IRA Saves A Missed Alternate Valuation Election

When an estate exceeds the applicable exclusion amount (the “Exemption”) of $5.490 million, a taxpayer is required to file a Form 706 for the decedent’s estate. Under the Internal Revenue Code (the “Code”), assets are valued as of the date of death. However, the Code provides that IF the value…

Continue reading

Relief for Late Filed Portabilty Elections!

The Internal Revenue Service (“IRS”) has offered needed relief for portability elections. Portability, discussed in  a prior blog, can save a surviving spouse’s beneficiaries over $2 million (in 2017) in estate taxes!  However, to utilize such savings, the surviving spouse must make a portability election on a properly filed Form…

Continue reading

Can You Reform an Invalidly Executed Trust?

What happens when a trust is not executed properly? Can the trust be reformed after the grantor’s death? In some cases, yes. However, in Kelly, et. al. v. Lindenau, the answer was not favorable. Ralph created a an Illinois trust in December 2006, properly executed under Illinois law. Upon Ralph’s…

Continue reading