While a gift of closely-held business interests can be an effective wealth transfer technique, an IRS revaluation of the gifted interests can cause unintended gift tax consequences. For example, if a donor makes a gift of $5 million of business…
Read MoreThe Congressional extension of the “Bush tax cuts” in late 2010 included for the first time a rarely-discussed provision that can result in significant estate tax savings. Known as “portability,” the provision allows the Personal Representative of the estate of…
Read MoreIn 2011, the Washington State Legislature revised RCW 11.96A.070, the statute of limitations for breach of fiduciary duty claims against trustees. The new statute became effective January 1, 2012. Under prior law, a beneficiary could sue a trustee for breach…
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