As this article from the Wall Street Journal details, the IRS recently lost another case, this time in the Ninth Circuit, dealing with gift tax issues. Where family members are trying to make signficant lifetime transfers to loved ones, there is frequently some uncertainty over how to value the assets, especially business or real estate [...]
Joseph T. Hahn
All posts in category Current Affairs
IRS Loses Gift Tax Battle
Posted by Joseph Hahn on September 20, 2011
http://hahnestateplanning.com/2011/09/20/irs-loses-gift-tax-battle/
Spouse Died In 2011? File An Estate Tax Return
As this article from Forbes.com illustrates, if your spouse died in 2011, you will probably want to at least consider filing an estate tax return with the IRS to preserve your deceased spouse's portable estate tax exemption — even if the estate was well below the exemption level. Due to the new portability rules, if [...]
Posted by Joseph Hahn on August 22, 2011
http://hahnestateplanning.com/2011/08/22/spouse-died-in-2011-file-an-estate-tax-return/
IRS To Gay Newlyweds: You’re Not Married As Far As We’re Concerned
As this BusinessWeek piece illustrates, many of the recently-married same-sex couples in New York and other states permitting same-sex unions are facing a rude awakening. While they might be married in the eyes of their home state, the IRS isn't having it. Those couples must continue to file individual "single" returns and cannot file as [...]
Posted by Joseph Hahn on August 5, 2011
http://hahnestateplanning.com/2011/08/05/irs-to-gay-newlyweds-youre-not-married-as-far-as-were-concerned/
Lesbian Widow Suing For Estate Tax Refund
As ABC News is reporting, a New York woman left widowed after her lesbian partner of over 40 years died last year, has sued the federal government for a refund of the $363,000 in federal estate tax she was forced to pay after her partner's death. Her claim is based on the fact that a [...]
Posted by Joseph Hahn on April 20, 2011
http://hahnestateplanning.com/2011/04/20/lesbian-widow-suing-for-estate-tax-refund/
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/
Estate, GST and Gift Tax Rates for 2011-2012
Hani Sarji, at Forbes.com, has an excellent piece summarizing the changes in the estate, gift and GST tax schemes for 2011-2012, compared to the 2010 rules, including a very handy chart. For those who have had a hard time keeping track of what was happening, this is a good place to start.
Posted by Joseph Hahn on January 3, 2011
http://hahnestateplanning.com/2011/01/03/estate-gst-and-gift-tax-rates-for-2011-2012/
2010 Year End Gifting
In this article from the Wall Street Journal, Anne Tergesen explores some of the issues and opportunities with year end gifting in 2010 given the recent estate, GST and gift tax reforms. The opportunity mostly lies in the fact that there is no generation skipping tax for 2010, so gifts from grandparents to grandchildren or [...]
Posted by Joseph Hahn on December 23, 2010
http://hahnestateplanning.com/2010/12/23/2010-year-end-gifting/
What Just Happened to the Gift Tax?
In the recently-enacted estate tax reforms, the gift tax was also reformed. Prior to the 2001 estate tax changes, the gift tax and estate tax systems were "unified," meaning that the personal exemption and tax rates tracked one another. That changed between 2001 and 2010, when the personal exemption for gift tax remained at $1,000,000 [...]
Posted by Joseph Hahn on December 21, 2010
http://hahnestateplanning.com/2010/12/21/what-just-happened-to-the-gift-tax/
Estate Tax Reforms May Lead to Reduced Charitable Giving
This article from Harvy Lipman at NorthJersey.com explores the question of whether the recently-enacted estate tax reforms will have an impact on charitable giving. With the personal exemption now increased to $5 million, portable to a surviving spouse, and the top rate reduced to 35%, the prior incentives towards charitable giving as a way to [...]
Posted by Joseph Hahn on December 21, 2010
http://hahnestateplanning.com/2010/12/21/estate-tax-reforms-may-lead-to-reduced-charitable-giving/
Unmarried Couples Face Estate Planning Problems
As this article from ConsumerAffairs.com details, unmarried couples (whether gay or straight) can face serious problems that they might not have anticipated if they do not do some planning and consult with professionals who specialize in this type of work. Estate taxes are an obvious problem, since outside of a heterosexual marriage, there is no [...]
Posted by Joseph Hahn on December 18, 2010
http://hahnestateplanning.com/2010/12/18/unmarried-couples-face-estate-planning-problems/
