As this Bloomberg article explains, the IRS recently announced that it was extending the time for heirs of 2010 decedents to file Form 8939. That form will NOT be due on April 18, 2011, but rather, will be due at some point in the future after the IRS finalizes the form and issues further guidance. [...]
Joseph T. Hahn
All posts by Joseph Hahn
IRS Extends Time to File Form 8939 For Deaths in 2010
Posted by Joseph Hahn on April 5, 2011
http://hahnestateplanning.com/2011/04/05/irs-extends-time-to-file-form-8939-for-deaths-in-2010/
“Second To Die” Life Insurance: What Is It?
As explained in this posting at Seacoastonline.com, "second to die" or survivorship life insurance can solve many financial problems. What is it? It is a life insurance contract that covers two lives, with the death benefit being paid only after both insureds have died. By having two lives under one policy, the premiums are in [...]
Posted by Joseph Hahn on April 4, 2011
http://hahnestateplanning.com/2011/04/04/second-to-die-life-insurance-what-is-it/
“Second To Die” Life Insurance: What Is It?
As explained in this posting at Seacoastonline.com, "second to die" or survivorship life insurance can solve many financial problems. What is it? It is a life insurance contract that covers two lives, with the death benefit being paid only after both insureds have died. By having two lives under one policy, the premiums are in [...]
Posted by Joseph Hahn on April 4, 2011
http://hahnestateplanning.com/2011/04/04/second-to-die-life-insurance-what-is-it/
Confusing Tax Treatment for Same Sex Couples In Community Property States
As this New York Times article discusses, this is a tricky tax season for same sex couples in community property states like California, Nevada and Washington. Why? Because for the first time, the IRS is requiring domestic partners or same sex married couples to split their community property income on both partners' respective federal income [...]
Posted by Joseph Hahn on March 29, 2011
http://hahnestateplanning.com/2011/03/29/confusing-tax-treatment-for-same-sex-couples-in-community-property-states/
Nominated For Top 25 Estate Planning Blogs
Hahn's Estate Planning Blog has been nominated as a candidate for the Lexis Nexis Top 25 Estate, Probate and Elder Law Blogs of 2011. If you'd care to show your support, click on this link and you can vote by logging in and leaving a comment. Thank you for your support!
Posted by Joseph Hahn on March 4, 2011
http://hahnestateplanning.com/2011/03/04/nominated-for-top-25-estate-planning-blogs/
2010 Estate Tax Election Causing Headaches
As this article from Forbes lays out in detail, the complexity facing executors/trustees of estates where the decedent died in 2010 is daunting and likely to cause some head-scratching. Given the estate tax reform that took place at the very end of the year, these estates have to make an election of whether to proceed [...]
Posted by Joseph Hahn on February 24, 2011
http://hahnestateplanning.com/2011/02/24/2010-estate-tax-election-causing-headaches/
Act On Estate And Gift Tax Opportunities Today? Or Wait And See?
This article from Deborah Jacobs in Forbes outlines some of the dilemmas facing wealthy families who are considering whether and how to take advantage of the opportunities created by the recent estate/gift tax reforms during the next two years. The opportunities are real and substantial, including zeroed-out or "Walton" GRATS, Familly Limited Partnerships, and installment [...]
Posted by Joseph Hahn on February 3, 2011
http://hahnestateplanning.com/2011/02/03/act-on-estate-and-gift-tax-opportunities-today-or-wait-and-see/
Role of Bypass Trusts Changing?
Has the recent estate tax reform changed the role of "bypass trusts," long a fixture of married couples' estate planning strategies? This article from MSN Money argues yes. With the exemption increased to $5 million per person and that exemption made "portable" to the surviving spouse, the primary reason for the bypass trust has now [...]
Posted by Joseph Hahn on February 2, 2011
http://hahnestateplanning.com/2011/02/02/role-of-bypass-trusts-changing/
ABA Issues Comments to IRS on Form 8939
The ABA has issued official comments to the IRS on its draft Form 8939 which deals with allocation of basis for property acquired from decedents who died in 2010. This form only applies to those estates who will choose the "no estate tax/carryover basis" system rather than those that will choose the "$5 million exemption/35% [...]
Posted by Joseph Hahn on February 1, 2011
http://hahnestateplanning.com/2011/02/01/aba-issues-comments-to-irs-on-form-8939/
ABA Issues Comments to IRS on Form 8939
The ABA has issued official comments to the IRS on its draft Form 8939 which deals with allocation of basis for property acquired from decedents who died in 2010. This form only applies to those estates who will choose the "no estate tax/carryover basis" system rather than those that will choose the "$5 million exemption/35% [...]
Posted by Joseph Hahn on February 1, 2011
http://hahnestateplanning.com/2011/02/01/aba-issues-comments-to-irs-on-form-8939/
