IRS Releases 2020 Inflation Adjustments
In Revenue Procedure 2019-44, the IRS has released the official inflation adjustments for 2020, and the adjustments relevant to estates, trusts and gifts are all as expected. For an estate of any decedent dying in calendar year 2020, the basic exclusion amount will be...
To Give or Not to Give…
Charles A. Redd discusses the pros and cons of making gifts at this time of a greatly enhanced, historically high basic exclusion amount. At this time, and for the indefinite future, individuals have a greatly enhanced, historically high basic exclusion amount. This...
Tax Law Update: October 2019
David A. Handler and Alison E. Lothes highlight the most important tax law developments of the past month. • Private letter ruling approves CLAT with term of years determined by formula—In PLR 201933007 (April 22, 2019), the Internal Revenue Service approved a...
Bulletproofing the Estate Plan
Charles A. Redd discusses restrictions on an laws relating to no contest clauses. A beneficiary may be motivated to contest a will or trust instrument because he believes he has sufficient grounds to invalidate the document (for example, due to forgery, lack of proper...
