MAY, 2009
Gift Tax Returns - The same general rules applicable to income tax returns apply to annual gift tax returns. That is, a 3-year statute of limitations applies to the initiation of an audit. The IRS has issued regulations describing substantiation requirements to ensure the protection of the statute of limitations for gift tax purposes. At this time, we have no cases or rulings on these new requirements. It is possible that the IRS could challenge the substantiation or appraisal information on gift tax returns many years after the expiration of the statute of limitations. The challenge will be based on the adequacy of the substantiation provided with the initial return and will most likely occur when the donor’s estate is audited. Our recommendation at this time is that all records, such as valuation reports, bank records, and any other items substantiating a gift tax return, should be kept until the ... >> full
posted by ADMIN May 27, 2009 12:05 PM Estates
For more information about probate and estate administration, estate tax planning or estate/trust litigation, click here:
If a spouse dies, then the surviving spouse may elect to take a one-third share of the deceased’s estate. This is called an elective share. Basically, a spouse can’t be disinherited. The surviving spouse has a right to the elective share. The only way that a surviving spouse can be completely disinherited is through a prenuptial agreement, where both spouses can agree to waive any claims to an elective share of each other’s respective estates.
Your elective estate includes not only property in your name alone, but also most assets with beneficiary designations such as bank accounts, securities, IRA accounts, your interest in jointly-held property, annuities, certain interests in trusts, the cash value of life insurance, and even property that you might transfer to a child during the one-year period preceding your death. In other words, ... >> full
posted by ADMIN May 15, 2009 1:05 PM NJ Probate
What is Probate?
Probate is the court process for gathering a decedent's assets, paying taxes and claims, and distributing assets to the beneficiaries. Generally probate is only necessary when a person dies with assets in his or her own name alone. Assets in a living trust, jointly held or with a beneficiary designation do not have to go through probate. Probate has a bad reputation. Sometimes rightfully so, but not always.
posted by ADMIN May 06, 2009 9:56 AM NJ Probate
|
