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General News Sources: Oldest person in the US reportedly dies at 115 Supreme Court declines to hear case of Delphi retirees over lost pensions Big pensions are nearly 100% funded, the healthiest they’ve been since 2008 financial crisis Pre-tax vs. Roth 401(k): There’s more to consider than you think Widow’s dilemma: When to claim Social […]

A recent Forbes article by Matthew Erskine, 2022 Transfer Tax Update, suggests that now is the time to make gifts if you’re concerned that you might have a taxable estate. Since no one knows that Congress will do with the estate tax and gift tax, some advisors assume the Trump-era transfer tax cuts will remain […]

General Sources: Autism Society’s Capital Connection 12-16-2021 (reviewing Build Back Better Act) National Health Care Spending in 2020: Growth Driven by Federal Spending in Response to Covid-19 (Health Affairs) House Advances Build Back Better Act (Health Affairs) Indirect Gift Tax Considerations for 2021 (The Tax Advisor) Smart moves to make with your retirement portfolio before […]

News Sources: Elder Law Attorney Daniel Tully has 9 questions you should ask before you or a loved one goes into a nursing home Elder Law Attorney Janet Colliton answers “Where is home when you have more than one?” Social Security proposal would raise revenue and temporarily enhance benefits Nursing homes can now lift most […]

In 2022, the annual gift tax exclusion will increase from $15,000 to $16,000 per recipient. In 2022, the estate and gift tax exemption will increase from $11.7 million to $12.06 million per taxpayer. See IRS provides tax inflation adjustments for tax year 2022. See also IRS Announces Increased Gift and Estate Tax Exemption Amounts Also […]

In 2021, the life-time estate and gift tax exemption is $11.7 million per donee (dead person or giftor). The exemption is scheduled to roll back to pre-2018 levels in 2026 unless extended by Congress. IRS Notice IR-2019-189 accompanied final regulations known as Anti-Claw Back regulations. These regulations essentially state that if you make a gift […]

Tax Cases

Transfer of Partnership Interest Was Not Immediate Gift (TC) —————————————— The tax court was faced with whether gifts petitioners made of limited partnership interests to their adult children during 2000, 2001, and 2002 qualified as annual exclusions pursuant to section 2503(b). The court found that they did not. On September 11, 1997, petitioners formed Price […]

Section 1(e) of the Internal Revenue Code imposes an income tax on estate and trusts. 2021 federal income tax rates for estates and trusts are included in Revenue Procedure 2020-45. They are as follows: If taxable income is: The tax is: Not over $2,650  – 10% of taxable income Over $2,650, but not over $9,550 […]

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