On October 19, 2017, the IRS published in Rev. Proc. 2017-58 inflation adjusted exemptions and exclusions from the Federal gift, estate and generation-skipping transfer taxes, which are summarized in the following table: Inflation Adjustments for Federal Transfer Tax Exclusions and Exemptions 2017 2018 Gift Tax Annual Exclusion $14,000 $15,000 Estate and Gift Tax Lifetime Exemption […]
On August 2, 2016, the IRS issued proposed regulations under Code section 2704 that, if finalized in their current form, will effectively eliminate any meaningful valuation discounts for transfers of interests in family-controlled entities between family members. The issuance of these proposed regulations is one of the most important developments for high net worth families […]
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 […]
Please Join Us on Thursday, Nov. 5th for a Seminar at the Orange County Bar Assn. Top 10 (or so) Mistakes We See in Estate Planning – and Tips to Avoid Them! There are a variety of pitfalls, traps and missteps that practitioners and clients can make during the estate planning and administration process, any of […]
David J. Akins recently co-authored the article titled; Improvements Made to Florida’s Estate Tax Apportionment Statute which was published originally in the Florida Bar RPPTL Section’s ActionLine, Summer 2015 issue. The article may be viewed in its entirety HERE. David J. Akins is a shareholder in the Orlando office of the Dean Mead law firm. He received […]
VIERA, Fla. – (May 11, 2015) – Dean Mead, a business law firm with five offices across Florida, announced that Michelle L. Naberhaus has joined its Brevard County office as Of Counsel in the Estate and Succession Planning department. Naberhaus has more than 15 years of experience and is well-known throughout the Space Coast for […]
Brian Malec on Florida’s Family Trust Company Legislation Brian M. Malec, attorney in our Orlando office, recently co-authored Florida Enacts Family Trust Company Legislation with Scott A. Bowman. The article was published in ActionLine; Fall 2014 edition. Brian was one of the principal authors of Florida’s Family Trust Company Legislation. Click HERE to view the article.
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 […]