New On-Line Calculators

I’ve created a new on-line service that provides specialized calculators for certain estate and tax planning issues.  Currently, the following calculators are available: Cost/Benefit of Gifts of Appreciating Property Cost/Benefit of Grantor Trusts Gift Tax on Net-Net Gifts Income Tax … Continue reading

Inflation Adjustments for 2017

With the release of the Consumer Price Index for August 2016, it’s possible to calculate various inflation adjustments for 2017. The following are the significant federal estate planning numbers: The base applicable exclusion amount (and generation-skipping tax exemption) will be … Continue reading

Budget Proposals for 2016

According to a report of the Joint Committee on Taxation, President Obama’s fiscal year 2016 budget includes the following measures affecting estates and trusts: Restore the estate, gift, and generation-skipping exclusions and rates in effect in 2009 (i.e., $3,500,000 estate … Continue reading

Tax Effects of Retroactive Reformations and Modifications

The IRS has issued five identical private letter rulings, PLRs 201442042, 201442043, 201442044, 201442045, and 201442046, apparently to five different parties involved in the same transaction, agreeing that a court-approved reformation of a trust in accordance with § 415 of...

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