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Returning Value Blog

IRS Issues Proposed Regulations That Refine Estate and Gift Tax Anti-Clawback Rule

Posted by Lesley L. Price, CPA on May 26, 2022

The Treasury Department, on April 26, 2022, released proposed regulations limiting the anti-clawback rule previously published on November 26, 2019. The proposed regulations – REG-118913-21 – address certain situations in which an estate could be taxed on gifts made by a donor after 2017 and before a reduction in the basic exclusion amount (BEA), wherein the gifts were free of gift tax when made.

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Posted in Estate Planning

Choose Wisely When Naming the Right Personal Representative

Posted by Lesley L. Price, CPA on Nov 04, 2020

If you have a will instead of a trust, choosing the right person to serve as the personal representative should be made only after careful consideration. While many of us have clarity on who our beneficiaries are, we often do not take considerable concern into the pivotal role of a personal representative.

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Posted in Estate Planning

Estate Planning Beyond The Headlines

Posted by Lesley L. Price, CPA on Apr 30, 2018

Ways the new tax law affects federal estate taxes.

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Posted in Estate Planning

5 Estate Planning Tips for The Sandwich Generation

Posted by Lesley L. Price, CPA on Mar 05, 2018

The “sandwich generation” accounts for a large segment of the population. These are people who find themselves caring for both their children and their parents at the same time. In some cases, this includes providing parents with financial support. As a result, estate planning — which traditionally focuses on providing for one’s children — has expanded in many cases to include aging parents as well.

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Posted in Estate Planning

A Joint Home Purchase Can Ease Estate Tax Liability

Posted by Don G. Chastain, CPA on Feb 26, 2018

If you’re planning on buying a home that you one day wish to pass on to your adult children, a joint purchase can reduce estate tax liability, provided the children have sufficient funds to finance their portion of the purchase. With the gift and estate tax exemption now set at an inflation-adjusted $10 million thanks to the Tax Cuts and Jobs Act, federal estate taxes are less of a concern for most families. However, the high exemption amount is only temporary, and there’s state estate tax risk to consider.

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Posted in Estate Planning

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