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Estate planning could be affected by Administration’s budget proposals
- McGuireWoods LLP
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- USA
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- April 12 2013
On Wednesday, April 10, the Obama Administration proposed ambitious spending and revenue changes, as it released its proposed budget for fiscal
"Portability" elections must be made as early as October 3
- McGuireWoods LLP
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- USA
- -
- September 30 2011
The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (“the 2010 Tax Act”) enacted in December 2010 provides that, for 2011 and 2012 only, the estate and gift tax exemption (technically “exclusion amount”) is “portable” from a deceased spouse to a surviving spouse
Carryover BasisGST exemption Form 8939 due January 17, 2012
- McGuireWoods LLP
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- USA
- -
- January 6 2012
For the estates of decedents who died in 2010, January 17, 2012, is the due date for filing IRS Form 8939 (Allocation of Increase in Basis for Property Acquired From a Decedent) if the executor chooses to elect out of the 2010 federal estate tax into the “modified carryover basis” rules that had been applicable for 2010 before Congress enacted the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 in December 2010
July 17 is the deadline for amending 2010 carryover basis forms (Form 8939)
- McGuireWoods LLP
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- USA
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- July 3 2012
Carryover basis forms (Form 8939) for 2010 estates that elected out of the federal estate tax may be amended through July 17, 2012, but not thereafter
The door is closing: taking advantage of the 2010 Tax Act
- McGuireWoods LLP
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- USA
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- October 27 2012
The door is closing on the ability to take advantage of the gift and generation-skipping transfer tax exemptions and reduced gift tax rate made by the 2010 Tax Act
Permanent changes to the estate tax and other tax provisions
- McGuireWoods LLP
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- USA
- -
- January 2 2013
On New Year's Day, Congress approved the first permanent set of estate, gift, and generation-skipping transfer (GST) tax rates and exemptions in 12 years
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