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

Tax Reform Update: A Call for Committee Action

by McNair Law Firm, P.A. on

On September 27, 2017, the Secretary of the Treasury, the Director of the National Economic Council, the Chair of the U.S. House Ways and Means Committee, the Chair of the U.S. Senate Finance Committee, the Speaker of the...more

Republicans Announce Tax Reform Framework, Which Includes Repealing Estate Tax

After months of speculation, President Trump and the Republicans have announced their framework for tax reform. While specific details are not known, the key elements of the framework include...more

Ding, Dong, the Witch is Dead

by Charles (Chuck) Rubin on

--Here lies the remains of the Code §2704 Proposed Regulations. RIP, 2016-2017-- As part of President Trump’s mandated review of federal regulations, the Secretary of Treasury has issued a report specifically recommending...more

Tax Law Uncertainty Should Not Delay Farming Business Succession Planning

by Downey Brand LLP on

President Trump promised and will pursue tax reform, but Congress must agree to any proposal. For the most part, a majority vote in both houses would allow tax reform for about a decade, and at least sixty Senate votes would...more

What the Governor’s Race Could Mean for the New Jersey Estate Tax

by Genova Burns LLC on

New Jersey is one of two states that impose both an inheritance tax and a State estate tax upon death (Maryland is the other state). According to a bill signed into law by Governor Chris Christie in October 2016, the estate...more

Wealth Management Update - July 2017

by Proskauer Rose LLP on

August Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The August § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and...more

Pension H.3725

by McNair Law Firm, P.A. on

South Carolina's pension system is underfunded by $24 billion. As a result, a joint study committee came together to try and reform the system. Lynn Stokes-Murray with McNair's Government Relations team breaks down H.3726 and...more

The Federal Government takes aim at private corporations and their shareholders

by Dentons on

On July 18, 2017, the Federal Government released a package of tax measures aimed to “improve fairness”, “close loopholes” and limit tax planning strategies that involve the use of private corporations. The suite of measures...more

IRS Regulations on the Chopping Block

by Charles (Chuck) Rubin on

Tax practitioners have complained for years about the ever-expanding scope and complexity of both the Internal Revenue Code and Treasury Regulations. A possible shrinkage in the Treasury Regulations may soon occur....more

Nate Smithson Provides an Update on Tax Reform

by Jackson Walker on

Jackson Walker partner Nate Smithson has prepared an updated guide to tax reform under the Trump administration. The guide covers tax brackets, deductions, capital gains, and other relevant topics in tax law. Please see...more

Nate Smithson Provides an Update on Tax Reform

by Jackson Walker on

Jackson Walker partner Nate Smithson has prepared an updated guide to tax reform under the Trump administration. The guide covers tax brackets, deductions, capital gains, and other relevant topics in tax law. Please see...more

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

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