficiary's higher education may wish to invest part or all of the trust assets in a 529 savings account to obtain the advantageous income-tax treatment granted to 529 savings accounts. This would be advantageous if the beneficiary has not completed school, because the beneficiary could use the 529 savings account funds on a tax-advantaged basis to pay future qualified higher education expenses and the
Snell & Wilmer: Business Succession Planning
Business owners who leave business interests to their heirs need to ensure that their estates also have sufficient liquidity to pay death taxes, administrative expenses, and ongoing living expenses. To the extent that the owner has not transferred the business interests during his or her life, they will be in the owner's gross estate for estate tax purposes (or for purposes of any capital gains tax in the event of estate tax repeal)
Testa: New Tax Act Makes Major Changes To
The Act makes extensive changes over the next ten years to the current estate, gift and generation skipping tax law, including a repeal of the estate tax (but not the gift tax) in 2010, an intervening increase in the $675,000 estate tax exemption to $3,500,000, and an intervening reduction of the highest estate and gift tax rates from 55% to 45. In an unusual development forced by the legislative budgetary process, all provisions under the Act, and in particular the scheduled repeal of the
Vorys Sater: Early start key strategy to fund college education for ...
NOW. Assuming that educational expenses grow at 5 percent per year, investments grow at 10 percent per year (after tax, for simplicity) and that the average cost today for one year at college is $20,000 (blending in-state public school tuition with the costs of private colleges and universities), a person would have to save $357 per month for a newborn to meet the projected cost of four years at college. There are no tax savings, of course, but the advantage of having access to the funds at any
Vorys Sater: Early start key strategy to fund college education for ...
NOW. Assuming that educational expenses grow at 5 percent per year, investments grow at 10 percent per year (after tax, for simplicity) and that the average cost today for one year at college is $20,000 (blending in-state public school tuition with the costs of private colleges and universities), a person would have to save $357 per month for a newborn to meet the projected cost of four years at college. There are no tax savings, of course, but the advantage of having access to the funds at any
Weil: Death Tax Relief -- The Road Not Taken
35 trillion tax cut that was signed by President Bush on June 7th dedicates $133. 2 billion of revenue cuts to transfer tax reduction, but takes no substantial steps toward either the goal of reform or repeal
White & Case: Asia-Pacific Tax Report (Spring 2000)
White and Williams: Preserving Family Wealth: Family Limited Partnerships
As a result, the taxpayers had to include in their estates for death tax purposes the current fair market value of the assets they had previously transferred to the FLPs and FLLCs, rather than the discounted value of the FLP or FLCC ownership interests. Interests in an FLP or FLLC may be gifted or otherwise transferred during the owner s lifetime subject to any restrictions contained in the entity s governing documents
Williams Mullen: Family Limited Partnerships
The FLP is not a separate taxpaying entity. The FLP is, however, required to file an informational tax return (Form 1065) which provides the I.R.S. with the amount of income, expenses, contributions, and distributions of the FLP during the tax year
Congress Passes Broad Estate
On May 26, 2001, Congress passed sweeping tax legislation that modifies the estate, gift and generation-skipping tax regimes. The measures first reduce and then ultimately repeal the estate and generation-skipping taxes, while leaving the gift tax system in force
CLIENT UPDATE
We welcome this opportunity to share our insights into a number of major tax law and estate planning developments. THE FUTURE OF ESTATE TAXATION As we write this letter, the future of estate taxation remains as unclear as it ever has been in our collective memory
Income Tax Changes
The new law also phases in substantial changes to the federal estate, gift and generation-skipping transfer taxes, that ultimately result in repeal of the estate and generation-skipping transfer taxes in 2010. Individuals with potentially taxable estates and charities that depend on tax incentives to help drive fundraising have taken a keen interest in what these changes may mean for them
Income Tax Changes
The new law also phases in substantial changes to the federal estate, gift and generation-skipping transfer taxes, that ultimately result in repeal of the estate and generation-skipping transfer taxes in 2010. Individuals with potentially taxable estates and charities that depend on tax incentives to help drive fundraising have taken a keen interest in what these changes may mean for them
Income Tax Changes
The new law also phases in substantial changes to the federal estate, gift and generation-skipping transfer taxes, that ultimately result in repeal of the estate and generation-skipping transfer taxes in 2010. Individuals with potentially taxable estates and charities that depend on tax incentives to help drive fundraising have taken a keen interest in what these changes may mean for them
CLIENT UPDATE
THE FUTURE OF ESTATE TAXATION In 2001, Congress implemented a 10-year plan that would result in the phase-out and then reinstatement of the federal estate tax. Under this plan, the federal estate tax rates and/or exemption amounts are scheduled to change nearly every year through 2009
ESOPtions Volume 3
The Employee Stock Ownership Plan Journey: A Business Owner's Solution Under New Tax Law. Introduction The new tax legislation that President Bush signed into law on June 7, 2001, enhances the tax benefits that the company and employees receive with respect to retirement plans and reduces the estate and gift tax burden on business owners of closely held corporations
: July 2002
Moreover, the proceeds can be sheltered from federal estate tax by placing the policies in an irrevocable life insurance trust ("ILIT"). In addition, the proceeds will generally also be exempt from income tax
: Estate
Generation-Skipping Transfer Tax (GST): The 2001 Act makes a number of changes in the GST area. These changes were primarily designed to provide relief when errors have been made in allocating the GST exemption
: Estate
The Economic Growth and Tax Relief Reconciliation Act of 2001 (the "2001 Act") was signed into law on June 7, 2001. This memorandum discusses the gift, estate and generation-skipping transfer tax provisions of the 2001 Act, their rationale, their future and their planning implications
: Too Much Wealth
This goal is often accomplished by utilizing various lifetime gifting techniques that qualify for gift tax exemptions and exclusions, principally the $10,000 annual gift tax exclusion and the current $675,000 lifetime gift tax exemption. In addition, the amount of available exemptions and exclusions often is "leveraged" by gifting assets such as private company stock or interests in venture funds as early as possible when valuations are low and by using vehicles such as family limited
Akerman Senterfitt: A Transactional Approach to Estate and Tax Planning
Receive Periodic Payments From Trust at Discounted Value Reducing Estate Tax and/or Income Tax Transfer Assets to Entity or Entity Structure Controlled by Client. The Capital Transactions Group takes a transactional approach to tax planning to integrate income tax savings with estate and gift tax planning
Akerman Senterfitt: Features of our Plans
In addition, as many are aware, tax laws change frequently. These services would include income and gift tax return preparation, updated financial projections which show the success of a plan as well as a client's cash flow needs, and advice regarding cash flows for note payments, annuity payments and so forth
Baker & McKenzie: Financial Bulletin of the Ministry of Finance
European Tax Newsletter Newsletter - October 2002 0t. Value-added tax in case of providing free-of-charge humanitarian aid and remedying the consequences of floods Assistance provided by a VAT payer in the form of a financial gift is not considered as a taxable supply as specified by Article 2 of the VAT Act
Cooley Godward: The Economic Growth & Tax Relief Reconciliation Act of ...
To help our clients and friends understand the implications for estate planning, this Alert summarizes the Tax Act’s impact on estate, gift, and generation-skipping transfer taxes. Changes to the Estate, Gift and Generation-Skipping Transfer Taxes Under the new Tax Act, there will be a phase-out of the estate tax and generation-skipping transfer (GST) tax with eventual repeal in 2010
Fox Rothschild: Generation Skipping Transfer ("GST") Tax Exem...
TAX AND ESTATES DEPARTMENT. GENERATION SKIPPING TRANSFER ("GST") TAX EXEMPTION
Garvey Schubert Barer: Summary of Changes in U.S. Estate and Gift Tax and Gene...
...write('') } Resource Center Publications Description Summary of Changes in U.S. Estate and Gift Tax and Generation Skipping Transfer Tax Congress passed the Economic Growth and Tax Relief Reconciliation Act of 2001 on May 26, 2001, and the President signed it into law on June 7, 2001. Exemptions The Act provides definite relief from the estate tax starting in the year 2002
Goodwin Procter: New Tax Rules Could Trigger Unwanted Allocation of Gene...
New Tax Rules Could Trigger Unwanted Allocation of Generation-Skipping Transfer Tax Exemption. Certain provisions of The Economic Growth and Tax Relief Reconciliation Act of 2001 (the "2001 Tax Act") could cause taxpayers to "waste" part of the important exemption from generationskipping transfer tax ("GST tax")
Goodwin Procter: Federal Tax Law Changes
As you probably know, President Bush has recently signed legislation which makes significant changes to the federal tax laws. The popular press is filled with reports of the demise of the despised "death tax." The increased exemption and lower estate and gift tax rates will undoubtedly provide significant savings for some taxpayers, but the phase-out of the estate tax, the interplay of the new gift and estate tax rules and the legislation's "sunset provision" mean that careful planning is
Gray Cary: Estate Planning Update:? Economic Growth and Tax Relief...
Gray Cary: Estate Planning Opportunities in a Slowing Economy
Honigman Miller: Tax Considerations in Trust Administration
I. Overview of Tax Considerations Involving Trusts Initial Questions. Each time that you begin the representation of a trustee of any kind of trust, you should determine the answers to the following questions: · What possible taxes are owing
Honigman Miller: Tax Law Focus
ECONOMIC GROWTH AND TAX RELIEF RECONCILIATION ACT OF 2001 INTRODUCTION On June 7, 2001, President Bush signed into law the Economic Growth and Tax Relief Reconciliation Act of 2001 ("2001 Act"). The 2001 Act, which is designed to provide tax relief primarily to individuals, represents the largest tax cut in 20 years
Honigman Miller: Tax Law Focus - May 2003
Included in this issue of theTax Law Focus are selected current tax topics which might be of interest to you. Our Tax Department is ready to help you with specific questions relating to the tax topics discussed below or any of your tax law needs
Lowenstein Sandler: CLOSELYheld
The partnership will generally Inside NEW TAX ACT AFFECTS ESTATE AND RETIREMENT PLANNING By: Michael N. Gooen, Esq. NEW TAX ACT AFFECTS ESTATE AND RETIREMENT PLANNING By Michael N. Gooen, Esq
Michael Best & Friedrich: Estate Planning Update
Morris: Estate Planning before the Sale or IPO
7753 Basic Goals and Tax planning Maximize Unified Credit (currently $625,000) Shift appreciation. Grantor Retained Income Trust ("GRIT") Example: Business worth $100 Dividend yield 2% Expected growth rate 10% Father transfers stock to trust, retaining income for 10 years, remainder to daughter Father s income interest valued as if he will receive 10% per year Gift to daughter - $5 IRC § 2702 (1990) now requires that only "qualified payments" (e
Poyner and Spruill: A Better Vehicle for Educational Planning?
Historically our clients biggest concerns in setting aside college monies for a junior family member is that the beneficiary will not use the money for schooling and that there is no tax advantaged vehicle to hold the monies until the child needs it. Contributions to a Section 529 plan by a donor (hereafter the "Donor") for the benefit of a designated beneficiary qualify for the annual gift tax exclusion of the Donor provided the contributions to the plan are made in cash and the plan is
Poyner and Spruill: Why You Need a Will
Historically our clients biggest concerns in setting aside college monies for a junior family member is that the beneficiary will not use the money for schooling and that there is no tax advantaged vehicle to hold the monies until the child needs it. Contributions to a Section 529 plan by a donor (hereafter the "Donor") for the benefit of a designated beneficiary qualify for the annual gift tax exclusion of the Donor provided the contributions to the plan are made in cash and the plan is
Poyner and Spruill: New Prudent Investor Act Will Be Important To Both Trus...
Historically our clients biggest concerns in setting aside college monies for a junior family member is that the beneficiary will not use the money for schooling and that there is no tax advantaged vehicle to hold the monies until the child needs it. Contributions to a Section 529 plan by a donor (hereafter the "Donor") for the benefit of a designated beneficiary qualify for the annual gift tax exclusion of the Donor provided the contributions to the plan are made in cash and the plan is
Poyner and Spruill: Private Split Dollar Life Insurance- "Mr. Clean&qu...
Historically our clients biggest concerns in setting aside college monies for a junior family member is that the beneficiary will not use the money for schooling and that there is no tax advantaged vehicle to hold the monies until the child needs it. Contributions to a Section 529 plan by a donor (hereafter the "Donor") for the benefit of a designated beneficiary qualify for the annual gift tax exclusion of the Donor provided the contributions to the plan are made in cash and the plan is
Sidley Austin: How to Make a Trust an Account Owner of a 529 Plan
A pre-existing trust from which future distributions may be made to fund the beneficiary's higher education may wish to invest part or all of the trust assets in a 529 savings account to obtain the advantageous income-tax treatment granted to 529 savings accounts. This would be advantageous if the beneficiary has not completed school, because the beneficiary could use the 529 savings account funds on a tax-advantaged basis to pay future qualified higher education expenses and the
Snell & Wilmer: Business Succession Planning
Business owners who leave business interests to their heirs need to ensure that their estates also have sufficient liquidity to pay death taxes, administrative expenses, and ongoing living expenses. To the extent that the owner has not transferred the business interests during his or her life, they will be in the owner's gross estate for estate tax purposes (or for purposes of any capital gains tax in the event of estate tax repeal)
Testa: New Tax Act Makes Major Changes To
The Act makes extensive changes over the next ten years to the current estate, gift and generation skipping tax law, including a repeal of the estate tax (but not the gift tax) in 2010, an intervening increase in the $675,000 estate tax exemption to $3,500,000, and an intervening reduction of the highest estate and gift tax rates from 55% to 45. In an unusual development forced by the legislative budgetary process, all provisions under the Act, and in particular the scheduled repeal of the
Vorys Sater: Early start key strategy to fund college education for ...
NOW. Assuming that educational expenses grow at 5 percent per year, investments grow at 10 percent per year (after tax, for simplicity) and that the average cost today for one year at college is $20,000 (blending in-state public school tuition with the costs of private colleges and universities), a person would have to save $357 per month for a newborn to meet the projected cost of four years at college. There are no tax savings, of course, but the advantage of having access to the funds at any
Vorys Sater: Early start key strategy to fund college education for ...
NOW. Assuming that educational expenses grow at 5 percent per year, investments grow at 10 percent per year (after tax, for simplicity) and that the average cost today for one year at college is $20,000 (blending in-state public school tuition with the costs of private colleges and universities), a person would have to save $357 per month for a newborn to meet the projected cost of four years at college. There are no tax savings, of course, but the advantage of having access to the funds at any
White and Williams: Important Changes in the Tax Law
Some of the more widely applicable changes include: The income tax brackets for all taxpayers have been adjusted for inflation so that, generally, the highest tax bracket of 35% is not reached until taxable income exceeds $336,550 for unmarried individuals, married couples filing jointly, and heads of household, or $168,275 for married individuals filing separately. Each of the lower income tax rate (including the 10%, 15%, 25%, 28% and 33%) brackets has also been adjusted for inflation
White and Williams: Preserving Family Wealth: Family Limited Partnerships
As a result, the taxpayers had to include in their estates for death tax purposes the current fair market value of the assets they had previously transferred to the FLPs and FLLCs, rather than the discounted value of the FLP or FLCC ownership interests. Interests in an FLP or FLLC may be gifted or otherwise transferred during the owner s lifetime subject to any restrictions contained in the entity s governing documents
Williams Mullen: Family Limited Partnerships
The FLP is not a separate taxpaying entity. The FLP is, however, required to file an informational tax return (Form 1065) which provides the I.R.S. with the amount of income, expenses, contributions, and distributions of the FLP during the tax year
Congress Passes Broad Estate
On May 26, 2001, Congress passed sweeping tax legislation that modifies the estate, gift and generation-skipping tax regimes. The measures first reduce and then ultimately repeal the estate and generation-skipping taxes, while leaving the gift tax system in force
CLIENT UPDATE
We welcome this opportunity to share our insights into a number of major tax law and estate planning developments. THE FUTURE OF ESTATE TAXATION As we write this letter, the future of estate taxation remains as unclear as it ever has been in our collective memory
Income Tax Changes
Income Tax Changes
Income Tax Changes
CLIENT UPDATE
THE FUTURE OF ESTATE TAXATION While it is difficult to predict the priorities of the new Congress in the wake of the 2006 elections, it is important to note that a major estate tax reform bill failed in the Senate during 2006 by only a handful of votes. That bill called for the federal estate tax exemption for each individual to gradually increase from $2,000,000 to $5,000,000, and for the top rate for the estate tax to decline from 46% to 15% (with a higher rate for estates in excess of $25
ESOPtions Volume 3
The Employee Stock Ownership Plan Journey: A Business Owner's Solution Under New Tax Law. Introduction The new tax legislation that President Bush signed into law on June 7, 2001, enhances the tax benefits that the company and employees receive with respect to retirement plans and reduces the estate and gift tax burden on business owners of closely held corporations
: Estate
: Estate
: Too Much Wealth
This goal is often accomplished by utilizing various lifetime gifting techniques that qualify for gift tax exemptions and exclusions, principally the $10,000 annual gift tax exclusion and the current $675,000 lifetime gift tax exemption. In addition, the amount of available exemptions and exclusions often is "leveraged" by gifting assets such as private company stock or interests in venture funds as early as possible when valuations are low and by using vehicles such as family limited
Akerman Senterfitt: A Transactional Approach to Estate and Tax Planning
Receive Periodic Payments From Trust at Discounted Value Reducing Estate Tax and/or Income Tax Transfer Assets to Entity or Entity Structure Controlled by Client. The Capital Transactions Group takes a transactional approach to tax planning to integrate income tax savings with estate and gift tax planning
Akerman Senterfitt: Features of our Plans
In addition, as many are aware, tax laws change frequently. These services would include income and gift tax return preparation, updated financial projections which show the success of a plan as well as a client's cash flow needs, and advice regarding cash flows for note payments, annuity payments and so forth
Baker & McKenzie: Financial Bulletin of the Ministry of Finance
European Tax Newsletter Newsletter - October 2002 0t. Value-added tax in case of providing free-of-charge humanitarian aid and remedying the consequences of floods Assistance provided by a VAT payer in the form of a financial gift is not considered as a taxable supply as specified by Article 2 of the VAT Act
Cooley Godward: The Economic Growth & Tax Relief Reconciliation Act of ...
To help our clients and friends understand the implications for estate planning, this Alert summarizes the Tax Act’s impact on estate, gift, and generation-skipping transfer taxes. Changes to the Estate, Gift and Generation-Skipping Transfer Taxes Under the new Tax Act, there will be a phase-out of the estate tax and generation-skipping transfer (GST) tax with eventual repeal in 2010
Cooley Godward: The Economic Growth & Tax Relief Reconciliation Act of ...
To help our clients and friends understand the implications for estate planning, this Alert summarizes the Tax Act’s impact on estate, gift, and generation-skipping transfer taxes. Changes to the Estate, Gift and Generation-Skipping Transfer Taxes Under the new Tax Act, there will be a phase-out of the estate tax and generation-skipping transfer (GST) tax with eventual repeal in 2010
Garvey Schubert Barer: Summary of Changes in U.S. Estate and Gift Tax and Gene...
...detected=1; break; } } } else { for (i = 0; i 4) { // handle netscape 6 and above for (var i = 0; i -- var flashstring = ""; if (blnHasFlash) { flashstring = " "; } else { flashstring = ""; } Resource Center Publications Description Summary of Changes in U.S. Estate and Gift Tax and Generation Skipping Transfer Tax Congress passed the Economic Growth and Tax Relief Reconciliation Act of 2001 on May 26, 2001, and the President signed it into law on June 7, 2001. Exemptions The Act provides
Gray Cary: Estate Planning Update:? Economic Growth and Tax Relief...
Gray Cary: Estate Planning Opportunities in a Slowing Economy
Honigman Miller: Tax Considerations in Trust Administration
I. Overview of Tax Considerations Involving Trusts Initial Questions. Each time that you begin the representation of a trustee of any kind of trust, you should determine the answers to the following questions: · What possible taxes are owing
Honigman Miller: Tax Law Focus
ECONOMIC GROWTH AND TAX RELIEF RECONCILIATION ACT OF 2001 INTRODUCTION On June 7, 2001, President Bush signed into law the Economic Growth and Tax Relief Reconciliation Act of 2001 ("2001 Act"). The 2001 Act, which is designed to provide tax relief primarily to individuals, represents the largest tax cut in 20 years
Honigman Miller: Tax Law Focus - May 2003
Included in this issue of theTax Law Focus are selected current tax topics which might be of interest to you. Our Tax Department is ready to help you with specific questions relating to the tax topics discussed below or any of your tax law needs
Michael Best & Friedrich: Estate Planning Update
Morris: Estate Planning before the Sale or IPO
7753 Basic Goals and Tax planning Maximize Unified Credit (currently $625,000) Shift appreciation. Grantor Retained Income Trust ("GRIT") Example: Business worth $100 Dividend yield 2% Expected growth rate 10% Father transfers stock to trust, retaining income for 10 years, remainder to daughter Father s income interest valued as if he will receive 10% per year Gift to daughter - $5 IRC § 2702 (1990) now requires that only "qualified payments" (e
Nutter McClennen & Fish: The Economic Growth and Tax Relief Reconciliation Act o...
Nutter McClennen & Fish: IRS Issues Temporary Regulations on Intermediate Sancti...
Nutter McClennen & Fish: ERISA and Employee Benefit Update
Poyner and Spruill: Planning for the Personal Residence and Undeveloped Rea...
Estate Planning Bulletin -- August 1996 Estate Planning Bulletin August, 1996 Planning for the Personal Residence and Undeveloped Real Estate Avoiding Fraudulent Claims Gifting Stock Options Ensuring Income Tax Status of Trusts Primer on Family Limited Partnerships Planning for the Personal Residence and Undeveloped Real Estate Often one of an individual's largest assets is his personal residence, a vacation home or undeveloped real estate. Where the individual is interested in minimizing
Poyner and Spruill: Avoiding Fraudulent Claims
Where the individual is interested in minimizing potential estate taxes, he may consider the use of a personal residence trust or grantor retained income trust to which the residence or undeveloped real estate may be transferred. Such trusts offer the advantages of retained use of the property for a period of time, transferring such property to family members at reduced gift tax values and removal of such assets from the donor's estate for estate tax purposes
Poyner and Spruill: Gifting Stock Options
Where the individual is interested in minimizing potential estate taxes, he may consider the use of a personal residence trust or grantor retained income trust to which the residence or undeveloped real estate may be transferred. Such trusts offer the advantages of retained use of the property for a period of time, transferring such property to family members at reduced gift tax values and removal of such assets from the donor's estate for estate tax purposes
Poyner and Spruill: Ensuring Income Tax Status of Trusts Primer on Family L...
Estate Planning Bulletin -- August 1996 Estate Planning Bulletin August, 1996 Planning for the Personal Residence and Undeveloped Real Estate Avoiding Fraudulent Claims Gifting Stock Options Ensuring Income Tax Status of Trusts Primer on Family Limited Partnerships Planning for the Personal Residence and Undeveloped Real Estate Often one of an individual's largest assets is his personal residence, a vacation home or undeveloped real estate. Where the individual is interested in minimizing
Poyner and Spruill: A Better Vehicle for Educational Planning?
Historically our clients biggest concerns in setting aside college monies for a junior family member is that the beneficiary will not use the money for schooling and that there is no tax advantaged vehicle to hold the monies until the child needs it. Contributions to a Section 529 plan by a donor (hereafter the "Donor") for the benefit of a designated beneficiary qualify for the annual gift tax exclusion of the Donor provided the contributions to the plan are made in cash and the plan is
Poyner and Spruill: Why You Need a Will
Historically our clients biggest concerns in setting aside college monies for a junior family member is that the beneficiary will not use the money for schooling and that there is no tax advantaged vehicle to hold the monies until the child needs it. Contributions to a Section 529 plan by a donor (hereafter the "Donor") for the benefit of a designated beneficiary qualify for the annual gift tax exclusion of the Donor provided the contributions to the plan are made in cash and the plan is
Poyner and Spruill: New Prudent Investor Act Will Be Important To Both Trus...
Historically our clients biggest concerns in setting aside college monies for a junior family member is that the beneficiary will not use the money for schooling and that there is no tax advantaged vehicle to hold the monies until the child needs it. Contributions to a Section 529 plan by a donor (hereafter the "Donor") for the benefit of a designated beneficiary qualify for the annual gift tax exclusion of the Donor provided the contributions to the plan are made in cash and the plan is
Poyner and Spruill: Private Split Dollar Life Insurance- "Mr. Clean&qu...
Historically our clients biggest concerns in setting aside college monies for a junior family member is that the beneficiary will not use the money for schooling and that there is no tax advantaged vehicle to hold the monies until the child needs it. Contributions to a Section 529 plan by a donor (hereafter the "Donor") for the benefit of a designated beneficiary qualify for the annual gift tax exclusion of the Donor provided the contributions to the plan are made in cash and the plan is
Sidley Austin: How to Make a Trust an Account Owner of a 529 Plan
A pre-existing trust from which future distributions may be made to fund the beneficiary's higher education may wish to invest part or all of the trust assets in a 529 savings account to obtain the advantageous income-tax treatment granted to 529 savings accounts. This would be advantageous if the beneficiary has not completed school, because the beneficiary could use the 529 savings account funds on a tax-advantaged basis to pay future qualified higher education expenses and the
Snell & Wilmer: Business Succession Planning
Business owners who leave business interests to their heirs need to ensure that their estates also have sufficient liquidity to pay death taxes, administrative expenses, and ongoing living expenses. To the extent that the owner has not transferred the business interests during his or her life, they will be in the owner's gross estate for estate tax purposes (or for purposes of any capital gains tax in the event of estate tax repeal)
Testa: New Tax Act Makes Major Changes To
The Act makes extensive changes over the next ten years to the current estate, gift and generation skipping tax law, including a repeal of the estate tax (but not the gift tax) in 2010, an intervening increase in the $675,000 estate tax exemption to $3,500,000, and an intervening reduction of the highest estate and gift tax rates from 55% to 45. In an unusual development forced by the legislative budgetary process, all provisions under the Act, and in particular the scheduled repeal of the
Vorys Sater: Early start key strategy to fund college education for ...
...pec="";//ERROR CODES //INSERT CUSTOM EVENTS //END EDITABLE SECTION Tuesday, March 20, 2007 -- Welcome Case In Point Traditions Commercial Estate Corporate ce Energy ty Environmental Government ing Health Care Intellectual Property International Labor yment Litigation Probate e Planning Tax Technology Toxic Tort Search/List Alpha List by Office List by Practice Area Columbus Akron Alexandria Virginia Cincinnati Cleveland Washington D.C. Action Alerts Environmental Alerts Immigration Alerts Press
Vorys Sater: Early start key strategy to fund college education for ...
...pec="";//ERROR CODES //INSERT CUSTOM EVENTS //END EDITABLE SECTION Tuesday, March 20, 2007 -- Welcome Case In Point Traditions Commercial Estate Corporate ce Energy ty Environmental Government ing Health Care Intellectual Property International Labor yment Litigation Probate e Planning Tax Technology Toxic Tort Search/List Alpha List by Office List by Practice Area Columbus Akron Alexandria Virginia Cincinnati Cleveland Washington D.C. Action Alerts Environmental Alerts Immigration Alerts Press
Weil: Death Tax Relief -- The Road Not Taken
35 trillion tax cut that was signed by President Bush on June 7th dedicates $133. 2 billion of revenue cuts to transfer tax reduction, but takes no substantial steps toward either the goal of reform or repeal
White and Williams: Important Changes in the Tax Law
Some of the more widely applicable changes include: The income tax brackets for all taxpayers have been adjusted for inflation so that, generally, the highest tax bracket of 35% is not reached until taxable income exceeds $336,550 for unmarried individuals, married couples filing jointly, and heads of household, or $168,275 for married individuals filing separately. Each of the lower income tax rate (including the 10%, 15%, 25%, 28% and 33%) brackets has also been adjusted for inflation
White and Williams: Preserving Family Wealth: Family Limited Partnerships
As a result, the taxpayers had to include in their estates for death tax purposes the current fair market value of the assets they had previously transferred to the FLPs and FLLCs, rather than the discounted value of the FLP or FLCC ownership interests. Interests in an FLP or FLLC may be gifted or otherwise transferred during the owner s lifetime subject to any restrictions contained in the entity s governing documents
