Estate Planning

Estate Basis Reporting – Getting it Wrong Can Increase Your Taxes

By |2020-01-03T09:19:55-06:00March 1st, 2017|Advisory, Estate Planning, Executor, Gifts, Tax, Tax Services|

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 follows: “Basis is generally the amount of your capital investment in property for tax purposes.” When beneficiaries inherit property, the [...]

IRS Proposed Regulations to Limit Use of Discounts

By |2020-01-03T09:20:40-06:00December 1st, 2016|Advisory, Estate Planning, Gifts, IRS|

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 for an individual and $10,900,000 for married couples, tax free.  Any transfers above these limits have a federal estate tax [...]

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