November 19, 2013 –
Year-end tax & estate planning opportunities

As a service to our clients and friends, we have prepared a summary of income, estate and gift tax planning opportunities that should be considered by you prior to the end of the year.

We certainly seem to have more clarity recently than we have for a number of years. But that doesn’t mean there is nothing new in the world of tax. Please read our year-end update of estate planning and tax issues to consider. Here is what you’ll find inside:

Income tax, Roth IRA & expiring deductions

• Spreading income across tax years
• Year-end stock and security sales
• Specific 3.8% Medicare surtax planning
• Payment of quarterly tax estimates
• AMT survives another year
• Roth IRAs look even better to top earners
• Departing tax incentives after 2013
• Recognition period for S corporation built-in gains

Gift tax and estate planning

• Annual exclusion gifts
• Special rule for contributions to 529 plans
• Tuition and medical expense gift tax exclusions
• Taxable gifts: use of increased lifetime gift tax exclusion amount and GST exemption
• Continued benefit of historically low interest rates
• Estate plan review

Tax implications of same-sex marriage

Just two months after the U.S. Supreme Court issued its ruling, the IRS issued Revenue Ruling 2013-17 announcing that the IRS will recognize “all legal same-sex marriages … for federal tax purposes.”

The rulings now allow same-sex married couples to:

• file a joint tax return that could result in a lower combined tax liability;
• take advantage of more favorable stretch-out rules for retirement plans;
• make use of the unlimited marital deduction for transfers to spouses during life or at death;
• transfer the deceased spouse’s unused estate tax exclusion amount of the surviving spouse; and
• other tax benefits (and burdens) of marriage.

Further, married taxpayers are permitted to retroactively rely on the ruling and, if beneficial to them and within the statute of limitations, amend previously filed tax returns to establish a claim for past overpayments.

Read the entire newsletter: Year-End Update at a Glance

Although this is a general overview, Gunster’s Private Wealth Services attorneys are happy to discuss in detail any item of specific interest to you.

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