The Tax, Trusts & Estates Law blog published by Cole Schotz P.C. focuses on legal issues related to taxation, estate planning, trusts, and related fiduciary matters. It covers topics such as IRS procedures and relief options for tax elections, charitable and legacy planning strategies, updates on estate and gift tax exclusions and rates, and significant court decisions affecting tax penalties and compliance. The blog also discusses practical considerations in business succession planning, including buy-sell agreements and insurance arrangements. It serves as a resource for developments in tax law, trust administration, estate tax planning, charitable giving, and regulatory compliance relevant to individuals, families, and businesses.
The coronavirus outbreak, the subsequent passage of the CARES Act by the federal government, and current low interest rates have changed the landscape of charitable contributions and planning in 2020.
Charitable Contributions
The CARES Act changes the limitations on charitable…
In New York and New Jersey, Revocable Trusts, also known as Living Trusts, have started to be used with greater frequency in estate planning. In a typical Revocable Trust, the creator of the trust (ie, the grantor) is also the…
We often advise clients to consider any changes in their life every two to three years and determine if any adjustments need to be made to their overall estate plan to ensure that their personal and financial goals are met. …
With the worldwide spread of coronavirus, this is an unprecedented and unsettling time. Our health care systems are overwhelmed. Markets have been upended. Social distancing and self-quarantine are terms and practices we are adjusting to.
We are wishing others well…
Today, the Treasury announced that it will also be pushing back the April 15th deadline to file 2019 income tax returns. As a result, taxpayers will not need to pay income taxes owed for 2019 and will not need to…
Due to the Coronavirus Pandemic, the Treasury announced Tuesday that it will be pushing back the April 15th deadline to pay income taxes owed for 2019 by 90 days. In other words, until July 15, 2020, no taxpayer will be…
New Jersey has enacted legislation that gives business owners of pass-through entities a way to bypass the $10,000 limit on state and local tax deductions.
The $10,000 state and local tax limitation was implemented under federal law in the Tax…
In an overwhelming 417-3 vote, the US House of Representatives passed the Setting Every Community Up for Retirement Enhancement Act (the “SECURE Act”), which has now been incorporated into a spending bill that was signed by President Trump on December…
On November 6, the IRS announced the official estate and gift exclusion amounts for 2020 in Revenue Procedure 2019-44.
For an estate of any decedent dying during calendar year 2020, the applicable exclusion is increased from $11.4 million to $11.58…
Seasoned trusts and estates practitioners know certain truths, such as:
The recent case of Estate of Skeba (Civil Action No 17-cv-10231, D…
