Estate tax in the United States

New Study Finds Estate Planning Solutions from Biden Tax Plan, Wealth Advisors Trust Report Finds

Sunday, October 18, 2020 - 4:05pm

RAPID CITY, S.D., Oct. 18, 2020 /PRNewswire-PRWeb/ --A team lead by family corporate trustee management expert, Christopher Holtby, has published a report about estate tax issues and solutions affecting the top 1% of wealthy families in America.

Key Points: 
  • RAPID CITY, S.D., Oct. 18, 2020 /PRNewswire-PRWeb/ --A team lead by family corporate trustee management expert, Christopher Holtby, has published a report about estate tax issues and solutions affecting the top 1% of wealthy families in America.
  • The report concluded:
    a) Current estate and gift tax exemption amount, inflation adjusted, highest level in 100 years.
  • c) November election results could reduce estate and gift tax exemption amounts by 50% or more.
  • For questions about the report, a comment on the findings, or an introduction to the industry experts included in this report, contact, Christopher Holtby at holtby@wealthadvisorstrust.com
    Wealth Advisors Trust Company, based in South Dakota, revolutionizes trust administration with common sense.

529s Can Be Estate Planning Vehicle

Thursday, August 20, 2020 - 8:34pm

Another important benefit is the potential use of 529 accounts for gifting and estate planning.

Key Points: 
  • Another important benefit is the potential use of 529 accounts for gifting and estate planning.
  • A donor can gift up to $15,000 annually per 529 beneficiary free of federal estate and gift tax impact if no other gifts to the recipient are given that year.
  • If the donor dies before the five years are up, a prorated portion of the contribution will be considered part of the donors taxable estate.
  • Its a great vehicle for lightening the estate tax load on your loved ones, while supporting future generations by providing funding for their college education.

2020 FEUSA Family Business Survey Indicates Family Businesses Fight to Stay Healthy and Viable During Turbulent Times

Wednesday, July 8, 2020 - 1:45pm

Family businesses fight to stay healthy and viable during times of COVID-19 and economic stress, they are resilient and build their businesses for the long term, and as a legacy for the family, their employees, and their communities.

Key Points: 
  • Family businesses fight to stay healthy and viable during times of COVID-19 and economic stress, they are resilient and build their businesses for the long term, and as a legacy for the family, their employees, and their communities.
  • To stay viable their top concerns are 1) income tax, 2) estate tax, and 3) too much government regulation, in that order.
  • 26% of family businesses are very confident that their business revenues will increase in 2020, and 46% are somewhat confident, even though the survey was conducted from January 31, to April 24, 2020; during the COVID-19 pandemic, once again reflecting the strength and commitment of family businesses.
  • Family Enterprise USA (FEUSA) is the organization that family business owners and legislators in Washington DC go to for information on the family business industry.

Wolters Kluwer Launches One-of-a-Kind Alerts Feature within Tax Reporters Plus Suite

Monday, June 22, 2020 - 9:06pm

NEW YORK, June 22, 2020 /PRNewswire/ -- Wolters Kluwer Legal & Regulatory U.S. today announced the launch of a new Alerts feature within its digital Tax Reporters Plus Suite on Cheetah for tax attorneys.

Key Points: 
  • NEW YORK, June 22, 2020 /PRNewswire/ -- Wolters Kluwer Legal & Regulatory U.S. today announced the launch of a new Alerts feature within its digital Tax Reporters Plus Suite on Cheetah for tax attorneys.
  • With the Plus Suite's new Alerts feature, users can set alerts to monitor tax code sections they are interested in and receive email alerts whenever the section changes.
  • The suite includesStandard Fed Plus,State Tax Plus, andEstate & Gift Tax Plusand leverages an issue archive ofStandard Federal Tax Reporterdating back to 1986, theState Tax Reporterand theEstate & Gift Tax Reporter, as well an Internal Revenue Code archive dating back to 1954.
  • To learn more about the Alerts feature, visit: https://lrus.wolterskluwer.com/store/standard-fed-plus/
    To learn more about Tax Reporters Plus Suite, visit: https://lrus.wolterskluwer.com/store/tax-reporters-plus-suite/
    About Wolters Kluwer Legal & Regulatory U.S.
    Wolters Kluwer (WKL) is a global leader in professional information, software solutions, and services for the healthcare; tax and accounting; governance, risk and compliance; and legal and regulatory sectors.

Herbert B. Rosenberg Joins Ryan as Director

Monday, May 4, 2020 - 1:00pm

Ryan , a leading global tax services and software provider, announced today that Herbert B. Rosenberg has joined the Firm as a Director in the Commercial Property Tax practice to represent real estate clients in Illinois.

Key Points: 
  • Ryan , a leading global tax services and software provider, announced today that Herbert B. Rosenberg has joined the Firm as a Director in the Commercial Property Tax practice to represent real estate clients in Illinois.
  • Mr. Rosenberg brings a diverse book of business to Ryan, comprised of a wide variety of commercial, industrial, and retail properties.
  • Mr. Rosenberg has been practicing for 50 years and has focused on representing property owners with real estate tax reduction.
  • Ryan, an award-winning global tax services and software provider, is the largest Firm in the world dedicated exclusively to business taxes.

The American College of Trust and Estate Counsel Names Stephen R. Akers as New President

Wednesday, March 18, 2020 - 1:15pm

WASHINGTON, March 18, 2020 /PRNewswire-PRWeb/ -- The American College of Trust and Estate Counsel (ACTEC) today announced that Stephen R. Akers will serve as the College's new President.

Key Points: 
  • WASHINGTON, March 18, 2020 /PRNewswire-PRWeb/ -- The American College of Trust and Estate Counsel (ACTEC) today announced that Stephen R. Akers will serve as the College's new President.
  • Akers, Managing Director and Senior Fiduciary Counsel at Bessemer Trust in Dallas, Texas succeeds ACTEC Fellow John A. Terrill, II from West Conshohocken, Pennsylvania.
  • ACTEC Fellows have extensive experience in a range of practice areas including estate and trust planning; estate tax, gift tax and generation-skipping tax planning; fiduciary income tax planning; charitable planning; planning for owners of closely-held and family businesses; fiduciary litigation; and estate and trust administration.
  • Additionally, Akers was an active member of the College's Audit Committee, Communications Committee, Estate and Gift Tax Committee, Financial Management Committee, Long-Range Planning Committee and Sponsorship Advisory Committee.

Inheritance Tax Act 1984 (Amendment) (Siblings)

Wednesday, January 15, 2020 - 1:03pm

Latest Bill

Key Points: 
  • Latest Bill

    Latest news on the Inheritance Tax Act 1984 (Amendment) (Siblings) Bill [HL] 2019-20

    First reading took place on 14 January.

  • This stage is a formality that signals the start of the Bill's journey through the Lords.
  • Second reading - the general debate on all aspects of the Bill - is yet to be scheduled.
  • Summary of the Inheritance Tax Act 1984 (Amendment) (Siblings) Bill [HL] 2019-20

    A bill to amend the Inheritance Tax Act 1984 to make transfers between siblings exempt in certain circumstances

More than a Role of the Dice: DangerLaw, LLC Estate Planning Board Game Adds Laughter to “Death and Taxes”

Thursday, December 12, 2019 - 4:30pm

To empower clients to evaluate these complexities, DangerLaw, LLC, of Greater Boston has created an estate planning board game , with the playful name, Why Wonder When Youre Six Feet Under.

Key Points: 
  • To empower clients to evaluate these complexities, DangerLaw, LLC, of Greater Boston has created an estate planning board game , with the playful name, Why Wonder When Youre Six Feet Under.
  • Tackling everything from wills, trusts, estate taxes and gifting, to health care proxies, durable powers of attorney and provisions for pets, the game is DangerLaw, LLC s latest client education tool.
  • We believe in the power of laughter and offer a five-percent discount to estate planning clients who make us laugh.
  • For more information about DangerLaw, LLC and the estate planning game, contact 617-340-3231 or Attorney@DangerLaw.com , or visit DangerLaw.com .

Pappas: Download your Cook County property tax bill due March 3rd at cookcountytreasurer.com if you want to pay this year

Wednesday, December 4, 2019 - 11:00am

Tax Year 2019 First Installment taxes, due March 3, 2020, are 55 percent of the previous year's total tax, Pappas said.

Key Points: 
  • Tax Year 2019 First Installment taxes, due March 3, 2020, are 55 percent of the previous year's total tax, Pappas said.
  • Property owners should consult with a tax professional about income tax deductions for this year.
  • "By knowing now what the tax bill is, homeowners can decide whether to pay next year's taxes before December 31," Pappas said.
  • You may look up your tax bill on cookcountytreasurer.com by using your address or 14-digit Property Index Number (PIN).The website is the most convenient way to pay.

Inheritance Tax : a basic guide

Saturday, July 6, 2019 - 3:00pm

Friday, July 5, 2019This paper provides a summary description of the structure of inheritance tax (IHT) and the main reliefs which are available.

Key Points: 
  • This paper provides a summary description of the structure of inheritance tax (IHT) and the main reliefs which are available.
  • Further to this paper, HM Revenue & Customs (HMRC) provide guidance on inheritance tax on their internet site.
  • [2] HMRC also operate a helpline for those with questions about inheritance tax or probate.
  • [4]
    [3] Inheritance Tax and Probate Helpline Tel.