It’s the start of a new year, which means tax season—and this year’s April 17th IRS filing deadline—is just around the corner. Soon you’ll be receiving tax forms such as your W-2 or 1099s, and you’ll start thinking about the life events that could affect your taxes in various ways. Continue reading
Tag: IRS
Gift Giving the Tax-Free Way
Although it’s the season of giving, no one wants to share with the IRS. Luckily, the law provides you many opportunities to give gifts to family, friends, and charities tax-free. Some are straightforward, while others may require the help of a professional. Continue reading
Asset Protection Aspects of a Trust Pierced by IRS
September 13, 2017
The IRS has successfully pierced the asset protection aspects of a trust that was set up in New Jersey. In the past, I have published some accounts of other situations in which the federal government was able to treat assets in a trust as being property of its beneficiary because the trust agreement described a specific purpose for the trust. Continue reading
Filing 2016 Gift Tax Returns—Is there a Need to Disclose Noncompliance with Proposed Treasury Regulations Under Code Section 2704 with respect to Discounted Valuation Gifts?
September 8, 2017
President Trump issued in April Executive Order 13789 to identify which regulations: (i) are unduly complex, (ii) impose undue financial burdens on taxpayers, or (iii) exceed the IRS’s statutory authority. Continue reading
Will a Third-Party Trust Created for Your Family Be Safe from the IRS Tax Collector or from Other Federal Actions such as Restitution?
August 24, 2017
There have been a couple of recent cases that have concluded that there is no asset protection strategy to stop a formidable creditor, who has secured a federal judgment, from attaching a beneficiary’s interest in a trust created by, for example, Mom or Dad for their son or daughter as the beneficiary. Continue reading
The sun has risen again. How you and your family can benefit from a (legal) late portability election.
July 6, 2017
The concept of “portability” is still relatively new in the law of estate planning, having become available only after 2011. Since then, it’s been both a blessing (for its tax saving benefit) and a curse (because of rules that seemed to be constantly shifting). Fortunately, the IRS has recently clarified some important deadlines about portability. Continue reading