(303) 322-8943
A dependent adult is defined as an adult of any age who cannot provide properly for his or her basic needs. This includes difficulty managing finances and/or resisting fraud and undue influence by a trusted party.
The gift, estate and generation-skipping exemptions are $11.4 million per taxpayer in 2019. Keep in mind that if a Credit Shelter Trust was earlier created at the death of a family member, that trust ordinarily will not be included in the estate of the beneficiary. With the larger estate tax exemption, the family may not care about estate tax inclusion, but they may want a “stepped up basis” for the assets in the trust at the death of the current beneficiary to minimize capital gains taxes. If this applies to your situation, you probably need to take some actions now in order to obtain the stepped-up basis for the trust assets on the death of the current beneficiary.
Last Friday, the New York Times published a very negative article about donor-advised funds (DAFs), calling them a “Philanthropic Loophole” in its headline and quoting a tax professor at the University of Southern California as calling DAFs “a fraud on the American taxpayer.” What, exactly, is a DAF, and are DAFs really so bad?
This Tax Update article is authored by Laurie A. Hunter, Kevin D. Millard, Jonathan F. Haskell and Heidi J. Gassman.
On August 2, 2016, the Treasury Department proposed a series of regulations to Section 2704 of the Internal Revenue Code. If these proposed regulations are made final, this could greatly limit the ability of family controlled partnerships, limited liability companies, and corporations to transfer interests in a manner that takes advantage of minority discounts.
Based on the CPI index for period ending August 31, 2016, RIA Checkpoint has calculated the transfer tax figures for 2017 to be the following: