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Estate Taxation

  • The Success in Succession, Part III: Financial Planning

    By:
    Steven H. Goodman, CPA, MBA
    |
    Dec 1, 2024

    This article is the third in a three-part series on succession planning. In Part I of the series, we discussed the legal considerations in creating an exit or succession plan, including estate planning and estate and gift tax planning. In Part II, we discussed the business considerations, including how to avoid the mistakes business owners and executives often make in preparing for exit or succession.

  • New Planning Opportunities for Inherited IRAs

    By:
    Kenneth A. Horowitz, CLU® ChFC® RICP® AEP®
    |
    Sep 1, 2024
    The impact of the SECURE Act 2.0 has created a game change for high-net-worth clients. The Setting Every Community Up for Retirement (SECURE) Act requires beneficiaries of inherited IRAs to withdraw all assets of the IRA account within 10 years, in most cases. This can create a significant income event resulting in giving back most of the income tax benefits accumulated over the years. Post-death control is also minimized while the resulting lack of asset protection increases.
  • The Success in Succession, Part II: Business Planning

    By:
    Joseph G. Milizio, Esq.
    |
    Sep 1, 2024

    This article is the second in a three-part series on succession planning. Part I discussed the legal considerations in creating an exit or succession plan, including estate planning and estate and gift tax planning. Part III will focus on financial planning.

  • Achieving the Impossible: Estate Tax Exclusion and Step-Up in Basis

    By:
    Copyright © 2024 Jonathan G. Blattmachr, Mitchell M. Gans & Martin M. Shenkman. All Rights Reserved.
    |
    Sep 1, 2024
    One of the challenges in estate planning is keeping assets out of the deceased owner's taxable estate while still ensuring the assets receive the automatic change in basis (commonly called the step-up in basis) under Internal Revenue Code Section 1014. When the estate tax rates were much higher than they are today (70%-77% a few decades ago compared to 40%) and the long term capital gains income tax rates were not more than 25%, it was beneficial in most cases to seek estate tax exclusion even if the step-up in basis was forfeited. 
  • Grants vs. Contracts: Considerations for Public Charities and Private Foundations

    By:
    Lori A. McLaughlin, CPA, PFS and Kamila Czeczot, CPA
    |
    Aug 1, 2024

    Like their for-profit counterparts, charitable organizations often enter into agreements with other individuals or organizations. But there is a complexity to how grants are described in the Internal Revenue Code (IRC), and these differences can have operational implications on charitable organizations. So charitable organizations should understand what defines a grant versus a contract, as well as how each should be classified and reported for tax purposes. (All references to the IRC refer to the Internal Revenue Code of 1986, as amended, unless otherwise noted.)

  • The Success in Succession, Part I: Estate Planning and Estate & Gift Tax Planning

    By:
    By Morris Sabbagh, Esq.
    |
    Aug 1, 2024

    Whether you’re planning to pass your business to the next generation or simply to make an exit, and whether it’s your own business succession or a client’s, the success of your succession plan will depend on how well it addresses both tax and nontax issues.

  • Helping Clients Navigate Estate Planning and Divorce

    By:
    Gus Dimopoulos, Esq.
    |
    Aug 1, 2024

    As an attorney specializing in matrimonial law, I’ve worked on numerous cases involving divorce and estate planning. Clients often turn exclusively to financial professionals for guidance, overlooking the crucial role of their attorneys.

 
Views expressed in articles published in Tax Stringer are the authors' only and are not to be attributed to the publication, its editors, the NYSSCPA or FAE, or their directors, officers, or employees, unless expressly so stated. Articles contain information believed by the authors to be accurate, but the publisher, editors and authors are not engaged in redering legal, accounting or other professional services. If specific professional advice or assistance is required, the services of a competent professional should be sought.