Estate Tax

Estate Tax Exclusion Amount for 2012 to Increase to $5,120,000

Posted on: October 20th, 2012
The IRS announced today that the amount exemption from estate taxes will increase next year. For an estate of any decedent dying during calendar year 2012, the basic exclusion from estate tax amount will be $5,120,000, up from $5,000,000 in 2011....

Wealth Transfer Opportunities Targeted

Posted on: February 14th, 2012
Wealthy folks looking to transfer assets to younger generations in tax-advantaged ways should act now, as the Obama administration is seeking to limit several favorite techniques of estate planning attorneys. ...

IRS Procedure for Requesting Extension for Late 706

Posted on: February 12th, 2012
Beginning in January 1, 2011, the Internal Revenue Code provides for portability of the estate tax exemption between spouses. According to issued guidance so far from the IRS (Notice 2011-82 and IR-2011-97), ...

Estate and Gift Tax Bill Introduced in House

Posted on: November 23rd, 2011
On November 17, 2011, Congressman Jim McDermott (D-WA), a senior member of the House Ways and Means Committee, introduced HR 3467, the “Sensible Estate Tax Act of 2011”. Along with changes to the estate tax, the bill includes many of Obama’s 2012 Fiscal Year Proposals with regard to gift and GST taxes. The bill includes the following:...

Democrats to Introduce Bill to Lower Estate Tax Exemption to $1 Million

Posted on: November 17th, 2011
This news courtesy of Financial Advisor Nat Harris (emphasis added): House Democrats plan to introduce a bill today to extend and overhaul the estate tax beyond 2012 in the opening salvo of what is likely to be a long and politically-charged debate next year....

IRS Releases Draft 2010 Estate Tax Return Instructions

Posted on: August 24th, 2011
The IRS has released draft instructions for the 2010 Form 706, the U.S. Estate Tax Return. Executors of estates of decedents who died in 2010 between the estate tax, with a $5 million exemption and 35% rate, or the modified carryover basis rules. The modified carryover basis law does not institute a tax, but limits a step up in basis for property acquired from a decedent to $1.3 million, with another $3 million for property passing to a spouse. ...
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