Prior to June of 2015 the IRS issued an estate tax closing letter for every estate tax return filed. This letter included the amount of net estate tax, the state death tax credit, and any generation skipping tax liability. On June 1, 2015 the IRS began to issue estate tax closing letters only to those [...]
Imagine you worked your entire life to pay off your mortgage and build a retirement fund and then your health failed to the extent that you needed to relocate to a nursing home. Due to lack of other programs and the costs, Medicaid has become the Long-Term Care planning tool for the middle class. Medicare [...]
Vicki Beckey, CPA, CFF, CSEP, Principal and head of TD&T’s estate department, provides some thoughts on planning for business succession. Most business owners are busy running their business rather than focusing on business succession. Business owners need to be thinking about what will happen to their businesses when they retire, die or become unable [...]
Most people have probably heard advice from someone that they should have a will. When pressed for reasons why, those giving the advice may have trouble coming up with something more than, “for tax purposes” or “to avoid probate.” Here’s a summary of the benefits of having a will and keeping it current. Naming [...]
Vicki Beckey, CPA, CFF, CSEP and head of TD&T’s estate department, provides some thoughts on understanding estate and gift taxes. The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 requires consistent basis reporting between a decedent’s estate and the beneficiary who inherits property from a decedent. The IRS defines basis as [...]
Vicki Beckey, CPA, CFF, CSEP and head of TD&T’s estate department, provides some thoughts on understanding estate and gift taxes. The Internal Revenue Service is proposing regulations to limit the use of discounts when valuing gifts. Currently there is a unified credit from federal estate tax that allows a lifetime or death-time transfer of $5,450,000 [...]
Vicki Beckey, CPA, CFF, CSEP and head of TD&T’s estate department, provides some thoughts on understanding tax implications of trusts. The Heath Care and Education Reconciliation Act of 2010 added Section 1411 to the Code, effective December 31, 2012. Section 1411 imposes a non-deductible 3.8% tax on net investment income of individuals, estates and [...]
