Tax Wills, Trusts, & Estate Planning

Read need-to-know updates, commentary, and analysis on Tax issues written by leading professionals.
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Estate Administrative Update: IRS Notice Confirms Account Transcripts May Serve as Estate Tax Closing Letter

Recently, the IRS issued Notice 2017-12, providing further guidance on ways to confirm that the IRS has closed its examination of an estate tax return. Notice 2017-12 officially confirms what the IRS website has said for...more

2017 – New Year, New Adjusted Lifetime Federal Estate and Gift Tax Exempt Amount

The annual federal exemption amount for the estate and gift tax has been adjusted to $5,490,000.00 per individual for 2017. This means a married couple will have a combined $10,980,000.00 in 2017. The $5,490,000.00...more

McGuireWoods LLP State Death Tax Chart

This chart is maintained for the McGuireWoods LLP Website and is updated regularly. Please see full Chart below for more information. ...more

[Webinar] Self-Employment Tax and LLCs; New Partnership Audit Rules; Selected Issues from Heckerling - Jan. 24th, 12:00pm CT

In the webinar we will analyze a recent IRS memo delineating between when it will and will not respect efforts to make a member of an LLC subject to self-employment tax. We will become sensitized to how upcoming partnership...more

Trusts and Estates Group News: Home Is Where You Hang Your Hat. But Where Are You Actually Domiciled?

Many Connecticut residents will own second homes for the purpose of enjoying a change of scenery for a portion of each calendar year. For example, some people might escape the cold of the Connecticut winter for the sunshine...more

Registration Duty – All clear ?

Yesterday, the director of the Luxembourg indirect tax administration (administration de l'enregistrement et des domaines) issued circular n° 782 dated 2 January 2017 (the "Circular"). The Circular recalls the main changes...more

Expert Testimony Necessary On Standard Of Care? Maybe Sometimes, But Not Always.

Whether a plaintiff needs an expert witness in a breach of fiduciary duty case to testify on the standard of care is a frequently debated topic. In Heisinger v. Cleary, the Supreme Court of Connecticut weighed in on one side...more

Trusts and Estates Group News: 2017 Federal Inflation Adjustments

Each year, certain federal estate, gift and generation-skipping transfer (GST) tax figures are subject to inflation adjustments. Effective January 1, 2017, the annual exclusion amount for gifts per donee remains at...more

Estate Tax Impact of Life Insurance Required by Divorce

Please see chart below for more information....more

Can it be that in Nevada a trustee by statute may now decant an income-only trust into a trust whose trustee has current...

Even in the absence of statutory authority a trustee with equitable discretionary authority to make principal distributions to or for the benefit of the beneficiary has long had equitable authority to distribute some or all...more

Trusts and Estates Group News: The Preservation of Family Business Wealth

It is often the case that a business owner has a significant portion of the family’s wealth invested in the business. It is often the intention of the owner to transfer that wealth to his or her children....more

Estate Planning Newsletter - December 2016

Hinshaw’s Estate Planning Newsletter includes reports on opportunities and challenges that may impact your estate plan. This publication is designed to keep our clients and friends aware of certain opportunities and...more

Surcharge tax hits discretionary trusts

The Office of State Revenue (OSR) has released a ruling on 22 December 2016 in relation to the definition a ‘foreign person’. This is important if you hold an investment property in a discretionary trust....more

Becoming As Rich As Donald Trump: Financial and Tax Policies of the United States Government That Can Lead To Significant Wealth...

Financial and tax policies of the United States government can help Americans achieve significant wealth through real estate ownership. These policies tend to favor taxpayers who, like the Trump family, are willing to commit...more

Ron Aucutt’s “Top Ten” Estate Planning and Estate Tax Developments of 2016

In an always-anticipated annual tradition, Ronald Aucutt, a McGuireWoods partner and co-chair of the firm’s private wealth services group, has identified the following as the top ten estate planning and estate tax...more

Estate Planning Resolutions for the New Year

For many of us, the start of a new year can be a time of empty commitment to self-improvement. Meaningful resolutions are infrequently made and rarely kept. Instead of purchasing a gym membership or pretending that we will...more

2016 Year-End Trusts & Estates Update

As 2016 comes to a close, we would like to share with you a number of recent developments affecting trust and estate planning that may be of interest: Final regulations restricting valuation discounts unlikely to be...more

Potential 2017 Tax Changes

President-Elect Donald Trump promised a sweeping overhaul of the US Tax Code during this past year, and his selection for Treasury Secretary, Steven Mnuchin, says that tax reform will be his top priority. Of course, it is the...more

Private Client Services 2016 Year-End Advisory

As the year draws to a close, we have entered a period of great uncertainty in estate and tax planning. President-elect Donald Trump has identified tax reform as a priority of his new administration and, with Republican...more

Trump Administration's Tax Reform Likely

Donald J. Trump defied the polls and much of the national media to win the US presidential election on November 8, 2016. President-elect Trump will be sworn in and will take office as the 45th president of the United States...more

Wealth Management Update - December 2016

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

Potential Transfer Tax Reform and 2016 Year-End Tax Planning Considerations

With the upcoming Republican control of the executive and legislative branches, tax changes are certain to occur. As articulated thus far, President-Elect Donald Trump has proposed the elimination of the federal estate tax in...more

Year End Gifting

Each December I usually write about year-end gifting, as now is the time that many people think about gifting to loved ones, especially with the holidays upon us. In addition to making you, as well as the beneficiary of your...more

For high net worth individuals - What can you do before the end of the year to protect against potential changes in the tax laws? ...

President-elect Trump has posted his tax proposals on his website. Although we are unable to say with certainty whether any of these proposals will be enacted, we address three of his proposals and our suggestions. Any of...more

Update On Proposed Tax Regulations Affecting Availability of Valuation Discounts to Family Business Owners

In September, we posted a blog discussing the Treasury Department’s issuance of proposed regulations under Section 2704 of the Internal Revenue Code (sometimes referred to as the 2704 proposed regulations) that could...more

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