Stetson’s College of Law announced that it will offer a graduate certificate program for Elder Law Attorneys who need tax knowledge, but not the Tax LL.M. They state: Many cases affecting clients involve tax issues. Because clients often fall in the middle class, they do not always need sophisticated tax planning. But, attorneys who represent […]
Blog
The amounts below are the estate tax exclusion amounts as provided by the IRS. Unless Congress takes action, in 2026, the exclusion amount will revert to the pre-2018 level ($5,490,000) per deceased person. You can, however, use your exemption now. On November 26, 2019, the IRS clarified that individuals taking advantage of the increased gift […]
On November 28, 2023, the IRS Office of Chief Counsel published a memorandum addressing whether modification of a grantor trust to add a tax reimbursement clause constituted a taxable gift. It concluded that it does constitute a taxable gift by the trust beneficiaries because the addition of a discretionary power to distribute income and principal […]
Each year statutory provisions require the IRS to adjust tax rates based on inflation. Although we’re a bit tardy posting the numbers, here are the ones that matter most for our purposes. Gift Tax Annual Exclusion: $18,000 per recipient or $36,000 per recipient for a married couple. This is not a limit on gifting, but […]
Until recently, the IRS has said little (if anything) regarding whether assets the beneficiary of an irrevocable trust receives get a step up in basis following the Grantor’s death. With issuance of Revenue Ruling 2023-2, that has changed. The IRS has spoken. In RR 2023-2, the IRS posed the following hypothetical which I’ve edited slightly: […]
There are several steps in setting up a tax exempt organization. We’re reviewing them here. However, this post is not designed to tell you anything other than the set-up process and it is not intended to be tax advice. CIRCULAR 230 NOTICE: To comply with the requirements imposed by the United States Treasury Department, any […]
February 18th is National Caregiver’s Day! General News Sources: Will Social Security run out of money? Here’s what could happen to your benefits if Congress doesn’t act Georgia AG Carr Warns Georgians to Beware of Romance Scams | FBI Warning North Macedonia President Walks Girl With Down’s Syndrome To School After She Was Bullied What […]
