To determine a decedent’s taxable estate, the Internal Revenue Code IRC) allows the decedent’s estate to utilize several deductions in various Code Sections, including Section 2053. The Treasury Regulations associated with Section 2053 were previously favorable to the taxpayer and contained broad language regarding the deductibility of claims and expenses. Recently, the Internal Revenue Service promulgated Proposed Treasury Regulations that would narrow the benefit of taking certain deductions to an estate.
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Or, if you’d like to read our articles, please feel free to peruse our articles on probate, qualified domestic trusts (which are especially applicable to non-US citizens), or a general overview of living trusts.