Estate Tax Planning Terminal interests: A terminal interest is one that terminates upon the lapse of time or the happening or failure to happen of some event or contingency, if any remaining property passes to a person other than the surviving spouse. If the surviving spouse receives a terminable interest in property; the marital deduction…
Estate tax: value closely held business Date: The valuation date is the date of the decedent’s death. An alternate date six months later may be elected but only if it decreases both the estate and the tax. If an alternative date is used, that date will be used for all assets of the estate. The…
ESTATE TAX Valuation continued: Listed securities: The mean between the day’s highs and lows on the valuation date is used. If the shares are sold ex-dividend, the amount that the estate will receive is used. The valuation of bonds includes the interest to the valuation date. Restrictions to or an impediment to sale can result…
The unified tax on transfers has three parts: gift tax(for transfers made during life), estate tax(for transfers made at death) and generation-skipping tax(for transfers that skip a generation). The gift and estate taxes are imposed on an individual for gifts during life and on his or her estate for transfers at death based upon the…
It is a type of like kind transfer that is available to small investors yet qualifies under the Internal Revenue Code rules for like kind transfers so that the exchange is not subject to the capital gain at the time the transfer is made. The investor transfers the property in return for a security which…
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