by Manish C. Bhatia | Jan 1, 2011 | News + Trends
With the new year, we have new legislation providing updated Estate, Gift and Generation Skipping Transfer Tax provisions affecting decedents dying between January 1, 2010, and December 31, 2012. Congress has finally given us a long-awaited answer to the question of...
by Manish C. Bhatia | Dec 1, 2010 | News + Trends
In order for a gift to qualify for the annual ($13,000) or lifetime ($1 million) Gift Tax exemptions, it must be a present interest gift. A present interest gift is one in which the beneficiary has an immediate, unrestricted right to the use, benefit, and enjoyment...
by Manish C. Bhatia | Dec 1, 2010 | News + Trends
One of the primary techniques used to reduce a person’s taxable estate is for him or her to make gifts during life to other individuals, usually children or grandchildren, using the annual gift tax exemption ($14,000 in 2014). An individual can make a gift of up to...
by Manish C. Bhatia | Sep 1, 2010 | News + Trends
The Crummey Notice takes its name from the 1968 decision in Crummey v. Commissioner, 397 F.2d 82, 88 (9th Cir. 1968) in which it was established that a gift in trust qualifies for the annual Gift Tax exclusion as long as the trust’s beneficiaries have the power to...
by Manish C. Bhatia | Sep 1, 2010 | News + Trends
As the end of the year quickly approaches, it is essential to recognize the importance of planned giving and its benefits for those with taxable or rapidly growing estates. This newsletter will discuss the opportunities available to reduce your taxable estate while...
