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Which States Can Tax Your Trust?

Imagine that you are a taxpayer living in Pennsylvania who has recently established a trust for the benefit of your Ohio-resident children. Further imagine

“Step-Up” Your Estate Tax Strategies

Please note that the following article was co-authored by Greg Allison. One of the most common strategies employed by affluent taxpayers in a comprehensive

Does Santa Pay the Gift Tax? Does Santa Receive Wages of Cookies and Milk?

‘Twas the night before Christmas and all through the house, not a creature was stirring… except for St. Nick’s elf-accountants, who

Year-End Giving from IRAs: Traps to Avoid

The holiday season is a time of giving and reflection. Charitable contributions are a time-honored way of achieving one’s philanthropic goals while

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IRS Clarifies Uncertainty Surrounding Lifetime Gifting and Increased Basic Exclusion Amount Under TCJA

Over the past year, Schneider Downs has been busy tracking the drafting, passage and, as of late, the Internal Revenue Service's implementation of

The Estate and Gift Tax Exemption Planning Puzzle

As every good tax advisor knows, planning is key. So what happens when you have to plan for the unknown? This is the situation that estate and gift tax

Aretha Franklin Left no Will - What Happens Next?

On August 16, 2018, a saddened world mourned the passing of legendary vocalist and songwriter Aretha Franklin. Known affectionately to her fans as the

How Tax Reform Made Your Estate Plan Obsolete

If you are among the many taxpayers who had wills and other estate planning documents prepared prior to this year, don’t be too eager to delete your

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Climbing AFRs Put Dormant Estate Planning Techniques Back on the Table

When considering federal estate tax planning, one of the most common objectives of the planner is removing assets from the taxpayer’s taxable estate.

Proposed Regulations Affecting Valuation Discounts - New Update Provides Sigh of Relief

In August of 2016, the Internal Revenue Service (the “IRS”) proposed regulations that, if made final, would have extensive consequences on

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