Recent news stories have been published about two bills introduced in the Senate that, if enacted, could have a significant impact on many estate plans. These bills include proposed changes that many estate planning...more
8/6/2021
/ Beneficiary Designations ,
Estate Planning ,
Estate Tax ,
Estate-Tax Exemption ,
Generation-Skipping Transfer ,
Gift Tax ,
Gift-Tax Exemption ,
Grantor Retained Annuity Trusts (GRATs) ,
Grantor Trusts ,
Internal Revenue Code (IRC) ,
Legislative Agendas ,
Proposed Legislation ,
Tax Reform ,
Wealth Management
On November 3, 2020, California voters approved Prop 19, which will make several changes to the state’s property tax laws. Among these changes are new restrictions on the applicability of the...more
In general, prior to 2020, one who donated cash or property to charitable organizations could claim a tax deduction only if the donor itemized deductions in determining his or her tax liability. Further, deductions for...more
With the passage of the Tax Cuts and Jobs Act (Reconciliation Act of 2017) on December 19, 2017 (the Act), Congress provided increased, albeit temporary, relief to taxpayers who otherwise might be subject to federal transfer...more
The IRS has expanded the scope of IRC Section 2704 by issuing proposed regulations that seek to limit the availability of valuation discounts for transfers of interests in family-controlled entities. In general, the purpose...more
Statutes imposing new reporting requirements on executors and others who file estate tax returns were tacked onto a transportation and veteran's healthcare bill passed by Congress and signed into law last July. The new...more
On December 18, 2015, Congress passed and President Obama signed into law the "Military Construction and Veterans Affairs and Related Agencies Appropriations Act." Section Q of the Act amends the tax code in several ways in...more
A charity, fulfilling its charitable mission, is successful in raising money for a variety of worthy projects - rebuilding after a natural disaster, medical education and care, summer camp experiences for disadvantaged...more
Congress has averted the so-called fiscal cliff by passing the "American Taxpayer Relief Act of 2012" (the "Act") on January 1, 2013, which President Obama signed into law the following day. The good news is we finally have...more
New Year's Day brought new tax legislation passed by Congress, called the American Taxpayer Relief Act of 2012 (the "Act"), which President Obama has signed into law. The Act has made some important changes to the tax law...more