Gift-Splitting When Spouse is Trust Beneficiary

Wife transfers property to a trust for the benefit of Husband. The trust is intentionally structured so as not to qualify for the gift tax marital deduction. Wife files a gift tax return in connection with the gift, and Husband consents to split the gift. Husband is the primary beneficiary of the trust during his life. When Husband dies, will any part of the trust be includible in his estate for federal estate tax purposes?

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Estate Tax under the Tax Bill

If the Tax Cuts and Jobs Act passes, the number of estates subject to the death tax is about to get even smaller, at least temporarily.

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Estate and Gift Tax Exemptions Will Rise in 2018

The IRS recently announced inflation adjustments to various estate and gift tax items for 2018.

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For a Limited Time Only: IRS Grants Extension to Elect Portability

Executors who discovered too late that they should have made a portability election have gotten a reprieve. 

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If You Want an Estate Tax Closing Letter, You Now Have to Ask for It

For estates that are required to file a Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return*, it is advisable not to close the estate until you know that the IRS has completed its examination of the return and has accepted it (either with or without adjustment). Until relatively recently, the IRS would notify you that the return had been accepted by sending an estate tax closing letter. However, that is no longer the case. For estate tax returns filed after June 1, 2015, the IRS will only issue estate tax closing letters upon request. Specifically, the executor must call the IRS at (866) 699-4083 and provide the following information: Name of the decedent; Decedent’s social security number; Date of death. […]

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