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Estate and Gift FAQ

March 26, 2014
What Are Tax Organizers, and Why Are They Risky When Filing Your Tax Return?

Are U.S. estate taxes assessed against a foreign estate?

A deceased nonresident individual that is not a United States citizen is only subject to U.S. estate taxation with respect to his or her U.S. situated […]
March 26, 2014
California’s Taxpayer Transparency and Fairness Act of 2017

Effect of disclaimer or renunciation of property

A disclaimer is an unqualified refusal to accept a transfer of property. Although other individuals may acquire an interest in the property as a result of […]
March 26, 2014
House Tax Reform Plan May Jettison Section 1031 Like-Kind Transfer Tax Benefits

What types of transfers are subject to estate tax

The estate tax reaches only gratuitous transfers. Thus, transfers made for full and adequate consideration in money or money’s worth are not taxed. In instances where […]
March 26, 2014
Switzerland's Biggest Life Insurance Company and its Clients Face DOJ Pressure for Potential Tax Crimes

Is life insurance includable in a decedent’s gross estate?

Proceeds of life insurance policies on the decedent’s life are includable in the gross estate if the proceeds are: 1) payable to (or for the benefit […]
March 26, 2014

What joint interests are included in the gross estate?

Generally, co-tenancies with a right of survivorship are included in the gross estate of the first joint tenant to die. This includes joint tenancies, tenancies by […]
March 26, 2014

Are pre-death transfers included in the gross estate?

Yes, estate tax reaches pre-death transfers. The estate tax cannot reach property that was the subject of a completed gift during the decedent’s lifetime. Thus, to […]