OREGON ESTATE TAX PLANNING WITH GIFTS – BE CAREFUL

Oregon’s estate tax only applies to the decedent’s wealth on the date of death. ORS 118.010. And Oregon has no gift tax. Thus, if assets are given away before death, by even one day, the tax is zero. But gifts can backfire. Here’s why. Continue reading

DO I HAVE TO FILE ESTATE TAX RETURNS?

A threshold issue an executor or trustee must resolve is whether an estate tax return is required. If so, the return must be filed (and the tax must be paid) within nine months of the decedent’s death, although the filing date can be extended for six months. Continue reading

BUSINESS ENTITIES — LIMITS ON LIMITED LIABILITY

The overriding benefit to doing business through an entity is limited liability. But there are numerous gaps in liability protection that may not be obvious. This article describes those gaps and how they may affect you. Continue reading

SELLING OR DISTRIBUTING THE DECEDENT’S RESIDENCE TO A BENEFICIARY

Executors usually liquidate all of the decedent’s property and distribute cash to the beneficiaries. Occasionally, however, a beneficiary wants to receive the decedent’s real property in kind, as part of his share. The beneficiary may already live in the property, or may want to move there in the future. Another example is vacation property. What might seem like a simple transaction can become contentious and complicated. Selected issues and recommendations follow. Continue reading