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 Gift Tax
IRS Loses Gift Tax Battle
Posted by Joseph Hahn on September 20, 2011
http://hahnestateplanning.com/2011/09/20/irs-loses-gift-tax-battle/
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/
Gift Tax Break A Boon For Wealthy Families
In this Wall Street Journal article, the authors explain how the recent changes to the gift tax regime have created real opportunities for wealthy families and are causing these families to seriously reevaluate their estate plans. The lifetime gift tax exemption has increased dramatically from $1 million to $5 million per person ($10 million per [...]
Posted by Joseph Hahn on January 31, 2011
http://hahnestateplanning.com/2011/01/31/gift-tax-break-a-boon-for-wealthy-families/
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/
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/
It’s Official – Estate & Gift Taxes Reformed for 2010-2012
Last night the House passed the tax compromise bill and, as soon as the bill is signed by the President, the estate and gift tax reforms will become law. Although details are still emerging, here are the broad outlines of what was included: (1) the personal estate tax exemption is increased to $5 million through [...]
Posted by Joseph Hahn on December 17, 2010
http://hahnestateplanning.com/2010/12/17/its-official-estate-gift-taxes-reformed-for-2010-2012/
Year End Gifting Still A Good Strategy?
If Congress is going to lower the estate tax, and presumably, the gift tax rates to 35% for 2011 and 2012, what does that do to the previously-strong incentives for some taxpayers to make taxable gifts prior to the end of 2010? Absent Congressional action, the gift tax is 35% on gifts in excess of [...]
Posted by Joseph Hahn on December 14, 2010
http://hahnestateplanning.com/2010/12/14/year-end-gifting-still-a-good-strategy/
Ways The Emerging Estate Tax Deal May Affect You
This article from Marketwatch.com explores five ways the emerging estate tax deal may affect the general public. First, if the $5 million personal exemption is made "portable" to the surviving spouse, many have wondered whether the common use of "bypass trusts" by married couples will go by the wayside. This article takes the position that [...]
Posted by Joseph Hahn on December 9, 2010
http://hahnestateplanning.com/2010/12/09/ways-the-emerging-estate-tax-deal-may-affect-you/
