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A prospective donor should realize that, in order to obtain the tax benefits from a lifetime gift, he or she must make the gift irrevocably.

Beginning May 13, 2019 entities are prohibited from using their own EINs to obtain additional EINs.

In connection with plans for minimizing taxes, it should be noted that there is nothing improper or immoral in reducing or avoiding taxes...

An applicable credit is allowed against the New York state estate tax when a New York taxable estate is not greater than 105% of the...

Although the charitable remainder trust offers considerable potential tax advantages that can reduce the effective cost of charitable...

The effect of spendthrift clauses may be eroding to different degrees in the various states.

Income in respect of a decedent does not take astepped-up basis in the hands of the recipient.

The doctrine of constructive receipt is an important principle of income tax law, which reflects the point that income can be realized...

Also known as the section 199A deduction it was part of the 2017 Tax Cuts and Jobs Act. Section 199A of the Internal Revenue Code...

Follow these steps to protect yourself: Secure your computer. Use security software that updates automatically and includes a firewall,...

For a divorce completed in 2019 and later alimony payments will no longer be deductible and recipients of alimony will no longer include...

A will is a legal document that sets forth your wishes regarding the distribution of your estate and the care of your minor children...

1. Failure to Make a Proper Will or Living Trust and Revise It Periodically By failing to prepare a will or revocable living trust, a...

The Tax Cuts and Jobs Act nearly doubled the standard deduction. Thus, itemizing deductions will only makes sense if your total itemized...

The primary purpose of using an irrevocable life insurance trust is to exclude the life insurance policy proceeds from estate taxation in...

One of the basic purposes of trusts is protection. It may be the protection of a spouse, child, parent or dependent that is desired. It...