The estate planning attorneys at Cole Schotz use the Tax, Trusts & Estates Law Monitor to provide updates & commentary on business and individual tax and estate planning.
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In a blog post on February 29, we highlighted the opportunities to implement significant estate planning in 2012, and the possibility that these opportunities may expire if not acted upon. We want to add that the IRS interest rates in March remain historically low, making certain estate planning...
Significant estate tax planning opportunities which are available under current legislation may be eliminated or severely restricted after December 31, 2012. It is therefore critical to evaluate whether steps should be taken this year to maximize estate tax savings. For the following reasons,...
In January, a bill was introduced in the New Jersey Legislature to increase the New Jersey estate tax exemption from $675,000 to $1 million. The reasoning advanced by the sponsoring senators to increase the exemption is that the $675,000 threshold is “archaically” low, and is...
The IRS announced a third voluntary disclosure program for offshore accounts recently. The IRS has conducted two prior voluntary disclosure programs – one in 2009 and one in 2011. According to the IRS, it had 33,000 disclosures from the 2009 and 2011 programs. The Service...
After meeting with a lawyer who advised him about divesting himself of assets so that he one day would be able to qualify for Medicaid, Peter Muscle, age 88, made a gift to his girlfriend of PSE&G stock having a value just over $1 million. He died six months later. As most...
The Internal Revenue Code currently provides a tax break for individuals age 70 ½ or over to make distributions of up to $100,000 from an IRA to a charity and exclude the distributions from taxable income. This generally results in tax savings compared to either (1) the taxpayer making...
Sometimes a client owns life insurance and borrows against the policy in order to pay premiums. After many years of this, it is not unusual for the loans against the policy to exceed the owner’s basis in the policy. If the policy is then terminated (ie, the client surrenders the...
One of the most basic reasons to have a Will is to name an executor. The executor gathers and manages assets, administers the estate, pays bills, pays taxes, and ultimately distributes the estate assets to the decedent’s beneficiaries. The “paying taxes” part of the...
As estate planning attorneys, it is not uncommon for us to be confronted with clients who, for whatever reason, make the decision to disinherit a family member. While a spouse is not legally permitted to completely disinherit a surviving spouse due to elective share statutes, there is no...
On October 20, 2011, the IRS released Revenue Procedure 2011-52, which announced inflation adjustments to the applicable exclusion amount beginning in 2012. For an estate of any decedent dying during calendar year 2012, the applicable exclusion is increased from $5 million to $5.12 million. ...