Section 2704 of the Internal Revenue Code provides for special rules relating to the valuation of transfers of business interests to certain family members for estate, gift, and generation-skipping transfer tax purposes (collectively the “transfer taxes”). Practically, § 2704 limits the ability to lower the value of a business interest as determined for transfer tax […]
On July 31, 2015, the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (the “Act”) was signed into law. Sections 2004 and 2005 of the Act included a number of new tax provisions requiring consistent basis reporting between an estate and persons acquiring property from a decedent. These provisions were made effective […]
Orlando, Fla. – The executive committee of the Florida Agriculture Financial Management Conference (FAFMC) recently announced the dates for this year’s conference on August 27-28, 2015 at the Omni Orlando Resort at ChampionsGate. Some of the nation’s leading agricultural and economic experts will be in Orlando to address financial strategies impacting one of Florida’s top […]
Matthew Ahearn and Brain Malec, shareholders in Dean Mead’s Estate Planning Department, recently co-authored the article titled, “Transitioning the Family Business: How to Create an Effective Succession Plan.” Their article was published in i4 Business Magazine, April 2015 edition and may be viewed HERE.
Consequences of Modification of a QTIP Trust Settlement: One Scenario in ‘The Tale of Moné Baggs Smith’ A “QTIP” trust is a “Qualified Terminable Interest Property” trust. It is often used by spouses in a second or subsequent marriage where at least one party has children from a previous marriage. The QTIP trust allows the […]
Today, the United States Treasury Department and the Internal Revenue Service issued a very significant and consequential ruling, Revenue Ruling 2013-17, addressing tax issues arising from the recent U.S. Supreme Court decision of U.S. v. Windsor, 133 S. Ct. 2675, issued on June 26, 2013. For federal tax purposes, the IRS will now recognize all same-sex […]
Last year was a unique year for estate planners. The estate, gift and generation-skipping transfer (GST) tax exemptions were at $5,120,000, which were (at that time) the highest levels in history. These record exemptions were scheduled to expire at midnight on December 31, 2012 and revert back to gift and estate tax exemptions of $1,000,000 […]
Last night, the House of Representatives passed the American Taxpayer Relief Act of 2012 (H.R. 8) without amendment. The Senate passed the bill on December 31, 2012. The bill will become law once it is signed by President Obama. For a brief overview of the bill, please see our earlier discussion here.