Tax
February 12, 2024 | Wendy Hoey Sheinberg | |
As we’ve previously discussed, portability is an important feature of an estate plan. Portability allows the surviving spouse to die to “save” any of their predeceased spouse’s unused federal estate and gift exemption amount. A federal tax of 40% is imposed on each dollar that exceeds a decedent’s federal estate and gift exemption amount.
The
Read MoreFebruary 1, 2024 | Patricia C. Marcin | |
You may have heard of Spousal Lifetime Access Trusts (SLATS) lately, especially if you have been thinking about using your federal estate and gift tax exemption before the current higher exemption amount of $13.61 million is automatically reduced to about $7 million on January 1, 2026, assuming Congress takes no action. (See my column from last
Read MoreJanuary 18, 2024 | Patricia C. Marcin | |
The current combined federal estate and gift tax exemption amount of $13.61 million per person ($27.22 million per married couple) is scheduled to “sunset” automatically on January 1, 2026, and revert to $5 million indexed for inflation (guesstimated at $7 million), unless Congress takes action. This exemption amount applies to the total taxable gifts made
Read MoreJanuary 2, 2024 | Jeffrey S. Greener | |
Many of us would like our children to inherit our home once we are gone. More than a few of us think it makes sense to give our home to our children while we are still living. That is not a good idea! Here’s why.
Loss of Step-Up in Basis
Gifting your home to someone
Read MoreOctober 20, 2022 | Louis Vlahos | |
Louis Vlahos’ article, “Planning for the Interest Charge on Installment Sales: Decanting a Grantor Trust?”, was published in the New York State Bar Association Trusts and Estates Law Section Journal. Rivkin Radler member Nicholas G. Moneta is the publication’s Editor-in-Chief.
The article discusses the concept that the special interest charge imposed on the deferred tax
Read MoreSeptember 29, 2022 | Katherine A. Heptig | Bernadette Kasnicki | Louis Vlahos | |
In an effort to help prevent and combat money laundering, terrorist financing, corruption, tax fraud, and other illicit activity, the United States Department of the Treasury just issued a final rule [RIN: 1506-AB49]. The rule requires certain businesses to file reports with FinCEN (Financial Crimes Enforcement Network) that identify two categories of individuals: the beneficial
Read MoreSeptember 19, 2022 | Louis Vlahos | Tim Gonzalez | |
The New Jersey Division of Taxation recently provided guidance[1] on registration and licensing requirements, Social Equity Excise Fees, and the Sales & Use tax applicable to companies operating in the cannabis industry.[2]
The following provides important takeaways from the Division’s publication.
Registration & Licensing
To operate a cannabis business in New Jersey a company must
Read MoreFebruary 7, 2022 | Patricia C. Marcin | |
It has been a long, cold winter, and many of us are yearning for warmer weather. With New York’s fiscal crisis due to the pandemic, and the prospect of higher taxes, many are thinking about changing their primary residence to a warmer and “friendlier” taxing jurisdiction. While an easy topic of cocktail party talk, changing
Read MoreSeptember 21, 2021 | Louis Vlahos |
First Step
Last Wednesday, the House Ways and Means Committee approved that portion of the 2022 budget legislation with which it was tasked by the Congressional Budget resolution of August 24. The text of the bill prepared by the Committee – almost nine hundred pages long – was passed along party lines, except for one
Read MoreSeptember 13, 2021 | Louis Vlahos |
Living the Dream
“How was your weekend?” Thank you for asking. Awful.[i]
“Why?” you ask. (Humor me. Pretend you’re interested.) I’ll tell you.
One word, with 535 syllables: Congress.[ii]
When the reconciliation budget resolutions were passed by the Senate and then the House,[iii] the committees to which reconciliation instructions were given were also directed “to
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