Estate Trust & Gift

An Easier, Cheaper 60 Day Rollover Waiver

The IRS has had a major change of heart that is good for taxpayers. They recently issued Revenue Procedure 2016-47 which established a “self-certification” procedure enabling a taxpayer to complete a retirement plan rollover (despite missing the 60-day deadline) by … read more

Fiduciary Access to Digital Assets and Accounts

Think about the number of online accounts you have. There are social media accounts, financial accounts, e-mail accounts, cloud storage accounts, membership or professional accounts, music accounts and many others. Online accounts require less physical storage space, allow the user … read more

Irrevocable Trust v QPRT: Part II

Part 2 discusses additional tax and non-tax reasons why putting your personal residence in an irrevocable trust (that is not a QPRT) is bad planning. Loss of basis step up on death ~  Since Arizona is a community property state, … read more

Personal Residence: Irrevocable Trust or QPRT?

Do you remember the old commercials for V-8 juice where the man or woman would hit himself/herself on the head and say, “What was I thinking? I could have had a V-8!” That expression came to mind as I was … read more

What Beneficiaries Need to know for Form 8971

In the past, beneficiaries who sold inherited assets may have reported different (higher) values of assets than what was originally reported on the estate tax return. To stop this, the IRS issued proposed and temporary regulations that now require a … read more

What Executors Need to Know for Form 8971

An executor who is required to file a federal estate tax return (Form 706) is also required to file the new Form 8971, Information Regarding Beneficiaries Acquiring Property from a Decedent, with the IRS to report the final value of … read more

Will this Estate Planning Loophole be Closed?

On August 2, 2016 the U.S government proposed making it harder for wealthy business owners to transfer assets to heirs without paying estate and gift taxes. The Treasury Department’s plan would place new limits on a common tactic used to … read more

Happy (for Some) 100th Anniversary to the Estate Tax

Back in 1916, Congress wanted to boost U.S. revenues in case America joined in on World War I in Europe. Lawmakers voted for a new tax on a person’s assets at death, which we now call the Estate Tax aka … read more

What Prince’s Death Teaches Us about Estate Tax

Prince Rogers Nelson, American singer, songwriter, and actor, passed away on April 21, 2016. Cities, social media, and fans showed their support and solidarity in a sea of purple. Prince resided in Minnesota at the time of his death. As … read more

Trusts: Fully Deductible Expenses vs AGI Limit

Generally, miscellaneous itemized deductions may be deducted to the extent they exceed 2% of adjusted gross income (AGI). Miscellaneous itemized deductions can include tax preparation fees, investment fees, estate planning legal fees, and safe deposit box charges, to name a … 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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