The new law that averted the “fiscal cliff” contains major changes for estate and gift tax rules that will affect not only the advice lawyers give to their clients, but the future landscape of estate planning law for years to come.
WASHINGTON – As the budgetary wrangling between the White House and Congress continues, the only thing that is clear is that an agreement on long-term estate tax reform is unlikely. That means federal estate tax rate hikes and the loss of certain planning tools are looming for January.
The 2nd Circuit should strike down the Defense of Marriage Act as an unconstitutional violation of the equal protection rights of same-sex couples, a trio of state Attorneys General argues in a new brief.
WASHINGTON – For estate planning attorneys, the unstable nature of federal tax law has become the new normal. But the prospect of skyrocketing estate tax rates and the potential loss of key estate planning tools with certain federal laws set to expire is spurring them to get their clients to act – and quickly.
WASHINGTON – With little chance of long-term federal estate tax reform passing in Washington any time soon, attorneys are again trying to plan as best as they can – not only for their clients, but also for themselves.
The new estate tax “portability” law was a welcome change for estate planning attorneys and their clients, but short-term law has some drawbacks that necessitate careful planning.
The Internal Revenue Service has released the form necessary for practitioners to opt clients out of the estate tax.
Lawyers and their clients who chose to convert a traditional IRA into a Roth IRA last year face a deadline in the coming weeks.
Those who wish to re-characterize their Roth IRA back into a traditional IRA have until Oct. 17 to take action.
Providing some relief to stressed-out estate planning attorneys and tax practitioners, the Internal Revenue Service announced Sept. 13 that estates of 2010 decedents will have a longer time to file forms to exempt out of the estate tax and may be able to receive a filing extension.
After months of speculation and anticipation on the part of estate planning attorneys and tax practitioners, the Internal Revenue Service has issued a Notice and Revenue Procedure for 2010 estates seeking to exempt out of the estate tax.