The new tax law enacted in December 2010 raised the federal estate and gift tax exemption to $5 million and extended the "Bush tax cuts" temporarily for two years: 2011 and 2012. Another much-touted feature of the new law is the "portability" of the federal estate tax exemption. "Portable" means easily carried or transferred, like a portable typewriter. (Remember those?) In this case, "portable" means easily transferred to a surviving spouse.
Providing some relief to stressed-out estate planning attorneys and tax practitioners, the Internal Revenue Service announced Sept. 13 that estates of 2010 decedents will have a longer time to file forms to exempt out of the estate tax and may be able to receive a filing extension. In August, the IRS issued a Notice and Revenue Procedure for 2010 estates seeking to exempt out of the tax.
The Internal Revenue Service has released the form necessary for practitioners to opt clients out of the estate tax. In August, the IRS issued a Notice and Revenue Procedure for 2010 estates seeking to exempt out of the tax.
PETERSBURG - The Battersea Foundation will not have to worry about paying real estate property taxes when they close on the property they're purchasing from the city. The nonprofit organization was granted an exemption Tuesday night by City Council. The property that they are purchasing from the city includes the main house - or villa - several out buildings, an unoccupied house at the end of West High Street and the land. City Manager B. David Canada said that the assessed value on the properties is $1.54 million which would translate to $20,806 in real estate property taxes.
Let's say someone owns a business that has a fair market value of $3 million on Dec. 31, 2007," says [Rita Danylchuk]. "Let's also say the business grows and is worth $5 million upon her death two years later. If she leaves it to her son but does not create an IDGT, the entire $5 million value of the business, less the grantor's $2 million estate tax exemption, would generally be subject to federal estate tax. If she leaves it to her son but does not create an IDGT, the entire $5 million value of the business, less the grantor's $2 million estate tax exemption, would generally be subject to federal estate tax. [...] at a one-third discount [to the fair market value of the ownership interest], a husband and wife with two children might be able to give away about $72,000 of ownership s...
This new year marks an important milestone in estate planning. Effective Jan. 1, the from $1 million to $1.5 million. This change has far-reaching applications and importance. While the $500,000 increase is just one step in the phased-in increase of the exemption scheduled through 2010 under the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA), for many clients it marks an important opportunity to revisit their estate plans.
After months of speculation and anticipation on the part of estate planning attorneys and tax practitioners, the Internal Revenue Service has issued a Notice and Revenue Procedure for 2010 estates seeking to exempt out of the estate tax. Notice 2011-66 offers guidance and examples on how to handle an estate tax exemption and Revenue Procedure 2011-41 explains the applicable tax rules when opting out.
Welfare reforms proposed by Gov. Paul LePage were endorsed Wednesday by the Legislature's Appropriations Committee. The agreement removed a major barrier to progress in budget negotiations. A few hours later, the committee endorsed major income-tax cuts and an increase in Maine's estate tax exemption from $1 million to $2 million.
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