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 tagged Rancho Mirage
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/
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/
Why You Need A Will
This chilling story, told in the pages of HuffingtonPost.com, details a horrifying chain of events that illustrate vividly why everyone needs to do some estate planning before the unexpected happens. Mom had no will when she died and her two adult children, who were very close, cooperated to handle the administration of the estate. However, [...]
Posted by Joseph Hahn on August 18, 2011
http://hahnestateplanning.com/2011/08/18/why-you-need-a-will/
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/
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/
Baby Boomers Not Concerned About Leaving Money To Children
This article in the Los Angeles Times discusses the recent findings of a recent study by US Trust on the attitudes and values of wealthy baby boomers relating to their wealth. US Trust surveyed almost 500 people with investible assets in excess of $3 million. Only 49% of those surveyed feel it is important to [...]
Posted by Joseph Hahn on April 20, 2011
http://hahnestateplanning.com/2011/04/20/baby-boomers-not-concerned-about-leaving-money-to-children/
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/
