Author: Christopher Weeg

A common question that arises when preparing federal gift tax returns is whether a gift in trust qualifies not only for the gift tax annual exclusion but also for the lesser know (and lesser understood) generation-skipping transfer (“GST”) tax annual exclusion.  This article will clarify when gifts in trust qualify…

Trusts are perhaps the most dynamic tool in the estate planner’s toolbox. Trusts have a variety of benefits that include establishing rules with respect to the management and disposition of your assets and the potential provision of significant tax savings.  There are many types of trusts, and this blog post…

The IRS has just released inflation-adjusted tax numbers for 2023.  Among the most notable adjustments are: An increase in the gift, estate and GST tax exemptions amounts from $12,060,000 to $12,920,000. An increase in the gift tax annual exclusion amount from $16,000 to $17,000. An increase in the starting point…

Estate planning can be boiled down to two main topics: (1) asset disposition, and (2) naming (or nominating) fiduciaries.  For most of our clients, the asset disposition part—how you want your assets to pass on death—is simple.  Selecting who will be the fiduciaries—those with responsibilities and decision making upon your…

››The Internal Revenue Service recently issued Rev. Proc. 2022-32, which permits certain estates up to 5 years to file a federal estate tax return (Form 706) in order to make a portability election and thereby transfer a decedent’s unused estate tax exemption to his or her surviving spouse; an estate…