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 tagged Indio
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-2010-2/
“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/
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/
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/
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/
Your Basic Estate Plan
Ashlea Ebeling writes an excellent article in Forbes detailing the issues that you should be considering when putting together your first estate plan. Just gotten married or had children? Inherited some property? Been a while since you've updated your old will? You need to be meeting with an attorney to put in place your will, [...]
Posted by Joseph Hahn on January 27, 2011
http://hahnestateplanning.com/2011/01/27/your-basic-estate-plan/
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/
