December 01, 2017 Substantive Law

Update on New IRS Release of Estate Tax Lien Requirements

By Shaina S. Kamen and Michael S. Schwartz

Reprinted with permission from Probate & Property, November/December 2017 (31:6) at 21-23. ©2017 by the American Bar Association. Reprinted with permission. All rights reserved. This information or any or portion thereof may not be copied or disseminated in any form or by any means or stored in an electronic database or retrieval system without the express written consent of the American Bar Association.

In June 2016, practitioners began to report that without notice, and with limited written guidance, the IRS had begun imposing additional requirements before it would issue a Certificate Discharging Property Subject to Estate Tax Lien (a “Release of Lien”). A Release of Lien will generally be needed in connection with the sale of residential real estate or a cooperative apartment by an estate. As a result, these new IRS rules added further complexity to what could potentially already be a difficult sales process.

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