News

From GRC's Spring 2019 Newsletter If you are reading this the odds are pretty good you have addressed your estate planning. Many (most?) never undertake even basic estate planning. The reasons are myriad: you just never thought about it, fear of going to see a lawyer...

From GRC's Fall 2018 Newsletter While estate tax minimization continues to be an important estate planning goal for Massachusetts residents, there are many “non-tax” reasons to regularly review and update your estate plan as well. One of the more overlooked non-tax reasons is planning for incapacity. If...

From GRC's Fall 2018 Newsletter Adult children commonly help their parents with bills, and are often added on financial accounts as joint owners to enable this help. While this may seem like a good idea, it is fraught with problems. Naming another person as a joint...

By Alison E. Lothes, co-written by David A. Handler Originally written for WealthManagement.com Internal Revenue Service Issues Draft of New IRS Form 8971 to Report Basis In the summer of 2015, President Obama signed what’s known as the “Highway Bill” (Surface Transportation and Veterans Health Care Choice Improvement Act of...

By Alison E. Lothes, co-written by David A. Handler Originally written for WealthManagement.com Inflation Adjustments Released In Revenue Procedure 2015-53, the Internal Revenue Service issued the new inflation-adjusted tax amounts for 2016. The adjustments include the following, effective Jan. 1, 2016: The annual exclusion remains at $14,000 under Internal Revenue...

By Alison E. Lothes, co-written by David A. Handler Originally written for WealthManagement.com • Ruling on gift-splitting and generation-skipping transfer (GST) tax allocations —In Private Letter Ruling 201523003 (released June 5, 2015), the taxpayer sought a ruling to clarify the gift tax and GST tax treatment of transfers he’d...

By Alison E. Lothes, co-written by David A. Handler Originally written for WealthManagement.com • New law enacts consistent basis reporting rules and new reporting obligations for executors —President Obama recently signed what’s known as the “Highway Bill” (Surface Transportation and Veterans Health Care Choice Improvement Act of 2015) into law....

By Alison E. Lothes, co-written by David A. Handler  Originally written for WealthManagement.com • Proposed regulations regarding tax imposed on U.S. citizens and residents relating to gifts and bequests from certain expatriates —The Internal Revenue Service has published proposed regulations under Internal Revenue Code Section 2801 (REG 112997), which...