Last night, we watched as the ball dropped in Times Square to kick off yet another New Year. To quote from the Great Gatsby: “So we beat on, boats against the current, borne back ceaselessly into the past.” One year ago, we were teetering on the brink of the “fiscal cliff,” before Congress finally voted to come to a partial compromise. On New Year’s Day 2013, Congress passed the “American Taxpayer Relief Act.” My how time flies! So, we have just completed the first year of estate tax … [Read more...] about Here’s to 2014!
Teetering on the brink of the “fiscal cliff,” Congress finally voted to come to a partial compromise. About two hours into the New Year in Washington, the Senate voted 89-8 to pass H.R. 8, the “American Taxpayer Relief Act.” Late into the evening of the same day (January 1, 2013) the House of Representatives followed suit and voted 257-167 to pass the measure. President Obama has indicated that he will sign the legislation. From an estate tax perspective, the measure makes permanent all of the … [Read more...] about Fiscal Cliff Averted
The clock may be running out for two of the most widely-used advanced estate planning strategies: FLPs and GRATs. The Obama Administration recently announced its FY 2011 budget. As we know, this is important because it signals the direction the Administration intends to head with regulations or legislation. FLPs and GRATs are both under fire in the new budget proposal. Specifically, FLPs would be subject to new valuation rules to be promulgated under code section 2704. It appears these … [Read more...] about Administration Seeks New Rules for FLPs and GRATs