Estate tax Feed

Welcome to Part 6 of the ol' blog's series on 2018 inflation adjustments. Today we look at changes to estate, gift and kiddie taxes. You can find links to all 2018 inflation posts in the first item: Income Tax Brackets and Rates. Note: The 2018 figures apply to 2018 tax returns that are due in 2019. For comparison purposes, you'll also find 2017 amounts to be used in filing 2017 tax returns due next April. Real wealthy families like the fictional filthy rich Darlings of ABC's "Dirty Sexy Money" welcome the latest estate tax inflation adjustments. (Cast photo courtesy ABC... Read more →


A proposal to limit certain business estate valuation discounts is outta here under the Treasury's finalized list of eight tax regulations it wants to eliminate or substantially revise. Remember back in July when the U.S. Treasury announced eight tax regulations it said were burdensome and needed to be changed or axed? Treasury Secretary Steven Mnuchin and his staff have now finalized what they want to do with these eight rules. Three would be tossed out, including one that many say hurt family-owned and operated businesses. Two would be partially revoked. The final three would be substantially revised. "This is only... Read more →


House Ways and Means Chairman Rep. Kevin Brady of Texas, surrounded by his Republican colleagues, displays a postcard tax return his Party says will be possible under the tax reform framework released today. (Screenshot of C-SPAN video; click image to watch tape.) And so tax reform 2017 begins. Unfortunately, it begins vaguely. The Republican Party today released its "Unified Framework for Fixing Our Broken Tax Code." That long title, which is in dramatic all capital letters on cover of the nine-page document, belies the amount of information it provides. In fact, there are fewer tax details in this latest GOP... Read more →


More Americans believe the Trump Administration will hike their taxes rather than cut them, according to a new poll. The CBS News survey found 38 percent believe the president will raise their taxes, 25 percent believe he will lower them and 33 percent think their tax bills won't change. The tax increase belief was strongest among poll participants who made less than $100,000. The telephone poll, conducted between April 21-24 by SSRS of Media, Pennsylvania, was released by CBS News on Wednesday, April 26, the same day that the White House revealed its latest tax reform plan. That tax plan,... Read more →


Welcome to Part 6 of the ol' blog's series on 2017 inflation adjustments. You can find links to all 2017 inflation posts in the series' first item: Income Tax Brackets and Rates. Today we look at changes to estate and gift tax amounts, as well as limits on investment income for children, known as the kiddie tax. Note: The 2017 figures apply to 2017 returns that are due in 2018. For comparison purposes, you'll also find 2016 amounts to be used in filing 2016 returns due next April. There's a time for play and a time for generational tax planning.... Read more →


While most of the world this week was watching the court battle begin over pop icon Prince's estate, some U.S. House members were trying to reconfigure federal law to capture more tax money from more estates. "Requiring more of the wealthiest estates to pay the estate tax and raising the estate tax rate are commonsense steps we can take toward making our tax code fairer," House Ways and Means Committee ranking minority member Sander M. Levin (D-Mich.) said in announcing introduction of H.R. 4996, the Sensible Estate Tax Act of 2016. The estate tax has been around in some form... Read more →


The estate planning world is stunned by the news that Prince passed away without a will. Prince performing at Coachella in 2008. Photo by Scott Penner CC BY-SA 3.0 via Flickr and Wikimedia Commons While lots of folks delay officially putting their final wishes on paper, the wealthiest among us, which definitely included The Purple One, tend to have a phalanx of advisers to take care of their money, including how it will be dealt with once they're gone. Such professional financial and tax advice is critical, especially if you have a lot of money and/or live in a state... Read more →


Powerball Update, Aug. 24, 2017: A Powerball ticket buyer in Massachusetts has won almost $759 million, the largest single jackpot ever in North America. That person definitely will be added to the list of luckiest lottery winners. He or she also will make the Internal Revenue Service and Massachusetts Department of Revenue very happy with the taxes that are due on the historic winnings. A Lottery is a Taxation, Upon all the Fools in Creation; And Heav'n be prais'd, It is easily rais'd, Credulity's always in Fashion; For, Folly's a Fund, Will never lose Ground; While Fools are so rife... Read more →


From a tax standpoint, Alaska is a pretty cool location. The Last Frontier doesn't collect any individual income tax. It also doesn't have a state sales tax. Local Alaskan governments, however, do have the option to collect sales and other taxes. The additional local levies in Alaska cover such things as raw fish (you did see that Deadliest Catch episode featuring the tax collector, didn't you?), hotel and motel occupancy, fuel, gambling proceeds, liquor and tobacco. Right now, one of the most popular local tax collections is on tobacco. More tobacco taxes in Alaska: A dozen years ago, reports Jeannette... Read more →


When Downton Abbey showed up on PBS back in 2011, the hubby and I were avid viewers. We're both Anglophiles, PBS supporters and it had a nice tax hook for me. Thanks to arcane British inheritance and tax laws in the early 20th century, Lord and Lady Grantham had to marry off their eldest daughter, Mary, to a distant relative to retain possession of the family estate. Lady Mary Crawley is shocked, perhaps at Rep. Aaron Schock's situation? Watch more of Lady Mary's and other Downton Abbey residents' reactions at the PBS Masterpiece website. The convolutions, both legal and emotional,... Read more →


It's Tuesday, but to borrow a phrase and concept popular on the Internet, it sure feels like Throwback Tax Thursday. The reason? The preview of the topics that President Obama plans to address in tonight's State of the Union Address includes some tax provisions that used to be in the Internal Revenue Code. The one that caught my eye is a tax break that's near to my heart, and I mean that in the romantic sense. The hubby and I married in 1982 in part because by waiting until that year, we started off as husband and wife with a... Read more →


A lot is going on in the next eight weeks. The holidays are almost here. Got your turkey yet? Made your Santa wish list? Meantime, you're also checking out the year-end tax moves you need to make to ensure you pay Uncle Sam the lowest possible 2014 tax bill. And you need to do some 2015 tax planning. Sorry, but it's true. So this week's By the Numbers figure is 2015 in recognition of the many inflation adjustments that will affect next year's tax bill and tax plans. Back on Oct. 30, I posted next year's ordinary tax rates and... Read more →


The hubby and I enjoy fine art. Most of our vacations include trips to museums. We even own a few original pieces by artists other than my grandmother, although I must say her work, like the Texas bluebonnet field below, is among my favorites. Her landscapes and more lighthearted pieces are very valuable to us. But Vera K originals and the handful of other paintings we own by more famous painters won't one day produce any big estate tax issues. Estate tax issues with art values: Wealthier art patrons, however, often find that their collections could produce tax problems for... Read more →


Our beloved cat Zeke was part of our family for 19 years. He's been gone for 15 now and we still think about him every day. Zeke chilling out in a box at our Maryland condo back in 1984. Our human family and friends are stunned we never adopted another cat. When I've broached the subject of a new kitty over the years, the hubby's reaction has remained consistent and firm: "Do people get another kid when they lose one?" Sometimes, but that's a topic and blog post for another time. Today's focus is on our collective devotion to our... Read more →


Thirty-seven years ago the musical world was in shocked mourning. Just a day earlier, Aug. 16, 1977, Elvis Aaron Presley had died. Many people can still tell you where they were on that Tuesday afternoon more than three decades ago when they got the news that the King was dead. I can't. I was probably in a class at Texas Tech University. But I wasn't then and am not now a big Elvis fan (despite what I've discovered is a surprising number of Elvis-related blog posts), so it doesn't stick in my memory. Still, I recognize his place in the... Read more →


The best day in auto racing is two-thirds over, with the checkers having waved for the Formula 1 race along Monte Carlo's streets and at the Indianapolis 500. We race faces now await the green flag for NASCAR's longest race of the season, 600 miles that will end under the lights at Charlotte Motor Speedway. One of the reasons I like watching races is that I get glimpses of incredible pieces of engineering. That's especially true of the F1 vehicles. I seen some of these magnificent autos, both the racetrack and regular road versions, on trips the hubby and I... Read more →


Tonight could be the end of the 2014 season for the Los Angeles Clippers. They face the Golden State Warriors in game seven of their series to determine which team will go to the next round of the NBA playoffs. UPDATE: The Clippers beat the Warriors 126 to 121. Time also is running out for Clippers' owner Donald Sterling. NBA Commissioner Adam Silver last week banned Sterling from the sport for life following his racially charged comments. Silver also asked the league's other team owners to remove Sterling from their ownership ranks. Sterling is expected to fight to keep the... Read more →


For good or ill, 2013 is gone. Welcome 2014! On the tax front, 2013 was quite an eventful year. So before we get too deep into this new year, I thought it would be fun to reflect on what happened in the tax world last year. Taxes, of course, are very personal. That one-to-one relationship we all have with the tax code extends even to major developments in tax laws. What seems momentous to me might not be so important to you and vice versa. So the following list of 10 tax happenings in 2013 is in no particular order.... Read more →


Christmas is less than two weeks away. I must admit that the holiday has sneaked up on me this year, but I'm finally getting into the spirit. And as a tax geek, that means that some -- OK, a lot -- of the holiday trappings remind me of taxes. Take, for example, Christmas carols. Listening to them at a holiday party this past weekend naturally brought to mind some tax provisions. That's right. This is just the kind of thing the hubby lives with, even at this special time of year. You can send your words of sympathy for him... Read more →


The wait is almost over! Time magazine's Person of the Year for 2013 will be announced Dec. 11. UPDATE, Dec. 11, 8:30 a.m.: My prediction from last night (see end of this item) was correct. Pope Francis is Person of the Year. But I'm very glad that a tax-connected person was one of the finalists. I generally don't pay attention to this annual event. This year is different. Taxes are involved, at least peripherally. One of the five finalists, per NBC Nightly News and on whose sister network program Today the announcement will be made, is Edith Windsor. Bringing down... Read more →