While the Form 709 gift tax return appears pretty straightforward, it is a lot more complex than one would surmise from its breadth. We often throw around the ‘3-year-statute-of-limitations’ like it is a simple clock that starts to run from the date the return is filed, and the donor is magically ‘home free’ after three years, which is not the case.

With the charitable giving rules changing in about a month, there may a couple of last-minute steps to take to maximize the tax deduction impact of a charitable gift.

In some ways it might make more sense for Dad to simply transfer his interest to a younger generation family member, because the transfer of an interest, rather than a restriction or elimination, will not be a lapse that results in a deemed gift.

In ‘down markets’ it might make sense to take a required minimum distribution (RMD) in-kind, rather than selling the investments and satisfying the RMD obligation paying cash from the sales proceeds.

The IRS just published the inflation adjusted retirement plan contribution limits for 2026.

Funding an IRA with an amount that exceeds the annual limit under IRC 219 can render the entire account non-exempt in bankruptcy, and not just the excess portion. The resulting 6% excise tax under IRC 4973 is evidence that the funds are not fully tax-exempt.

This is just the beginning of expected onslaught of IRS Regulations and Form arising from the OB3 and the SECURE 2.0 Acts. With the IRS being deliberately understaffed these days, we could be waiting a long time for the needed guidance on how these new tax laws will be implemented.

The One Big Beautiful Bill Act (OB3) contains many new provisions, some of which are effective in 2025. Some planning steps can be taken before the end of 2025 to take advantage of these new provisions, primarily tax deductions.

This new interest in state wealth taxes could reflect a ‘be careful what you ask for (at the federal level with OB3) because you might actually get it.’ If the federal government is cutting back on programs that it used to financially share with the states, the states are not going to idly stand by and watch many of their public service programs disappear.

Wills and trusts often contain gifts and bequests of specifically identified assets. Wills and trusts often become stale, meaning that often governing instrument is not periodically updated. That is when the stale Will or trust instrument refers to an asset that no longer exists owned by the testator/settlor or his/her trust at death.