A decedent's gross estate includes most assets and property they owned or had an interest in at death, used to calculate estate taxes. Some assets, however, may be excluded, affecting the estate's ...
Phillips & Cohen Associates (PCA), which has spent more than 28 years focused on compassionate deceased account management, ...
Despite ultimately finding in favor of a taxpayer surviving spouse, IRS Private Letter Ruling 2023-22-014 (the “PLR”) is chock-full of reasons to ensure proper planning is in place when it comes to ...
The Tax Court held that the value of checks written prior to but paid after a decedent’s date of death were includible in the decedent’s gross estate. Facts: William E. DeMuth Jr. was domiciled in ...
In Estate of Bernard J. Macelhenny, Jr. v. Commissioner, the Tax Court ruled on two separate but related issues: (1) whether the estate may properly deduct the value of two consent judgments entered ...
Losing a loved one is never easy — and if you’ve been named executor of their will, you’re also stepping into a big responsibility. An executor is the person legally appointed to settle the deceased’s ...
When retirement benefits are payable to a decedent’s estate, what unique obligations and opportunities does the executor of the estate have with respect to those benefits? Last month, we looked at the ...
A recent client scenario brought to light the many drawbacks of joint ownership as an estate planning tool. In this particular case, the client’s aunt added him and his cousin as joint owners of her ...
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