Portability, Rev. Proc 2017-34 and Potential Estate Tax Legislation
Recently widowed individuals whose deceased spouse’s estate did not make a portability election by the due date for filing an estate tax return -- because the estate either was not aware a portability election was available or required, or determined that a portability election was not necessary…
Yours, Mine and Ours: Estate Planning for a Blended Family
February 8, 2021
by Casey Dorman Lawson
When William Shakespeare wrote “What’s mine is yours, and what is yours is mine,” he likely was not thinking about a blended family. Blending families offer a myriad of challenges, one of which is how the spouses’ assets will be distributed at death. If you are a spouse in a blended family, the…
Certain Expenses Of A Trust Are Still Deductible
November 5, 2020
by David Biscoe Bingham
The Tax Cuts and Jobs Act (TCJA), while lowering taxes for most, raised them for a few. One group of those few taxpayers for whom taxes went up under TCJA were certain trusts and estates (generally those with large investment advisory fees or certain other expenses). The issue for these trusts is…