Daniela Ronchetti Named Partner

Tuthill & Hughes LLP is pleased to announce that Daniela Ronchetti has become a partner of the firm effective January 1, 2018. Daniela specializes in estate planning for high net worth and ultra high net worth families.  She also represents fiduciaries and beneficiaries in trust and estate administration matters, including contested matters.  Daniela frequently advises […]

Read full story · Comments { 0 }

IRS Says 2018 Property Taxes Are Deductible if Assessed – The Wall Street Journal

WASHINGTON – The Internal Revenue Service advised tax professionals and taxpayers today that pre-paying 2018 state and local real property taxes in 2017 may be tax deductible under certain circumstances. The IRS has received a number of questions from the tax community concerning the deductibility of prepaid real property taxes. In general, whether a taxpayer […]

Read full story · Comments { 0 }

Tax Cuts and Jobs Act of 2017

On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act of 2017.  The tax act does not repeal the federal estate, gift or generation-skipping transfer tax.  Instead, the new law pertaining to wealth transfer planning is as follows: The estate, gift and generation-skipping transfer tax exemptions are increased to $10M, […]

Read full story · Comments { 0 }

Alert: Tax Bill Out of Conference, Set for Vote.

The Tax Cuts and Jobs Act of 2017 is out of conference and set for its first vote in the U.S. House of Representatives on Tuesday, December 19, 2017.  The Senate version of the bill’s provisions on estate, gift and generation-skipping transfer tax were adopted in conference.  The bill would not repeal the federal estate, […]

Read full story · Comments { 0 }

IRS Notice Provides Gudiance on Donor Advised Fund Distributions for Charity Events and Pledges

At long last, the IRS has issued guidance on some donor advised fund (“DAF”) issues encountered by 501(c)(3) public charities that own and administer DAFs (“sponsoring organizations”). IRS Notice 2017-73 describes proposed guidance the Treasury Department and the IRS are considering with respect to DAFs. The regulations they are considering would establish the following rules: […]

Read full story · Comments { 0 }

Proposed 2704 Regs. Withdrawn

In a second Report in response to Executive Order 13789, the Treasury Department and the Internal Revenue Service have announced that they will withdraw the controversial Proposed Regulations about disregarded restrictions and lapsing rights under section 2704.  The Report says nothing about revisions, further study, or any other additional consideration of these Proposed Regulations.  It […]

Read full story · Comments { 0 }

Should You Reconsider Your Year-End Taxable Gift?

Should you reconsider your year-end taxable gift given the renewed potential for gift and estate tax repeal?   The answer likely depends on your circumstances, but the following are our general thoughts on the question. Reasons why you might choose to proceed with your year-end gift:  Repeal of the estate tax is far from a certainty. […]

Read full story · Comments { 0 }

4th Quarter News: What Kind of Tax Planning Should You Consider as 2016 Winds Down?

Many of our clients own business and investment assets through one or more closely-held entities.[1]  When members of a family own a majority of the equity in any such entity, the entity is a “family entity”.  Affluent families form family entities for many reasons, among them, to impose a governance structure on pooled investments, to […]

Read full story · Comments { 0 }

Stephanie Tuthill Named Trusts and Estates “Lawyer of the Year” for Denver by The Best Lawyers in America

All three of the firm’s partners were recently selected by their peers for inclusion in The Best Lawyers in America© 2017.  Stephanie Tuthill and Michelle Rose-Hughes were recognized in the field of Trusts and Estates, and Kelly Berg was recognized in the field of Non-Profit/Charities Law.  Additionally, we are thrilled to announce that Stephanie Tuthill was recognized as […]

Read full story · Comments { 0 }

Section 2704 Proposed Regulations

On August 4, 2016, the Department of the Treasury published its long-anticipated proposed regulations under section 2704 of the Internal Revenue Code.  The proposed regulations address the treatment of certain lapsing rights and restrictions on liquidation in valuing closely-held business interests for gift and estate tax purposes.  Under current gift and estate tax law, the […]

Read full story · Comments { 0 }