Estate planners and financial experts take notes. On November 17th the IRS released their priority guidance plan for 2020 and 2021. These are all of the projects that will be the focus of their 12 month period beginning on July 1st, 2020 through June 30th, 2021. There are over 190 guidance projects inside and over 57 guidance items for release by the agency.
Some of the most important items of interest in the IRS priority plan to those in the estate planning world include:
- Regulations over the limited deductibility of over $10,000 in local and state taxes.
- Final regulations regarding basis consistency between the person acquiring the property from a deceased individual and the estate.
- Regulations describing the procedures and circumstances under which period of time someone can allocate a generation-skipping transfer tax exemption.
- Guidance regarding the excise taxes for fund management and donor advised funds.
- Guidance on the basis of how grantor trust assets will be evaluated at death.
- Regulations regarding restrictions on estate taxes during an alternate valuation period of six months.
For more information about how this might apply to you and your current tax strategies, schedule a consultation with an estate planning lawyer.