Articles Posted in Tax

For federal estate tax purposes, the terms “spouse,” “husband,” and “wife” includes individuals of the same sex who were lawfully married. However, the terms “spouse,” “husband,” and “wife” do not include individuals (whether of the opposite sex or the same sex) who have entered into a registered domestic partnership, civil union, or other similar formal…

The Federal Estate Tax is a tax on your right to transfer property at your death. It consists of an accounting of everything you own or have certain interests in at the time of your death. The total of all of these items, valued at their fair market value, is your “Gross Estate.” The property…

A United States citizen who inherits foreign real property from a nonresident alien receives a stepped-up basis in such property under section 1014 of the Internal Revenue Code (“Code”) even though the property is not includible in the value of the decedent’s gross estate. Section 1014(a)(1) of the Code states that the basis of property…

The New York Attorney General’s Charities Bureau protects the public interest in charitable gifts and bequests contained in wills and trust agreements. Which estates must register? Estates When a will makes a bequest to charity, the estate must register with the Attorney General. Are any charitable estates exempt from registration? Registration is not required if…

You may have read or heard news about two bills recently introduced in the Senate that, if enacted, could have a significant impact on many estate plans. I am writing to you, as a valued allied professional, to provide you with some additional information on these proposals, and the effect they may have on estate…

It has been this authors experience that the engagement agreements of many divorce attorneys specifically disclaim the divorce attorney’s responsibility for any tax or estate planning issues involved in the divorce settlement. When divorce occurs, there are important tax law and estate planning issues that need to be addressed. — especially by high net worth…

Internal Revenue Code (I.R.C.) Section 2037 requires the inclusion in the gross estate of property which had been transferred by gift during lifetime if — (1) possession or enjoyment of the property by the transferee can be obtained only at or after the transferor’s death, or (2) the decedent retained a possibility (referred to as…

A power of appointment is essentially the right to designate who is to own certain specified property. The essence of the concept can be illustrated through the following simple example: D dies and his will provides that certain rental property which he owned be placed in a trust, from which all future income is to…

The gross estate includes the value of any interest in property transferred by decedent during lifetime, if the enjoyment of the interest was subject to any change through the exercise of a power by the donor to alter, amend, revoke or terminate, which power was in effect as of the date of the donor’s death…

Under Internal Revenue Code §2041 the gross estate includes property as to which decedent held a general power of appointment as of the date of her death. A power of appointment is essentially the right to designate who is to own certain specified property. The person who holds the power technically does not own the…