Tag: IRS

Last Minute Gift Ideas!

Friday, December 19, 2014

On December 16, President Obama signed the Tax Increase Prevention Act of 2014. This means that once again, charitably-minded taxpayers can give by making direct distributions to charities from their IRA accounts. This popular tool (for qualified taxpayers 70 ½ years and older) is included in the last minute federal legislation package. With only a few business days left in 2014, there may be just enough time to take advantage of this tax savings technique. Read More

Estate Tax Exemption for 2015 Announced

Friday, October 31, 2014

The IRS recently announced that due to inflation the estate tax exemption for estate of decedents who die during 2015 will rise to $5,430,000, up from $5,340,000 in 2014. For couples, the 2015 estate tax exemption is $10,860,000. The annual exclusion for gifts remains at $14,000. Read More

Estate Tax Changes Under New York’s 2014 Budget Bill

Monday, April 14, 2014

On March 31, 2014 Governor Cuomo signed into law the 2014-2015 Budget, bringing extensive revisions to the outdated New York law relating to the taxation of estates. Under the new laws, fewer New Yorkers will be subject to estate taxation at death. The American Taxpayer Relief Act of 2012 (ATRA), signed by President Obama on January 2, 2013, made permanent a higher federal exclusion of $5,000,000 indexed for inflation. The revised New York estate tax laws are designed to bring the state’s exclusion to the federal level over the next four years. Read More

New Gift and Estate Tax Exemption Levels for 2014

Tuesday, October 8, 2013

Today's rapidly changing estates and trusts laws have made retirement planning and asset preservation more complicated. Individuals, families and businesses have to find their way through a series of complex statutes and regulations in order to figure out the best way to transfer assets from generation to generation. We are pleased to welcome you to the "Hancock Estabrook Trusts & Estates Law Blog," which will provide information on new and interesting developments in the law on topics such as construction of wills and trusts, taxes, inheritance rights and more. The most recent news is that on October 31, 2013, the IRS announced new gift and estate tax exemption levels for 2014. Read More