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Apr 16, 2013

You Are Not Finished With Your 2012 Gifting Until You File Your Gift Tax Return

Authored by: Neeli G. Shah Many opportunistic taxpayers rushed to make year-end gifts during 2012. As a result, a record number of 2012 gift tax returns are expected to be filed in 2013. These returns were due yesterday, April 15, 2013, although the due date can be automatically extended by six months.  The importance of accurately reporting and timely filing a 2012 gift tax return should not be understated, even if no gift tax is expected to be due.  This is especially true if you made gifts to a trust for the benefit of your grandchildren; gift-split with your spouse;… Read more


Jun 21, 2012

Wandry – A Significant Step Forward for Defined Value Clauses

Authored by: Neeli G. Shah On March 26, 2012, the United States Tax Court issued a memorandum opinion in Wandry v. Commissioner, which was an important taxpayer victory in the world of defined value clauses (“DVC”).[ref]This article only focuses on certain aspects of the Wandry case.  Clients and taxpayers must fully review the entire case or consult at tax professional prior to using DVCs for personal estate and gift tax planning purposes.[/ref]  A DVC is a formula clause that allows the taxpayers to determine a gift’s fair market value, for federal gift tax purposes, by referencing a fixed dollar amount… Read more


May 8, 2012

Disposition of Digital Assets: Reasons for Digital Estate Planning

Authored by: Neeli G. Shah Death in the digital age is a lot more complicated than it used to be.  Traditionally, fiduciaries and family members start administering an estate by reading the individual’s mail and sorting through records at the person’s home.  However, with online accounts and paperless billing, these traditional approaches may not be available to fiduciaries today.  The information needed to locate and access tangible and digital assets is often in the digital world itself.  Email accounts are typically the primary access point to all other online assets.  Online statements, notifications, messages, paperless bills etc., will all come… Read more