Tag: estate

SR Video Client Question: “What are the benefits of year-round tax planning?”

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SR Client Question: Can adding my child to our Michigan home’s title prevent the property tax value from uncapping when I pass?

If you add your child as a co-owner of real property, he or she won’t get a full step up in basis when it is sold after your passing. Also, there is a risk of re-assessment for real estate taxes...

What happens to tax basis upon death?

Upon death, the decedent’s estate is required to report as tax basis for estate tax purposes the fair market values of all applicable assets—either the values at date-of-death, or at the alternate valuation date, if elected. If the value of...

Guest Author Monica Yost: Estate sales becoming more attractive thanks to tax law changes

As part of the Tax Cuts and Jobs Act (TCJA), the standard deduction has increased to $12,200 for individuals, $18,350 for heads of household, and $24,400 for married couples filing jointly and surviving spouses in 2019. This means that many of us can no longer take advantage...

IRS delays estate basis reporting deadline

The Internal Revenue Service has again delayed the deadline for reporting the basis of property distributed from the estate of a decedent until March 31. Notice 2016-19 provides that statements required under section 6035 of the tax code, regarding the basis...

Consider a recent case where a husband and wife created two revocable trusts for estate planning purposes, naming the husband as trustee of both. Upon the first spouse's death (her), the assets of her revocable trust were to be divided...

Tax season perfect time to review estate and trust plans

ShindelRock clients may have noticed an extra item in their tax preparation packet from us this season: an estate and trust worksheet.  We're reminding our clients to consider estate planning in 2014 if they haven't already, and if they have...

SR Client Question: What should I consider when I begin estate planning?

Initiating the estate planning process is a big step, one too many people avoid for too long.  Regardless of your assets or life stage, everyone should undergo an end-of-life planning exercise, primarily through creation of an estate or trust. Customizing...

SR Guest Author Rachel Tucker: Now that the Estate Tax Laws have changed, do I still need a Trust?

Rachel Tucker is a partner with the law firm of Joelson Rosenberg, PLC in Farmington Hills, Michigan.  Her practice of over 16 years focuses on estate planning, probate, real estate and small business/corporate law. The enactment of the 2012 American...