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Estate Taxation

  • Recent IRS Chief Counsel Advice Addresses the Gift Tax Consequences of Modifying a Grantor Trust on Beneficiary Consent to Add a Tax Reimbursement Clause

    By:
    Kevin Matz, CPA, JD, LLM
    |
    May 1, 2024

    IRS Chief Counsel Advice (CCA) 202352018, released on December 29, 2023, addresses the gift tax consequences of modifying a grantor trust on beneficiary consent to add a tax reimbursement clause. The CCA concludes that such a modification to add a tax reimbursement clause will constitute a taxable gift by the trust beneficiaries because the addition of a discretionary power to distribute income and principal to the grantor is a relinquishment of a portion of the beneficiaries’ interest in the trust.

  • The Medicaid Asset Protection Trust (MAPT)

    By:
    Michael Ettinger, Esq.
    |
    Jan 3, 2024
    Long-term care insurance is the preferred option for protecting assets from nursing home costs, because it helps keep clients out of the nursing home by paying for home care. The trend today is to “age in place.” Many clients over the years were forced to spend their final days in a facility simply because they ran out of money to pay for home health aides. 

  • Taxing Decisions: Evaluating Tax Elections After the Death of a Spouse

    By:
    Julie Min Chayet, Brian Conboy, and Elisa Pickel
    |
    Dec 1, 2023

    Effective estate administration means identifying, valuing and collecting assets, filing tax returns, making distributions and determining cash needs to pay taxes, expenses and debts, among many other tasks.

  • ‘FORE!’ Recent Changes in Florida’s Trust Laws to Review Before Hitting the Golf Course

    By:
    Joshua R. Landsman
    |
    Dec 1, 2023

    With more than 1,200 golf courses, Florida has more courses than any other state in the United States. With plenty of golf courses and warm weather, Florida has been a “hot” destination for new residents. According to the United States Census Bureau, Florida saw the biggest increase in population in 2022 with 319,000 new residents. (Forbes, Florida’s Moving Statistics that May Surprise You, July 28, 2023, Florida Moving Stats You Should Know – Forbes Home). 

  • Succession Planning: Paving the Path for Small Business Continuity

    By:
    Moira S. Laidlaw and David Simon
    |
    Oct 1, 2023
    Running a small business is a journey that is not for the faint-hearted. It involves daily obstacles, long-term strategic planning, and sometimes the pressure of meeting stakeholder demands. Small business owners often find their name on the door, along with the weighty responsibility it carries.

  • Why U.S. Crypto-Millionaires Should Undertake their Estate Planning and Create Irrevocable Trusts During this Crypto Market Downturn

    By:
    Mikhail E. Lezhnev, Esq., CPA, MBA, LLM (Tax Law)
    |
    Jun 1, 2023
    Cryptocurrencies, such as Bitcoin (BTC) and Ether (ETH), and non-fungible tokens (collectively “Crypto”), in 2022 were down over 70% from their all-time high in 2021. Although this decline is significant, Crypto investors (holders especially) will be quick to point out such declines have happened several times before.

  • The Inheritance Tax under IRC §2801

    By:
    Gary A. Forster, JD, LLM
    |
    Jun 1, 2023

    The Heart Act added a new federal  Inheritance Tax on certain lifetime and testamentary dispositions to U.S. recipients, made by a “covered expatriate.” This is the second article in our two-part series on the expatriation tax. (To view the first article, please click here.)
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