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% [...]
Joseph T. Hahn
All posts tagged estate tax
ABA Issues Comments to IRS on Form 8939
Posted by Joseph Hahn on February 1, 2011
http://hahnestateplanning.com/2011/02/01/aba-issues-comments-to-irs-on-form-8939/
What You Need To Know About Estate Tax
Now that the estate tax laws have been reformed for 2011 and 2012, here's an article in US News that talks about what you need to know. Some highlights: (a) you still need to do estate planning; (b) you need to have your existing documents reviewed by an attorney to make sure they are consistent [...]
Posted by Joseph Hahn on January 27, 2011
http://hahnestateplanning.com/2011/01/27/what-you-need-to-know-about-estate-tax/
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/
Estate Tax Exemption “Portability”: What Does It Mean?
As part of the recent estate tax reforms, for 2011 and 2012, the unused portion of each person's estate tax "applicable exclusion amount" ($5 million) is "portable" to a surviving spouse. What does that mean? If your predeceased spouse did not use up his or her entire exemption, the unused portion may be added to [...]
Posted by Joseph Hahn on December 21, 2010
http://hahnestateplanning.com/2010/12/21/estate-tax-exemption-portability-what-does-it-mean/
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/
House Dems Trying To Modify Estate Tax Deal
As Politico reports, House Democrats are unhappy with the tax package negotiated by the President and Republican leaders and are focusing their efforts on changing the provisions relating to the estate tax. The negotiated deal calls for a $5 million personal exemption and a top rate of 35% on the excess. House Democrats approved a [...]
Posted by Joseph Hahn on December 14, 2010
http://hahnestateplanning.com/2010/12/14/house-dems-trying-to-modify-estate-tax-deal/
Will Estate Tax Reform Chill Estate Planning?
In this blog post from Hani Sarji at Forbes.com, he points out that the recently negotiated estate tax deal may have a further chilling effect on estate planning. Why? For one reason, with a $5 million personal exemption, many members of the public may decide that estate taxes will never apply to them and therefore, [...]
Posted by Joseph Hahn on December 10, 2010
http://hahnestateplanning.com/2010/12/10/will-estate-tax-reform-chill-estate-planning/
Estate Tax Problems for 2010 Deaths Not Being Addressed
As this article from Smartmoney.com details, anyone who has inherited property from someone who died in 2010 is still facing big questions that have yet to be answered by Congress notwithstanding the recent deal negotiated between President Obama and the Republican leadership. The uncertainty comes from how to deal with the capital gains treatment of [...]
Posted by Joseph Hahn on December 10, 2010
http://hahnestateplanning.com/2010/12/10/estate-tax-problems-for-2010-deaths-not-being-addressed/
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/
