The Bottom Line
The Bottom Line is where Klatzkin’s advisors provide analysis and insight into key developments in taxation, accounting, and other issues and how they affect businesses and individual taxpayers.

Two Elections That Trustees and Executors Should Consider Now

By JAMES EMMA

Fiduciaries can make certain elections after the year-end that could affect the prior year tax returns for the trusts and estates, as well as those of the beneficiaries. These elections must be made on or before the 65th day after the close of the taxable year, which is Thursday, March 5, 2020, for the year ending December 31, 2019.

The Finances of Estate Planning for Smaller Estates

By LAURA WEBER-CARNEVALE

Over the years, the estate planning game has changed for the majority of taxpayers.  Due to the increased exemptions, only 1,800 decedents will be required to pay an estate tax in 2019, but the need for planning continues.   

Gift Tax and Estate Tax – Are They the Same Thing?

By JAMES EMMA

In the United States, transfers of wealth are subject to tax. When transferred during the giver’s lifetime, wealth is subject to gift tax, but when transferred after death, it is subject to estate tax.

Does Your Estate Plan Protect Your Digital Assets?

By JEANMARIE F. MOORE

Each year presents a new opportunity for you to revamp your estate plan. When the calendar turns over, take a peek at your strategy once again.

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