Potential Changes in Federal Estate Tax

Friday, January 27, 2017

The federal estate tax system has undergone significant changes over the past 20 years, but the next 20 months may see even more significant change. When George W. Bush was elected in 2000, estates over $675,000 were subject to estate tax and the top marginal rate was 55%. From 2001 to 2010, the exemptions went up and the rates came down, culminating in 2010 when, for one year, there was no estate tax. In December 2010, Congress re-enacted the estate tax with a $5 million exemption (indexed for inflation) and a flat rate of 35%. Presently, there is a flat, 40%, federal estate tax on estates over $5,490,000 (an 813% increase in the exemption from 2000).

Proposed Rules May Impact Interests in Family Business Entities

Friday, October 28, 2016

The IRS has issued long awaited proposed regulations under Section 2704 of the Internal Revenue Code that would make sweeping changes to the valuation of interests in family business entities for estate, gift, and generation-skipping transfer tax purposes. If they are adopted, the proposed regulations will reduce the availability of certain valuation discounts used in valuing transfers of business interests between family members. Thus, clients considering transfers of interests in family businesses may want to consider implementing those transfers before the regulations are finalized to facilitate more favorable valuations.

College Checklist: Computer, Laundry Supplies and . . . a Power of Attorney!

Friday, July 22, 2016

Sending a child off to college is a daunting task for many parents: lists of things to buy, details to button down, all the while knowing your son or daughter will be embarking on one of the most exciting and independent ventures of a lifetime.

Maine Cancer Foundation Twilight 5K

Monday, June 13, 2016

LeBlanc & Young teamed up with Seacoast Cares to participate in the Maine Cancer Foundation’s Twilight 5K, held annually at the Southern Maine Community College in South Portland. This is the fourth year the firm has joined in the event. LeBlanc & Young runners are pictured (left to right): Taryn Adams, Julie Scala, Tara Weller, Justin LeBlanc, and Eliza Nichols. Taryn Adams placed first in her division.

Change in Maine Estate Tax

Tuesday, August 4, 2015

January 2016 will herald a very important change in the Maine estate tax. The Maine estate tax exemption, now $2 million (the amount that may pass free of estate tax in addition to what may pass to a spouse or charity), will increase to match the level of the federal exemption – this is a dramatic increase!