Estate tax exemption

Permanent Estate Tax Relief


January 3, 2013
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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
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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.

Disclaiming Property Part II: Minnesota Disclaimer


February 24, 2012
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I previously wrote on how to disclaim property under federal law to avoid or minimize estate taxes. While estates may fall short of the federal estate tax exemption limit, currently set at $5 million, individuals may still need to disclaim property to avoid Minnesota estate tax. Many individuals think their estates also fall short of […]

Unique Estate Planning Issues in Agricultural Communities


January 16, 2012
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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 […]

Upon the death of a business owning spouse


January 7, 2012
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Below is an illustration (a fictitious one) with three things to consider upon the death of a spouse who owns a business. Henry and Wendy celebrated their 30th anniversary last summer with their two children and three grandchildren. At the time of her death in November 2011, Wendy owned an increasingly successful retail business. Henry […]

Portability & Gifting


December 17, 2011
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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
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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 […]

Lessons from the Rich & Famous


October 11, 2011
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With the recent deaths of Steve Jobs, Apple co-founder, and Al Davis, owner of the Oakland Raiders, we are reminded how important it is to properly plan for the transfer of assets upon death. While the average American does not have the wealth that Mr. Jobs had (estimated at $7 billion1) or Mr. Davis (estimated […]

State Estate & Inheritance Taxes: Will You Be Impacted?


March 25, 2011
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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, […]

Estate and Gift Tax Laws 2011


February 25, 2011
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On December 17, 2010 Congress passed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (HR 4853).  This legislation dramatically changed the laws that would have come into effect on January 1, 2011; however, they only extend the existing legislation for two more years.  So although we have some certainty, it is […]

“Lame Duck” Session is Anything But…


January 9, 2011
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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 […]