The American Taxpayer Relief Act of 2012 established a $5,000,000 estate and gift tax exemption to be adjusted on a yearly basis due to changes in inflation.  The IRS has announced that the indexed exemption for 2014 will increase from $5,250,000 to $5,340,000.  This means that, with proper planning, a married couple can transfer $10,680,000

This week, I worked with three different clients whose families had some involvement with one or more disinherited children. Two of my clients treat their children disproportionately, or totally disinherit a child. The third client has been emotionally and financially disinherited by one of her parents. I ruminated on the family circumstances that led to

"This is the eighth article of a series designed to provide guidance for those individuals who are considering making a large gift in 2012 to take advantage of the $5.12 million federal gift tax exemption that will expire at the end of the year. For prior articles, see below.

The Revenue Reconciliation Act of 1990

Steve Oshins, an attorney in Nevada, has compiled the first annual ranking of the best states for the creation of Dynasty Trusts. He ranks Tennessee as the fourth best state. Ironically, our high ranking is a tribute to our laws other than our rule against perpetuities. Approximately 20 states have totally repealed their rule against perpetuities, which means

This is the seventh article of a series designed to provide guidance for those individuals who are considering making a large gift in 2012 to take advantage of the $5.12 million federal gift tax exemption that will expire at the end of the year. For prior articles, see below.

Two prior articles discussed the Tennessee Gift Tax

The Tax Court recently ruled that gifts of family limited partnership interests qualified for the gift tax annual exclusion, which is currently $13,000 per donee per year. Estate of George Wimmer involved a family limited partnership that was funded with marketable securities. Mr. Wimmer made gifts of limited partnership interests to children and trusts for grandchildren. The