The Tax Cuts and Jobs Act of 2017 increased the federal estate and gift tax exclusion amount (sometimes called the “basic exclusion amount” or “BEA”) from $5 million to $10 million. (Those numbers are adjusted for...more
In Revenue Procedure 2021-45 (RP-2021-45 (irs.gov)), the Internal Revenue Service announced annual inflation-adjusted tax rates for 2022, including provisions concerning estate and gift taxes.
Beginning in 2022, the...more
Last week, the House Ways and Means Committee released proposed legislation affecting numerous transfer and income tax provisions of the Code. These changes, if enacted, will have a significant impact on estate planning and...more
9/23/2021
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The SECURE Act – the “Setting Every Community Up for Retirement Enhancement” Act – was signed into law by President Trump on December 20, 2019. The law generally took effect on January 1, 2020....more
1/2/2020
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Tax Planning
The IRS published Revenue Procedure 2019-44 on November 6, 2019, to set the inflation adjustments for 2020. The exclusion from federal estate will increase to $11,580,000, up from $11,400,000 in 2019....more
11/7/2019
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Tax Returns
On June 28, 2019, the governor approved HB 262, which includes the reduction of the inheritance tax rate to 0% on property transferred from a natural parent, adoptive parent, or step-parent to or for the benefit of a child...more
The Internal Revenue Service (“IRS’) has set the 2019 Federal Estate Tax Exemption at $11,400,000, up from $11,180,000 in 2018....more
Exemption Amount Doubled: A simple but powerful change was made to the Federal Estate and Gift Tax: Starting in 2018, the amount that an individual can transfer free from estate tax (the "exclusion amount") increased from a...more
A summary of the proposed Tax Cuts and Jobs Act was released this morning (11/2/17) and reveals some major changes. The federal estate tax and generation-skipping transfer tax exclusions are increased from the current $5...more
National Health Care Decisions Day, for its 10th anniversary, is being “celebrated” all week – April 16 – 22, 2017. The event focuses on making health care planning, including healthcare proxies and advance directives/ living...more
Transferring a family vacation home to the next generation without causing family strife takes serious planning. Even if the ultimate decision is to have the children own the property outright and figure out how to make it...more
Using a Power of Attorney (“POA”) could soon be a lot more complicated. New legislation was passed in Pennsylvania in an effort to minimize the opportunities for abuse perpetrated using a POA and to provide clearer guidance...more
Our increasingly mobile society has forced estate planning to go international, too. You might have international estate issues:
? You have dual citizenship (US and another country)
? You are a non-U.S....more