Estate Taxes

As you have probably read and heard, new tax legislation is looming to "simplify" the tax law. The major estate, gift and generation skipping transfer tax ("GSTT") changes are as follows: The House: 1. The estate and generation skipping transfer tax ("GSTT") would be REPEALED for tax...

The Internal Revenue Service ("IRS") has offered needed relief for portability elections. Portability, discussed in  a prior blog, can save a surviving spouse's beneficiaries over $2 million (in 2017) in estate taxes!  However, to utilize such savings, the surviving spouse must make a portability election...