Estate Tax

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. ...

New NC Trusts and Estates Laws

Posted on: August 12th, 2011
In the 2011-2012 Session, the North Carolina General Assembly passed several laws affecting estate planning, trusts and probate: S.L. 2011-5 and S.L. 330- The reference to the Internal Revenue Code in G.S. 105-228.90(b)(1b) is changed from May 1, 2010 to January 1, 2011. ...

Summary of Obama’s 2013 Budget Proposal for Estate and Gift Taxes

Posted on: June 29th, 2011
A June 22, 2011article on Trusts and Estates magazine’s website contains a nice summary of President Obama’s budget proposal measures effecting estate planning. ...

Life Insurance to Pay a Future Bill

Posted on: February 10th, 2011
Second-to-die insurance is traditionally purchased by affluent married couples.How it works: The insurance proceeds are paid out upon the death of the second spouse when the funds are often needed to pay taxes....

Estate Tax Claw Back – Don’t Worry About It, Says AALU

Posted on: February 4th, 2011
Since the enactment of TRA 2010 in December of last year, tax practitioners have been concerned that gifts made during 2011 and 2012 may, partially because of the way in which the current Federal Estate and Generation-Skipping Transfer Tax Return (Form 706) ...

10 Tips from a Tax Lawyer for 2010 and 2011

Posted on: January 31st, 2011
Last week I was interviewed regarding income and estate taxes in 2010 and 2011 offering tips and insights based on what I see in my practice. Click here for the text and the podcast. ...
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