Gift Tax
U.S. Tax Court – Single Member LLCs Not Disregarded for Gift Tax Purposes
Unlike in the income tax and asset protection arena, single member limited liability companies (LLCs) are not disregarded for gift tax purposes….
Another Lesson on What Not To Do in FLLCs
This is from the latest edition of the GiftLaw eNewsletter: Note from Greg: Family Limited Partnerships (FLPs) were previously the preferred entity…
Intra-Family Loans – Make Sure You Follow the Rules
Loans among family members, especially from parents to children, are very common. However, most people are not aware of the tax laws…
Tax Discounts Alive and Well – For Now
The U.S. Tax Court issued an opinion on January 29, 2009 in the Estate of Marjorie deGreeff Litchfield v. Commissioner (T.C. Memo….
Gift Tax Annual Exclusion to Increase in 2009
The IRS has announced many annual inflation adjustments for 2009, including an increase in the annual gift exclusion. The annual gift tax…
IRS Publishes Report on 2005 Gifts
The IRS recently published a report on lifetime wealth transfers in 2005 as disclosed to the IRS on federal gift tax returns. The…
Good News for Family LLCs
As a proponent of Family Limited Liability Companies (LLCs) for asset management, creditor protection, and ease of gifting, I was pleased to…
NC Gift Tax Reform Under Consideration
The Revenue Laws Study Committee of the North Carolina General Assembly is taking a look at reforming the North Carolina Gift Tax. I previously…
IRS to Publish New Proposed Regulations for 529 Plans
The IRS has announced that it will soon propose new regulations governing 529 College Savings Plans, which will (I) contain an anti-abuse…
Gift and Estate Tax Planning for Non-Citizen Spouses
While non-citizens who reside in the U.S. are subject to U.S. income tax on their worldwide income, and U.S. estate tax for…
