Author Archives: Site Administrator
IRS Makes More Same-Sex Couples Eligible for Federal Tax Treatment as a Married Couple
In response to the U.S. Supreme Court’s June decision regarding same-sex marriage, the IRS recently clarified that married same-sex couples will be treated as married for all federal tax provisions in which marriage is a factor, such as filing status, dependent exemptions and child credits, and gift and estate tax breaks. Significantly, the Supreme… Read More »
Married Same-Sex Couples Can Now Be Treated as Married for Federal Tax Purposes Regardless of State of Residency
The Internal Revenue Service and the Treasury Department have ruled that legally married same-sex couples will be recognized as married for federal tax purposes even in the states that do not allow same-sex marriages. This development is the most sweeping change since the U.S. Supreme Court struck down the 1996 Defense of Marriage Act… Read More »
Important Arizona Legislative Changes Impact Estate Planning
Effective September 12: Simplified probate proceedings (by using a simple affidavit) will be available for small estates with personal property valued at $75,000 or less (previously less than $50,000) and real property valued up to $100,000 (previously $75,000 or less). The Arizona legislature has now provided explicit bankruptcy protection for Section 529 plan accounts, which set… Read More »
Is it Time for Short-Term Grantor Retained Annuity Trust?
Congress’s decision not to include a proposed minimum term for grantor retained annuity trusts (GRATs) in the tax legislation passed back in January — combined with low interest rates — may make it an ideal time to add short-term GRATs to your estate planning arsenal. A GRAT consists of an annuity interest, retained by… Read More »