Atlanta partner Tiffany McKenzie was featured in The Mortmain, which is the Atlanta Bar Association Estate Planning and Probate Section’s newsletter. This article discusses McKenzie’s lecture, held on December 11, 2019 at the Estate Planning Section’s breakfast meeting, detailing how to create the ultimate digital estate planning checklist for clients. The complete article can be found here.

The 7520 rate for March 2020 decreased to 1.8%.

The March 2020 Applicable Federal Interest Rates can be found here.

The 7520 rate for February 2020 increased to 2.2%.

The February 2020 Applicable Federal Interest Rates can be found here.

Lawrence Brody authored an article in the December 2019/ January 2020 STEP Journal titled US Taxation of Death Benefits.  This article discusses the US income taxation of life insurance death benefits, particularly the exceptions to the general rule that proceeds paid by reason of the death of insured are not included as a part of the beneficiary’s taxable income. The complete article can be accessed by STEP members here.

The 7520 rate for January 2020 remained at 2%.

The January 2020 Applicable Federal Interest Rates can be found here.

Stephanie Moll was quoted in the November issue of the STEP Journal article, “All to Play For.” This article discusses potential changes in trust and estate law and taxation as the United States and Canada move into an election year. In particular, Moll discusses current issues faced by US taxpayers with foreign bank accounts as a result of certain reporting requirements. The complete article can be found here.

Based on the inflation measure provided by the Tax Cuts and Jobs Act and Consumer Price Index for the 12-month period ending August 31, 2019, Thompson Reuters Checkpoint has released their projected inflation-adjusted Estate, Gift, GST tax, and other exclusion amounts for 2020, as follows:

The unified estate and gift tax exclusion amount (gift and estate tax exemptions) for gifts made and decedents dying in 2020 will be $11,580,000 (up from $11,400,000 in 2019).

The generation-skipping transfer (GST) tax exemption for transfers made in 2020 will be $11,580,000 (up from $11,400,000 in 2019).

The gift tax annual exclusion amount for gifts made in 2020 will be $15,000 (the same amount as for gifts made in 2019 and 2018).

The annual exclusion for gifts to noncitizen spouses in 2020 will be $157,000 (up from $155,000 in 2019).

The special use valuation reduction limit for estate of decedents dying in 2020 will

The IRS announced on March 27, 2019 that in an effort to enhance security and improve transparency, the “responsible party” on applications for an employer identification number (EIN) must now be a natural person.

An EIN is the tax identification number assigned to entities such as trusts, estates, retirement plans, LLCs, partnerships, and corporations.  An entity obtains such a number by completing the IRS Form SS-4 or an online application.  One question in the application process asks the applicant to identify the “responsible party,” which the IRS defines as “the person who ultimately owns or controls the entity or who exercises ultimate effective control over the entity.” In deciding who to list as the responsible party, the IRS encourages applicants to consider whether the party has “a level of control over,