People often assume that an estate plan is only necessary for those with a certain level of net worth. The reality, however, is always everyone needs an estate plan, regardless of the value of the assets. There are so many reasons to establish an estate plan, none of...
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Estate Planning
Estate Planning You Should Do Right Now
There is one simple estate planning tool you can accomplish immediately and without having to call a lawyer-updating your beneficiary designations.Many assets, including bank, brokerage, retirement, company benefit plan, life insurance, and 529 college accounts are...
Tax Court Determines Value of Interests in Artwork for Estate Tax Purposes
In Estate of Elkins v. Commissioner, the Tax Court rejected the IRS's argument that no discount should be allowed in valuing fractional interests in artwork in a decedent's estate. The Court, however, allowed only a ten percent discount to account for uncertainties a...
Even Astronauts Have to Think about Estate Planning
Everyone has unique circumstances that apply to their families and the decisions regarding how best to take care of them. As reported on National Public Radio this morning, the Apollo 11 Astronauts had a truly unique situation in planning for their families as they...
Can You Gift Assets AND Keep Control Over Them?
Favorable gift and estate tax savings are set to expire in just over three months. In order to take advantage of current tax laws, one must effectively give away assets. But that doesn't necessarily mean giving away total control of how those assets are managed and/or...
Hollow Victory for Taxpayer as IRS Acquiesces in Estate Tax Refund Suit but Declines to Actually Issue Refund.
In an Action On Decision (AOD), the IRS announced that it will acquiesce, in the result only of a decision in which the U.S. District Court held that a decedent's estate was entitled to a refund of deficiency assessed on contingent bequests. An AOD is a formal...
Portability elections for estate taxes
Last month, the IRS issued Notice 2012-21 which grants certain estates an extension of time to file documents necessary to make the portability election.The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 included a provision allowing...
