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Author: Pete Finch

2018 Estate and Gift Tax Law Changes

January 8, 2018 by Pete Finch
Copeland Buhl
FEDERAL: Under the Tax Cuts and Jobs Act of 2017 that was signed into law by President Donald Trump on 12/22/2017, the basic exclusion amount for gifts made and estates of decedents passing away after December 31, 2017 and before January 1, 2026 has doubled from an inflation-adjusted $5 million...
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2017 Minnesota Tax Law Changes

August 16, 2017 by Pete Finch
Copeland Buhl
As part of the Omnibus Tax Bill passed by the Minnesota State Legislature during the 2017 Special Session and signed into law by Governor Dayton, the Minnesota Estate Tax Exclusions have been retroactively increased for Estates of Decedents dying after December 31, 2016 to the following: $2,100,000 (for decedents passing...
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New Simplified Method for Late DSUE Election

June 12, 2017 by Pete Finch
Copeland Buhl
The IRS has recently released Revenue Procedure 2017-34 (effective 6/9/2017) to provide a permanent simplified method for estates to make an election to pass the Deceased Spouse’s Unused Exemption (DSUE) to the surviving spouse (aka the estate tax portability election). BACKGROUND IRC Section 2010(c)(5)(A) provides that for a DSUE election...
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Estate and Gift Tax Planning

February 1, 2016 by Pete Finch
Copeland Buhl
With the kick-off of the New Year, now is a good time to review your estate plan to make sure your wishes will be followed in the event of an untimely death or disability. You deserve the assurance that your assets will be transferred to those you intend in the...
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