With the release of the Chained Consumer Price Index (C-CPI-U) for August 2023, it’s possible to calculate various inflation adjustments for 2024. The following are the significant federal estate planning numbers, with the numbers for 2023 shown in parentheses: The … Continue reading
Tag Archives: Federal estate tax
Checks that were signed by the decedent’s agent and delivered before the death of the decedent but were not paid from the decedent’s account before death were not completed gifts under Pennsylvania law and so the amounts of the checks … Continue reading
The Internal Revenue Service has confirmed that the assets of a trust that is a grantor trust for federal income tax purposes do not get a new income tax basis at the death of the grantor merely because the trust … Continue reading
In Rev. Rul. 2023-2, ___ I.R.B. ___, the Internal Revenue Service has held that assets held in an irrevocable trust that was a grantor trust do not receive a new basis under I.R.C. § 1014 on the death of the … Continue reading
Because the decedent’s will granted an option to purchase real estate at “the value as finally determined for Federal Estate Tax purposes,” the court ordered the executor to file a federal estate tax return even though the estate was too … Continue reading
The Internal Revenue Service has released Rev. Proc. 2022-38 with inflation adjustments for 2023 and, consistent with earlier predictions, the changes in the most significant federal estate and trust planning numbers will be as follows: The federal estate tax base applicable exclusion amount … Continue reading
With the release of the Chained Consumer Price Index (C-CPI-U) for August 2022, it’s possible to calculate various inflation adjustments for 2023. The following are the significant federal estate planning numbers, with the numbers for 2022 shown in parentheses: The … Continue reading
The Internal Revenue Service has announced that the two-year period for filing an estate tax return merely to elect portability has been extended to five years from date of death. Rev. Proc. 2022-32, IRB 2022-30 IRB ___ (7/25/2022). In Rev. … Continue reading
The Internal Revenue Service has released Rev. Proc. 2021-45 with inflation adjustments for 2022 and, consistent with earlier predictions, the changes in the most significant federal estate and trust planning numbers will be as follows: The base applicable exclusion amount (and generation-skipping tax … Continue reading
With the release of the Chained Consumer Price Index (C-CPI-U) for August 2021, it’s possible to calculate various inflation adjustments for 2022. The following are the significant federal estate planning numbers, with the numbers for 2021 shown in parentheses: The … Continue reading