federal estate tax

Permanent Estate Tax Relief


January 3, 2013
avatar

Congress passed The American Taxpayer Relief Act of 2012 on January 1, 2013.  Among its many provisions are the following pertaining to estate taxes:

Minnesota Estate Tax Changes May Be on the Horizon


December 26, 2012
avatar

The Minnesota Department of Revenue (“DOR”) is preparing a report that analyzes Minnesota’s current estate tax laws. The report will provide the Legislature with options to consider for changes to or elimination of the estate tax.

Attorney Under the Weather? Tough Luck, says the IRS


April 11, 2012
avatar

Although most of us would consider our estate planning attorney to be superhuman, the fact of the matter is that sometimes they are unable to perform their duties.  In a recent case, the district court found that the physical and mental ailments of an estate planning attorney did not provide reasonable cause for the estate […]

Disclaiming Property Part I: Federal Disclaimer


February 7, 2012
avatar

Jamie Held explained that the benefit of disclaimer planning is to utilize “…both spouses’ estate tax exemption amounts in order to minimize or eliminate estate tax on a couple’s accumulated wealth.” As we have mentioned often, the current federal estate tax exemption limit is $5 million. However, this exemption limit is set only until the […]

Unique Estate Planning Issues in Agricultural Communities


January 16, 2012
avatar

Everyone should have an estate plan. Estate planning attorneys say that a lot, and we mean it! But this is even more critical for farming families. There are many unique issues and problems that play an important role when planning for families with farms, among them: estate taxes, complicated probates, business succession, emotional ties and […]

Portability & Gifting


December 17, 2011
avatar

I recently wrote about portability, specifically, what it is and how to elect it.  This post takes it one step further, discussing how portability and gifting interact.

What is Portability?


October 31, 2011
avatar

2010 Tax Relief Act The 2010 Tax Relief Act (a.k.a. The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010) provided us with a $5 million federal estate tax exemption and a federal estate tax rate of 35%.  It also introduced a feature called “portability” (see previous Epilawg articles summarizing the 2010 Tax […]

529 Plans


September 21, 2011
avatar

529 plans are tax-advantaged programs that help families save for qualified higher education expenses associated with college. How are 529 Plans helpful for estate planning? Well, contributions to a 529 Plan can help you reduce the taxable value of your estate, if that is a concern.

Dynasty Trusts


May 28, 2011
avatar

A Dynasty Trust is one that may continue in existence indefinitely.  In most states, a Trust can only exist for a certain period of time. Many times this restriction is called the “Rule Against Perpetuities” which requires that a trust must terminate no later than 21 years after the death of the last life in […]

State Estate & Inheritance Taxes: Will You Be Impacted?


March 25, 2011
avatar

Although much attention is generally given to the federal estate tax, many never realize or consider that some states also impose their own taxes upon the death of an individual. State Estate Tax Like the federal estate tax, an estate tax imposed by a state is based on the value of the deceased person’s estate, […]

“Lame Duck” Session is Anything But…


January 9, 2011
avatar

As 2010 came to a close, the professional advisor community felt continued uncertainty about the estate tax come back amidst year-long congressional inaction; however, after a brief battle and a valiant show of bi-partisanship in both the Senate and the House, President Obama signed the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of […]