With the gift/estate tax exemption of $11,580,000 (in 2020) set to expire or “sunset” on December 31, 2025, many advisors have encouraged high net worth clients to make large taxable gifts and “use up” their gift tax exemption...
Read MoreUnder the new tax law enacted effective January 1, 2018, Congress doubled the gift, estate and generation-skipping transfer (GST) exemptions. Based on inflation adjustment information available at that time, those amounts were...
Read MoreBy: Jeff GehringFollowing the December 1, 2016 public hearing, the IRS reportedly began working on revisions to and clarifications of the new 2704 proposed regulations. While the uproar from the estate planning and...
Read MoreBy Jeff Gehring Although the Federal Reserve continues to threaten to raise interest rates, current rates issued by the IRS applicable to estate planning transactions remain at historically low levels. For October, the long-term...
Read MoreBy Jeff Gehring On July 31, 2015, the President signed a new tax law that imposes a new basis reporting obligation on executors. Compliance with the new basis reporting law has been postponed to March 31, 2016, and the IRS...
Read MoreBy Jeffrey L. GehringRetirement accounts comprise a significant part of most people’s net worth. As many people know, when distributions are made from a retirement account to a beneficiary following the owner’s death, the...
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