Trump vs. Clinton on Death Taxes

Now that the GOP and Democratic conventions are over and the general election campaigns are in full swing, Americans will soon decide on a new president. Many political commentators have noted that the stark differences between the presidential candidates and their platforms have never been greater in any presidential election in modern American history. While most of the rhetoric this election cycle has focused on immigration, trade, and foreign policy, the candidates’ positions on death taxes (e.g., Federal estate, gift and generation skipping transfer taxes) vary greatly and have at times come under scrutiny from opposing parties.

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IRS Targets Estate Tax Valuations of Family Businesses

The U.S. Treasury Department’s recent proposal to place extensive limits on valuation discounts has caught the attention of family-owned business owners and their estate planning attorneys. The proposal seeks to limit commonly used techniques in which families can minimize estate and gift taxes attributable to family-owned entities by claiming lack of control and lack of marketability discounts.

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Estate Planning for Marriage: Part 3

In the final post of our series on estate planning for marriage, we consider general estate planning issues that can accompany divorce or death, and a few asset protection strategies.

If a married couple has not established pre or post-nuptial agreements, certain statutory spousal rights exist. In Tennessee, if a spouse dies, absent a pre or post-nuptial agreement, the surviving spouse may claim an “Elective Share” regardless of the terms of the decedent’s will.

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