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 [...]
Joseph T. Hahn
All posts tagged estate tax
Spouse Died In 2011? File An Estate Tax Return
Posted by Joseph Hahn on August 22, 2011
http://hahnestateplanning.com/2011/08/22/spouse-died-in-2011-file-an-estate-tax-return/
Tax Deadlines Set For 2010 Deaths
As detailed in this article from Forbes.com, the IRS has finally issued its rules and guidance regarding opting out of the estate tax system for deaths that occurred in 2010. If a $5 million personal exemption is sufficient to cover the estate of the 2010 decedent, most executors will not choose to opt out of [...]
Posted by Joseph Hahn on August 18, 2011
http://hahnestateplanning.com/2011/08/18/tax-deadlines-set-for-2010-deaths/
Overlooked Estate Planning Issues
This article by Bob Carlson at Investing Daily details some of the issues that are frequently overlooked during the estate planning process. Some of the questions: Is there enough cash? Who pays the taxes? Have beneficiary designations been addressed? Are there creditor problems? Who will serve as trustee/executor? Has the trust been funded?
Posted by Joseph Hahn on April 21, 2011
http://hahnestateplanning.com/2011/04/21/overlooked-estate-planning-issues/
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/
IRS Extends Time to File Form 8939 For Deaths in 2010
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. [...]
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/
IRS Extends Time to File Form 8939 For Deaths in 2010
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. [...]
Posted by Joseph Hahn on April 5, 2011
http://hahnestateplanning.com/2011/04/05/irs-extends-time-to-file-form-8939-for-deaths-in-2010-2/
IRS Extends Time to File Form 8939 For Deaths in 2010
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. [...]
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/
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/
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/
