Tag Archives: new laws
Estate Tax Reform: Top 5 Takeaways
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 The estate tax was not repealed, but the unified Federal gift, estate and generation-skipping transfer tax exemptions more than doubled overnight… Read More »
New IRS Form 8971: Basis Reporting for Taxable Estates
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 »
New Illinois Laws for 2016, Part 1: Probate, Trusts & Estate Planning
Happy New Year! As I did for 2015, I want to update readers on select new laws that took affect either 1/1/16 or earlier in 2015. A total of 237 new laws went into affect at the start of the year. This week I will highlight 6 noteworthy laws in the areas of probate,… Read More »
20 New Illinois Laws to Know for 2015
Happy New Year! As the new year rings in, so do new Illinois laws taking affect. Roughly 220 new Illinois laws went into effect on January 1, 2015. Most are mundane and relatively uninteresting. But there are quite a few noteworthy new laws this year. Briefly summarized below (with links to the statute) are… Read More »