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Non-grantor trusts, are separate taxpaying entities. Income taxes generated by the trust are paid for by the trust. The trust must file...

For federal gift tax purposes, the value of a gift of property is the fair market value of the property at the time of the gift. Where...

What is a trust? A trust exists when one person (the trustee) holds title to property for the benefit of another person (the...

For federal estate tax purposes, the terms “spouse,” “husband,” and “wife” includes individuals of the same sex who were lawfully married....

The Federal Estate Tax is a tax on your right to transfer property at your death. It consists of an accounting of everything you own or...

A United States citizen who inherits foreign real property from a nonresident alien receives a stepped-up basis in such property under...

The New York Attorney General's Charities Bureau protects the public interest in charitable gifts and bequests contained in wills and...

You may have read or heard news about two bills recently introduced in the Senate that, if enacted, could have a significant impact on...

It has been this authors experience that the engagement agreements of many divorce attorneys specifically disclaim the divorce attorney’s...

Decedents who died prior to 1982 were subject to a rule requiring that any property transferred by gift within three years prior to the...

Internal Revenue Code section §2042 deals with the inclusion in the gross estate, of the proceeds of life insurance policies, payable by...

Internal Revenue Code (I.R.C.) Section 2037 requires the inclusion in the gross estate of property which had been transferred by gift...

The gross estate includes the value of any interest in property transferred by decedent during lifetime, if the enjoyment of the interest...

Internal Revenue Code §72 governs the income taxation of annuity contracts. This post deals with the estate taxation of annuities....

Internal Revenue Code §2040 sets forth rules dealing with the extent to which property which a decedent co-owned with one or more other...

Under Internal Revenue Code §2041 the gross estate includes property as to which decedent held a general power of appointment as of the...

A power of appointment is essentially the right to designate who is to own certain specified property. The essence of the concept can be...

The federal estate tax is based upon the decedent's "gross estate." While the term "gross estate" refers primarily to the property which...

In general terms, Internal Revenue Code Section ("I.R.C. §") 2036 requires the inclusion in the gross estate of property which the ...

A transfer to a surviving spouse who is not a U.S. citizen will not qualify for the marital deduction. An exception is made, allowing the...