2017 Estate and Gift Tax Update

Q: Are all gifts subject to gift tax?

A: The general rule is that all gifts are taxable but the IRS has a few exceptions to this rule. You may typically give the following without triggering a gift tax:

  • Gifts to your spouse
  • Gifts to qualified charities
  • Gifts to a political organization
  • Gifts that fall below the annual exclusion amount
  • Certain medical expenses for someone (paid directly to the institution)
  • Certain educational expenses for someone (tuition only, paid directly to the institution)

More Updates


For trusts that inherited an IRA in 2019, an important deadline is approaching. The due date to provide required trust documentation to the IRA custodian to ensure that the longest payout period possible is available for the inherited IRA is October 31, 2020. Generally, only individuals who are named on an IRA beneficiary form can

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The coronavirus-related distribution (CRD) rules for Roth conversions have a gaping hole. An “affected person” (as we have defined in previous blogs), is entitled under the CARES Act to withdraw up to $100,000 from their IRA or workplace retirement plan. A CRD avoids the 10% early distribution penalty for those under 59 1/2, can be

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Rolling Over an RMD

Like most people’s lives, the retirement world is upside down. This is made evident by a single statement: “Required minimum distributions (RMDs) can be rolled over.” Yes, that is the new normal—at least for this year. RMDs are considered the first money out of an IRA and workplace plan. Typically, these dollars are ineligible to

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