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Category Archives: Estate Tax

Top 5

Estate Tax Reform: Top 5 Takeaways

By Jeffrey R. Gottlieb |

Last week I summarized the 2018 rates and exemptions for gift, estates and trusts. Compared to the major tax code reforms to personal and business taxation, the estate tax changes appear relatively straightforward. The estate tax was not repealed, but the unified Federal gift, estate and generation-skipping transfer tax exemptions more than doubled overnight… Read More »

2018

2018 Estate Tax Summary

By Jeffrey R. Gottlieb |

I previously provided summaries of estate and gift taxes for 2013, 2014, 2015, 2016 and 2017. Unlike the minor changes of the prior few years, 2018 brings major federal tax law changes via the “Tax Cuts and Jobs Act” signed late 2017, which includes significant changes to Federal estate, gift and generation-skipping transfer taxes…. Read More »

Deadline

Big News! IRS Extends Portability Election Deadline For Estates Since 2011

By Jeffrey R. Gottlieb |

In an unexpected move, the IRS announced in Rev. Proc. 2017-34 (June 9, 2017) that estates who failed to file an optional estate tax return (Form 706) to elect “portability” of a deceased spouse’s unused exemption (DSUE) now have until at least January 2, 2018 to file. This relief extends all the way back… Read More »

2017

2017 Estate Tax Summary

By Jeffrey R. Gottlieb |

I previously provided summaries of estate and gift taxes for 2013, 2014, 2015 and 2016. As with the last few years, the changes at the beginning of this year are primarily inflation adjustments. For 2017, the unified federal estate, gift and GST tax exemption rises by just $40,000 — from $5.45 million in 2016… Read More »

Form 8971

New IRS Form 8971: Basis Reporting for Taxable Estates

By Jeffrey R. Gottlieb |

When an individual dies leaving a gross estate (plus past taxable gifts) that exceeds the federal exclusion amount in the year of death ($5.45 million in 2016), a Form 706 Federal Estate Tax Return must be filed. This has long been the law. But a new law now imposes an additional filing requirement on… Read More »

2016

2016 Estate Tax Summary

By Jeffrey R. Gottlieb |

Previously I wrote summaries of estate and gift taxes for 2013, 2014 and 2015. As with the last couple years, the changes this year are primarily inflation adjustments. For 2016, the unified federal estate, gift and GST tax exemption rises by just $20,000 — from $5.43 million in 2015 to $5.45 million in 2016…. Read More »

Tax

IRS Issues Final Regulations for Estate Tax Portability Elections

By Jeffrey R. Gottlieb |

On June 12, 2015 — nearly 3 years after issuing temporary regulations — the IRS issued spousal portability election final regulations (read TD 9725 at the Federal Register here). The final regs don’t vary significantly from the temporary regs, but they do serve as an excellent reminder that spousal portability will be permanently waived… Read More »

2015

2015 Estate Tax Summary

By Jeffrey R. Gottlieb |

Previously I wrote summaries of estate and gift taxes for 2013 and 2014. As with last year, the changes this year are primarily inflation adjustments. The unified federal estate, gift and GST tax exemption rose from $5.34 million in 2014 to $5.43 million in 2015 (big fun for those who like to transpose numbers!)…. Read More »

States

The State of State Estate Taxes

By Jeffrey R. Gottlieb |

Most people know that there is a federal estate tax (the dreaded “death tax”). But many are surprised to learn that some states (including Illinois) also have a separate (and additional) state estate tax. The federal estate tax calculation previously allowed a credit for state estate taxes paid, which generally negated the impact of… Read More »

Deadline

IRS Extends Portability Election Deadline for 2011 to 2013 Estates

By Jeffrey R. Gottlieb |

Last week I discussed why every surviving spouse should consider filing a Federal Estate Tax Return Form 706 to elect portability of the unused portion of their spouse’s federal estate tax exemption.  I explained that in order to take advantage of portability the estate’s representative must make an affirmative election on a timely filed… Read More »