Estate Tax Exemption More Than Doubles in 2018

Estate Tax Advisory Alert   When the estate tax exemption amount was doubled to $11.2 million beginning this year, the estate planning strategies implemented in many of the trust documents prepared over the last 30 years became unnecessary.  While this tax relief is welcome news, it also presents the challenge to amend and restate those … Continued


Virginia Enacts Changes to Spousal Elective Share Rules (Effective 1/1/2017)

During its 2016 Session, the General Assembly of Virginia amended its elective share statutes (which allow a surviving spouse to claim a percentage of the augmented estate of the deceased spouse) to include new terms of the Revised Uniform Probate Code. While the previously enacted Code provisions for the determination of an elective share were … Continued


Render to Caesar Before Yourself – United States v. Read, T.C.

In 1999, Randy Read established an irrevocable trust for his children, naming himself as Trustee, and contributed stock options (earned by his wife) worth well over $700,000. Two years later, the trust assets had a value of just over $160,000 and a tax liability of about $122,000. Thereafter, he made distributions from the trust for … Continued