By: Amanda Wilson
As discussed earlier this summer, Treasury and the IRS identified as a burdensome regulation the Proposed Regulations under Section 2704 of the Internal Revenue Code, which regulations would severely impact discounts on gifts made to family members. (Our prior discussion can be found here.) Today, Treasury issued a report announcing that it proposes revoking the proposed regulations. This is good news for taxpayers.
By: Amanda Wilson
Last summer, we discussed the IRS’s issuance of new Proposed Regulations under Section 2704 of the Internal Revenue Code, which regulations would severely impact discounts on gifts made to family members. (Our prior discussion can be found here.) Earlier this year, the Trump Administration issued an executive order instructing the Treasury Department to review all significant tax regulations issued after December 31, 2015 and identify any regulations that impose an undue burden on taxpayers. The Treasury Department and IRS have completed this review, and have identified eight burdensome regulations that should be reformed. The good news for taxpayers is that the Proposed Regulations under Section 2704 are on this list.
by Matt O’Kane and Jason Palmisano
The laws governing the U.S. estate and gift tax system are complex. For Non-U.S. Citizens, the U.S. estate and gift tax system is more onerous and requires a much higher degree of awareness. We recently hosted a seminar discussing several issues Non-U.S. Citizens face in transferring their asset to their loved ones and providing strategies to minimize U.S. transfer taxes, including:
By Shawn Rader
In a recent article, the New York Post interviewed a woman who has set up an inheritance for her dog, Bella Mia, with an inheritance of jewelry, a six figure trust fund and a million dollar house in Port St. Lucie. (Shades of Leona Helmsley!)
Not always, but there are several important reasons you should consult with an estate planning attorney to be sure. Most states will give effect to a Will executed properly in the state where the Will was created. However, if the testator is a Florida resident when he or she signs a Will in another state, even if the Will is properly executed in the other state, it will not be valid in Florida unless the execution also meets Florida’s requirements for the execution of testamentary documents. In other words, if a Will is signed in Minnesota at the time the individual is a Minnesota resident, and later the individual moves to Florida, the Will will be valid in Florida. On the other hand, if a Florida resident executes a Will in Minnesota which satisfies the execution requirements in Minnesota, but not in Florida, the Will is not valid in Florida. For a valid Will to be admissible to probate in Florida, it must have a self-proving affidavit executed at the same time as the Wills or the person admitting the Will must offer the testimony or a notarized Oath of one of the witnesses to the Will.
