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Elections & Politics Wills, Trusts, & Estate Planning

Read need-to-know updates, commentary, and analysis on Elections & Politics issues written by leading professionals.

Estate Planning Still Critical in Uncertain Times

by Bowditch & Dewey on

The “plan” unveiled by the Trump administration in late April to repeal the federal estate tax was a broadly vague outline of tax reform goals. The proposed changes did not mention the federal gift tax or generation skipping...more

Governor Holds Final Bill Signing Session

by Pessin Katz Law, P.A. on

On May 4th, Governor Larry Hogan conducted his last bill signing session for the 2017 Maryland General Assembly session. Although bill numbers are listed, once signed they become law, but the corresponding chapter numbers are...more

Florida Eliminates the Benefit-of-the-Beneficiary Rule

by Charles (Chuck) Rubin on

Historically, the settlor’s intent is the key item in guiding the administration of a trust. Further, a settlor has a pretty free hand in crafting how a trust will operate, subject to some public policy limitations and legal...more

Tennessee Is Protecting Grandma with New Legislation

Tennessee is protecting Grandma! Two pieces of legislation were approved this year: the Elder and Vulnerable Adult Protection Act, which is on its way to Gov. Haslam to be signed into law, and the Elderly and Vulnerable Adult...more

Tackling Tax Reform – Part IV: What Can We Expect To See

by Garvey Schubert Barer on

On April 11, 2017, we discussed what constitutes Tax Reform. On April 24, 2017, we explored the process by which Tax Reform will likely be created by lawmakers. In our May 3, 2017 blog post, we focused on the likely timing...more

Florida Wills go Electronic

by Charles (Chuck) Rubin on

A bill has cleared both Houses of the Florida legislature authorizing electronic wills and electronic will execution in Florida. Absent an unexpected veto by Gov. Scott, the last wills of testators may now precede them into...more

Ohio’s New Laws Governing the Management of Digital Property After Death

by Reminger Co., LPA on

When Ohio House Bill 432 and Ohio Revised Code Chapter 2137 became effective on April 4, 2017, estate fiduciaries were given new tools for managing a decedent’s digital property....more

The Evolving Blueprint for Tax Reform: Candidate Trump vs. President Trump

by McNair Law Firm, P.A. on

On April 26, 2017, Treasury Secretary Steven Mnuchin and U.S. National Economic Council Director Gary Cohn, presented the blue print for President Trump’s tax reform proposal (referred to as the “2017 Tax Reform for Economic...more

President Trump’s Tax Plan

by Butler Snow LLP on

In rounding out his first 100 days in office, President Trump released an overview of his proposed tax plan. The one page bullet point plan consists of general taxpayer relief for individuals in the form of a simplified tax...more

Planning and the Death of the Death Tax

by Bryan Cave on

On Wednesday afternoon the White House again proposed eliminating the death tax as part of its tax reform plan, but the details of the repeal remain sparse. When pressed for specifics Director Cohn simply stated that with...more

Maryland Legislation Update - April 2017

by Pessin Katz Law, P.A. on

Governor Hogan has held six bill signing sessions to date. Two bill signings remain on the Governor’s schedule for May 2 and May 4. Under Maryland law all bills are to be presented to the Governor by April 30 this year, the...more

Update on Domicile and Tax of Offshore Trusts

by McDermott Will & Emery on

Implementation of the 6 April 2017 tax changes applicable to non-domiciled individuals, offshore trusts and UK residential property has been delayed because of the forthcoming UK General Election on 8 June 2017. Whilst it is...more

Estate Planning Pitfall: You reside in a state with high estate tax

Even though reforms being debated by Congress could repeal the federal estate tax with certain modifications, state estate taxes might still siphon off hundreds of thousands of dollars regardless of what happens under federal...more

Tax Tips

Internal Revenue Service Temporarily Holding Off on Issuing New Regulations - The Internal Revenue Service is temporarily holding off on issuing new rules while evaluating the impact of executive orders from President...more

Double whammy: Federal estate tax repeal could substantially increase tax for California residents

With all of the talk about potential repeal of the federal estate tax, many people have decided to postpone further estate planning, hoping that the repeal will occur. However, Californians should hold out no such hope....more

Update on 2704 Proposed Regulations and Impact on 2016 Gift Tax Reporting

by Dickinson Wright on

Following the December 1, 2016 public hearing, the IRS reportedly began working on revisions to and clarifications of the new 2704 proposed regulations. While the uproar from the estate planning and accounting communities...more

The Future Of Proposed IRS § 2704 Modifications Is Uncertain

Proposed changes to Internal Revenue Code (IRC) § 2704, which would impact the valuation of transfers of family business interests at death, come at an interesting time politically given the Trump Administration’s desire to...more

How do recent updates to estate tax laws impact your future?

by Dentons on

In 2013, Kiplinger ranked the states with the scariest "death taxes." At that time, New Jersey topped the list, with an estate tax exemption of only $675,000, and with an inheritance tax imposed upon transfers to other than...more

Potential Repeal of the ‘Death’ Tax

by McNair Law Firm, P.A. on

Assuming you have not been living under a rock for the last two years you have heard of Donald J. Trump, now President Trump, speak about the need to repeal the so-called “Death tax”. In addition, you are likely aware that...more

Trump Administration's Perception in the UK

It’s fair to say that Donald Trump’s surprise victory in the US Election in November was not universally welcomed. In the UK, it was widely reported that as the result unfolded, the Canadian immigration website crashed...more

Follow up on possible Estate Tax Repeal: Important Basis Planning Technique in Estate Planning

by Dickinson Wright on

In last week’s Tax Tip our Henry Grix succinctly described the current lay of the land regarding estate tax repeal. This Tax Tip focuses on one narrow but very important aspect in anticipating such action, or possible...more

KNOWN UNKNOWNS about Federal Tax Laws and Regulations

by Dickinson Wright on

The new administration in Washington, supported by Republican majorities in Congress, has pledged substantial changes to federal tax laws and regulations. One change may - or may not - be the complete elimination of federal...more

"Income, Wealth Transfer Tax Changes Likely Under New Administration"

Comprehensive federal tax reform likely will be a top priority for the Trump administration and Republicans in Congress in the first half of 2017. Although there are differences between their proposals, President Donald Trump...more

Federal Regulatory Freeze

by Pierce Atwood LLP on

Please see chart below....more

Estate Planning – When the Only Certainty is Unpredictability

Donald Trump is now the President, and both chambers of Congress are under Republican control. Thus, we appear to be poised for potentially substantial changes in the estate tax, gift tax, generation-skipping transfer tax,...more

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