Estate Trust & Gift

What Every Trustee Should Know: the 65 Day Rule

Trustees interested in managing the tax burden of a complex trust should be familiar with the 663(b) election, also known as the “65 Day Rule”. Making this election can often help to lower the overall tax burden of the trust … read more

Exemption for Estate and Gift Tax Rises to $5,450,000 in 2016

The IRS released the 2016 estate and gift tax amounts and due to the very low inflation rate, the 2016 numbers were very similar to the 2015 amounts. In Revenue Procedure 2015-53, the IRS calculates the unified estate tax exclusion … read more

Inherited Property Reporting Now Extended to February 29, 2016

Under the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 which was signed into law on July 31, 2015, the executor of an estate required to file an estate tax return under Code Sec. 6018(a) or (b) … read more

Inherited Savings Bonds – What Do You Need to Know?

Statistics suggest that many savings bonds fall through the cracks because bondholders do not keep track of them nor let heirs know about them. Over $9 billion worth of savings bonds have stopped earning interest, but have not been cashed, … read more

IRS: No More Estate Tax Closing Letters…Unless You Ask

On the website, the IRS announced that for estate tax returns (Form 706) filed on or after June 1, 2015, estate tax closing letters will be issued only upon request by the taxpayer. Historically, the IRS’s “Frequently Asked Questions … read more

Mom and Dad, help! I want to buy a house!

You’ve finished college, landed a great job, and have identified the perfect starter home. But as you examine your finances, you find you do not have sufficient funds in your bank account to buy a house, and with a minimum … read more

Here We Go Again – The Death Tax Repeal Act of 2015

Is there a possibility the current estate tax will be repealed? This is a debate we have heard over and over again over the past several years, and as we head into the race for the White House, we are … read more

The Benefits of an Estate Plan for Your College-Age Children

Have children around the age of 18? There is one thing you are probably unaware of that could save you thousands of dollars and a headache. Once individuals reach the age of majority—18 in most states—their parents are no longer … read more

2015 Inflation-Adjusted Figures for Transfer Tax and Foreign Items

The inflation-adjusted figures have come out for 2015 transfer tax and foreign items. Unified estate and gift tax exclusion amount: For gifts made and estates of decedents dying in 2015, the exclusion amount will be $5,430,000 (up from $5,340,000 for … read more

Proceed with Caution When Helping Children Purchase a Home

According to The Project on Student Debt, in 2013 more than 7 in 10 college graduates carried an average student debt of $29,400. Add to that the sluggish job market that promises low starting wages and little job security, and … read more


There is nothing more complex than the world of taxes. We know this and yet we chose careers where we face these issues everyday. We get questions day in and day out about new tax laws, forms and news items and how they affect everyday people and businesses. Well, here at Henry & Horne we have set out to do what we do best; help everyday people understand what is going on in the world of state, local, federal, estate and international taxation. We will provide these weekly posts and we encourage you to give us feedback on those posts as well as letting us know what else you would like to know more about. Welcome to "Tax Insights." We hope you find this blog informative and worthy of your time.

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