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…
Following Up On "Election Day is Coming – Will Major Tax Changes Follow?"
February 8, 2021
by B. Wade Bowen
On August 10, 2020, we published a post outlining some of President Biden’s tax proposals set forth on the campaign trail. This post takes a deeper look at some of those proposals and some of the factors likely to influence the chance of the proposals becoming law. When we wrote in August, we were…
ILITs and the Reciprocal Trust Doctrine
February 8, 2021
by Trav Baxter
Throughout 2020, as many tax attorneys and their clients continuously worried about potential changes in federal transfer tax laws that could result with an administration change, numerous articles were published and webinars held regarding spousal lifetime access trusts (SLATs) and the interplay…
COVID-19 Paid Leave – What Employers Need to Know about the New Federal Relief Bill
February 8, 2021
by Ashley Edwards
On December 27, 2020, President Donald Trump signed into law the “Consolidated Appropriations Act of 2021 a small portion of which, the COVID-Related Tax Relief Act of 2020, (Relief Act) extends and modifies certain relief to small- and mid-sized employers under the Families First Coronavirus…