Land Owner Impacted In Major Way Upon The Death Of The Patriach
My family has almond land, rice land and cattle land in California. Our forefathers settled on the cattle land in the mid 1800's. The problem I see is that land in California has increased in value so tremendously that he average land owner is going to be impacted in...
Congress Should Reduce Or Repeal Death Tax
Dear Ms. Soldano: I want Congress to do something about reducing the death tax if they won't repeal it. It looks like the Democrats are dead-set against a repeal, but might support a compromise (even though they killed the latest attempt to come up with a bill package...
Post-Election Survey Results, Groundbreaking Data On The Efforts Of The Death Tax
New Data On The Effects Of The Death Tax Almost twice as many family members sell their business or property early because of the death tax, and those who leave the business or property to their children to determine how to pay the 55% tax. This means that death taxes...
American Voter Attitudes On Estate, Gift, And Generation-Skipping Taxes
Clarity is scarce, and at a premium, in Washington today. Complicated, complex, and contentious issues abound. Healthcare, immigration, foreign relations. The list goes on. Pick one. The common denominator is always that there seem to be more questions than answers....
State Death Tax Chart Update July 17, 2017
Family Businesses Survey Reveals Strengths, Challenges Ahead
New Survey of Family Businesses Reveals Strengths and Challenges Ahead Family business are key drivers of economic development, but taxes and regulations hinder growth A new survey finds that family businesses across America, while optimistic about growth in 2017,...
As Congress debates repeal of the estate tax, why not consider ending the gift tax?
With tax reform now in the spotlight of political debate, repeal of the “estate” or “death tax” has moved to the front burner of tax reform proposals currently under consideration; unfortunately, many of these proposals do not include repeal of the gift tax. The...
PROPOSED: Trump’s 2017 Tax Reform
President Trump has proposed a comprehensive tax reform plan that includes a complete repeal of the estate tax. The details of his proposal are below: 2017 Tax Reform for Economic Growth and American Jobs The Biggest Individual And Business Tax Cut In...
Bipartisan Estate Tax Repeal Bill Introduced
On Tuesday (1/24/17), Rep. Kristi Noem (R-SD) and lead co-sponsor Rep. Sanford Bishop (D-GA) introduced legislation (H.R. 631) in the House of Representatives that would fully repeal the estate tax in the 115th Congress. In introducing her bill,...
Treasury Unlikely to Finalize Sec. 2704 Regs Before Inauguration
On Monday (1/9/17), while speaking to the Heckerling Institute on Estate Planning in Orlando, Florida, Kathy Veihmeyer Hughes of the Treasury Department's Office of Tax Policy, provided a status update of proposed regulations reducing valuation...
2017 State Death Tax Chart
Revised July 17, 2017 PATG State Death Tax Chart -- July 17, 2017 This chart is maintained for the Policy and Taxation Group Website and is updated regularly. Any comments on the chart or new developments that should be reflected on the chart may be sent to...
Sen. Thune announces intention to repeal the estate tax next year
South Dakota Sen. John Thune and other top Republicans recently announced their intentions to launch a new drive to repeal the estate tax next year, while pulling back on efforts to force a year-end vote aimed at blocking proposed Treasury Department regulations under...
House leaders urge gov agencies to halt regulations
House Majority Leader Rep. Kevin McCarthy (CA) along with Republican committee chairmen have sent a letter to all government agencies urging them not move ahead with any new regulations in the closing months of the Obama Administration. In the letter, McCarthy warned...
The ACTEC comments on proposed regulations under Section 2704
The American College of Trust and Estate Counsel (ACTEC) has just released a detailed response on Treasury's proposed regulations under Section 2704 regarding valuation discounts for estates. The ACTEC is a nonprofit association of over 2,700 lawyers and law...
Thousands Ask Treasury To Kill Estate Transfer Proposal
Our voices have been heard! See below for an article on the sizable number of businesses and trade groups that have signed on to the letter against the proposed regulations under Section 2704. Thousands Ask Treasury To Kill Estate Transfer Proposal By Vidya Kauri...
Lawmakers Targeting Spending Bill to Block Estate Tax Rules
BNA Snapshot * Senate opposition letter possible this week * Lawmakers upset administration is using regulatory process for estate tax changes By Allyson Versprille and Aaron E. Lorenzo Sept. 27 - Senate Republican leaders are joining efforts in the House to block IRS...
Proposed Changes to Section 2704; FOX webinar replay access
Please click the link below to view the replay of FOX's most recent webinar on the impact of proposed Section 2704 regulations on families in which Skip Fox, Aubrey Rothrock and I participated. Urgent FOX Webinar - Is the Clock Ticking for Valuation Discounts? - IRC...
Hillary Clinton Proposes 65% Top Rate for Estate Tax
I would like to bring to your attention an article from the Wall Street Journal discussing Hillary Clinton's proposals for increasing the estate tax. In all, Mrs. Clinton would increase taxes by about $1.5 trillion over the next decade, increasing federal revenue by...
Letter to the Treasury; Let Your Voice Be Heard!
We have several updates from Capitol Hill this week, particularly regarding the proposed Treasury regulations. Please click this link for PATG's talking points on the proposed regulations under Section 2704. In addition, we would like to share with you a sample letter...
Trump’s Estate Tax Plan Good for Wealthy, Bad for Charities
BNA Snapshot * Estates over $50 million give most to charity * If tax repealed, wealthy might lose incentive to make charitable bequests, analysts say By Allyson Versprille Sept. 12 - Donald Trump's campaign promise to repeal the estate tax would pad the pockets of...
A Stealth Death Tax Increase
OPINION REVIEW & OUTLOOK A Stealth Death Tax Increase Treasury again rewrites longstanding interpretations of law Sept. 5, 2016 6:46 p.m. ET In Print, September 6, 2016, p. A-14 January 20 cannot come soon enough for the owners of family businesses. Less than...
McGuire Woods LLP Alert
Proposed Section 2704 Regulations Would Impose Major Restrictions on Valuation Discount Planning Long-awaited proposed regulations under Section 2704 of the Internal Revenue Code, released on August 2, 2016, would make sweeping and very significant changes to the...
Changes in Treasury Regulations, Section 2704 will harm families!
On August 2, 2016, The Internal Revenue Service (IRS) issued much anticipated proposed regulations that would limit the use of discounts when valuing interests in family entities for estate, gift and generation-skipping transfer tax purposes. If made final in their...
IRS Expected to Face Pushback Against New Estate Tax Rules
BNA Tax Report The IRS may face an uphill battle as it works to finalize recent proposed regulations meant to curb certain estate and gift tax planning tactics, according to practitioners. The proposed regulations (REG-163113-02), issued Aug. 2, place limitations on...
Treasury Releases Long Awaited Regs on Family/LP’s!
Yesterday, the US Treasury Department released long anticipated guidance under IRC Section 2704 designed to close tax preferences on the valuation of certain interests in family limited partnerships and limited liability companies for estate, gift, and...
Tax Policy: Key Differentiator Between Presidential Candidates
With the Republican Convention coming to a close and the Democrat Convention opening next week, tax policy continues to be a key differentiator between the Presidential candidates. Donald Trump proposes to reduce the existing seven individual tax brackets to three,...
Estate Tax Draft Instructions Cover Basis Reporting, Marriage
The IRS has recently released a draft of instructions for Form 706 concerning estates of decedents who died after Dec. 31, 2015. These draft instructions include reminders on consistent basis reporting, new estate tax exemption value and treatment of same-sex couples....
Trump, Clinton Estate Tax Plans Diverge on Budget Impact
According to a recent study published by the Tax Foundation, presumptive Republican presidential nominee Donald Trump's estate tax proposal would encourage economic growth, but also reduce tax revenue by billions of dollars. The group said that even though his plan...
Millionaires lobby to raise their own taxes
We thought this story about the launch of a potential rival lobbying organization featured in Politico would be of interest to you. The Patriotic Millionaires, a group of wealthy Americans who argue they should pay higher taxes, registered to lobby for the first time....
Impact of 2016 Elections on GRATs and Estate Tax
The results of the 2016 presidential and congressional races could hold significant sway over the future use of grantor-retained annuity trusts (GRATs) while simultaneously impacting estate and gift taxes. If presumed Democratic nominee Hillary Clinton wins the...