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Problems with Outright Gifts in the Medicaid Planning Context
An Irrevocable Trust Is Often a Better Planning Maneuver Than an Outright Gift There are several problems with outright gifts in the Medicaid planning context that can lead to the recommendation of the...
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More about the Mechanics of Obtaining a Step-up in Basis in 2010 under...
The Internal Revenue Service has not yet published the form necessary to obtain a step-up in basis for 2010 deaths, but it has published FAQs about the New Tax Rules for Executors for 2010 . It...
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Can a “Retained” Life Estate Be Eligible for a Step-up in Basis under...
Some tax professionals are trying to find an argument that a retained (as opposed to reserved) life estate can obtain a step-up in basis under the modified carryover basis rules in effect for estates...
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Internal Revenue Service Has Gone Back to the Drawing Board on Form 8939
The Internal Revenue Service has withdrawn its drafts of new Form 8939, entitled “Allocation of Increase in Basis for Property Acquired From a Decedent.” http://www.irs.gov/pub/irs-dft/f8939–dft.pdf...
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Traps for the Unwary Regarding the Modified Carryover Basis Rules for 2010...
It still looks like we’re stuck with Internal Revenue Code Section 1022 being the tax law for estates of decedents who die during 2010. Here are a few traps for the unwary regarding this law: (1) The...
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Internal Revenue Service Releases 12/16/2010 Advance Proof Copy of Form 8939...
Attached is the 12/16/2010 advance proof copy from the Internal Revenue Service of Form 8939, entitled “Allocation of Increase in Basis for Property Received from a Decedent.” This form is necessary...
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Executors of 2010 Estates Now Have Choice of Two Different Tax Laws, and...
The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, signed into law by President Barack Obama on December 17, 2010, included a provision that pertains to estates of...
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Life Estate Can Be “Retained” for Estate Tax Purposes under Internal Revenue...
NOTE: This article reflects the current 2011 law, and also reflects pre-2010 law. It also is the default provision for decedents who died during 2010 unless the executor chooses to have 2011 law...
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Form 8939 May Eventually Be Due for Estates of Some 2010 Decedents, But the...
Form 8939 for estates and trusts of decedents who died during 2010 still hasn’t been finalized by the Internal Revenue Service. The last draft Form 8939 posted by the IRS was dated 12/16/2010. It’s a...
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How Does the Massachusetts Medicaid Program Treat a Sale of a Life Estate?
When a person who has a life estate wants to sell the real estate, the life tenant is legally entitled to a share of the proceeds. The amount of the proceeds the life tenant is supposed to receive is...
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Income Tax Planning for the Terminally Ill or Recently Deceased Person
Notes for lawyers from the Massachusetts Bar Association’s program that I chaired entitled “Estate, Tax and Health Care Planning for the Terminally Ill Client” Some income tax planning for a person’s...
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Is It a Good Idea for an Elderly Person to Purchase a Deferred Annuity?
I have been seeing an increasing number of older clients who have purchased (or, perhaps more accurately, have been talked into buying) a deferred annuity. Sometimes the annuity fits into the client’s...
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An Analysis of the Tax and Medicaid Aspects of Various Types of Transfers of...
Different types of gifts and transfers of assets have very different results for tax and Medicaid purposes. The following is an analysis of the tax results of some basic types of transfers of a...
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