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Estate Taxation

  • Moving From the U.S. to Canada: An Introduction

    By:
    Nathan Farkas, CPA
    |
    Apr 1, 2023

    Every four years in America, an unusual event occurs. It takes place on the Wednesday following the first Monday in November. On this day, Americans of all stripes threaten to move to Canada, as a response to their preferred candidate losing the previous day’s presidential election.

  • Estates and Trusts Update – 2022 In Review and 2023 Outlook

    By:
    Nathan W. G. Berti, Esq.
    |
    Jan 3, 2023
    In the estate planning and administration world, the last two years have been driven by political instability. It started following the November 2020 elections, and continued into 2021 with the various proposals to fund what is now known as the Infrastructure Investment and Jobs Act. Now, with the results in from the 2022 mid-term elections, it would appear that the period of political instability is behind us (at least until December 31, 2025). But as the period of political instability is ushered out, it seems it will be replaced by a period of economic instability.  

  • What Does the Use-It-or-Lose-It Proposition Really Mean Estate Tax Planning-Wise?

    By:
    David M. Barral CPA/PFS, CFP®, MST
    |
    Oct 1, 2022
    In 2022, taxpayers have at their disposal a $12,060,000 Basic Exclusion Amount (BEA) for federal gift and estate tax purposes, as well as for the Generation-Skipping Transfer (GST) tax. The act known as the Tax Cuts and Jobs Act (TCJA) doubled the BEA from $5,000,000 to $10,000,000 for the years after December 31, 2017, and before January 1, 2026. 

  • Testamentary Transfers to Non-Citizen Spouses

    By:
    Gary Forster
    |
    Oct 1, 2022
    U.S. citizens may delay the imposition of either the U.S. gift tax or estate tax on transfers between citizen spouses. If both spouses are citizens, either may transfer assets to the other spouse and receive a tax deduction for the entire value of the property transferred.

  • Taxation of NFTs: The Hottest Digital Assets, Part 2

    By:
    Andrea S. Kramer, JD
    |
    Sep 1, 2022
    Gain or loss is treated as capital or ordinary, depending on whether the taxpayer is an investor or trader (capital), or a creator or dealer (ordinary). Ordinary losses are fully deductible; capital losses are subject to the special loss limitations that apply to capital assets. 

  • Taxation of NFTs: The Hottest Digital Assets, Part 1

    By:
    Andrea S. Kramer, JD
    |
    Aug 1, 2022
    Non-fungible tokens (NFTs) were the hottest digital asset class in 2021. They were so hot, in fact, that the Collins Dictionary named “NFT” its 2021 word of the year.[1] An indication of the explosive growth in NFTs was shown by reports that NFT purchases in 2021 increased by more than 11,000% from 2020, generating sales of close to $25 billion.

  • Estate Planning with Digital Assets

    By:
    Melissa Gillespie, JD, CPA, MST
    |
    Jun 1, 2022

    When we think of digital assets, we usually think of cryptocurrency, Bitcoin, etc. Although, the definition of  “digital asset” does not appear in the Merriam Webster, Macmillan or Britannica dictionaries, it did appear in Free Dictionary.
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