At the end of 2010, Congress passed legislation authorizing the transfer of unused spousal estate/gift tax exemption to a surviving spouse. As with most tax laws, the devil was in the details, and it was left to the IRS to work out the details. After...
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You may have noticed a collective sigh of relief coming from the estate tax planning community over the last few weeks. In its early drafts of the Build Back Better legislation, Congress had been flirting with some fairly dramatic changes to the U.S. transfer tax...
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Senator Bernie Sanders (D-VT) introduced legislation that, if passed, would have a significant impact on the transfer tax system of the United States. The proposed legislation includes the following changes: Estate tax exemptions of $3.5 million Gift tax exemptions of $1 million $20K annual gift...
Read MoreRead MoreMuch of the discussion about the recently passed tax cut has focused on the changes to the income tax. This is warranted given the amount of money involved with the income tax changes. However, if you are one of those, now fewer, taxpayers who still...
Read MoreRead MoreWith Rev. Roc. 2017-34, the I.R.S. would seem to be doing taxpayers a big favor. Of course, it is also possible that the I.R.S. was simply being practical and had grown tired of reviewing and granting so many private letter rulings (PLR) requests. What is...
Read MoreRead MorePS&E is pleased to announce that John E. Clough has been named to the 2014 edition of Best Lawyers®, for his work in the area of Trusts and Estates. Inclusion in Best Lawyers is based on peer-review evaluations that are sent confidentially to over five...
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