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The Estate Tax Tag

27 March
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What is Estate Tax Portability?

Posted by David M. Grant
in Estate Planning, Estate Tax Planning

Before 2010, married couples could pass on up to two times the federal estate tax exemption by including "A-B Trusts" or "A-B-C Trusts" in their estate plan. Because TRA 2010 was a temporary law, many wondered if portability was a concept that would only work for those dying in 2011 and 2012.  We can stop wondering.  The “American Taxpayer Relief Act of 2012” (ATRA) is now "permanent" law.  Under ATRA, portability is a constant principal going forward. Now married couples may use “portability” to add any unused portion of the estate tax exemption of the first spouse to die to the...

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30 November
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Recommended Estate Tax Laws

Posted by David M. Grant
in Estate Tax Planning

Yesterday I blogged about the history of the estate tax and other transfer tax laws.  While the past is certainly instructive in understanding the future, to prognosticate future law, it’s also helpful to look at those proposals and suggestions which have been offered up to Congress and the White House.  In March we shared President Obama’s estate tax ideas as set forth in his budget proposal.  Today, we share options for tax reform as recommended to Congress on April 4, 2012 by the Joint ABA Sections of Taxation and Real Property, Trusts & Estates Law.  The full document can be...

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07 November
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Estate Planning Attorneys Will Keep Busy After 2012 Election Results

Posted by David M. Grant
in Estate Planning

Good morning America.  President Obama has won another four-year term as President of the United States! So what might that mean for the estate and gift tax laws?  While the President certainly surprised most everyone in December 2010 by temporarily raising the exemption equivalent of the unified credit to $5,000,000 and lowering the transfer tax rates to 35%, those hoping for the estate tax to disappear should probably not look for another similar surprise. The probability is now greater that we’ll have lower exemption amounts (as low as $1,000,000) and higher transfer tax rates (as high as 55%).  Let me be clear,...

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