Wills, Trusts, & Estate Planning Elections & Politics

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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

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?

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

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

Estate Plan Taxes | Estate Planning Attorney

What Does a Trump Presidential Victory Mean to My Estate Plan and Estate Taxes? Regardless whether you lean towards the political left or right, the results of the 2016 Presidential and Congressional elections will...more

A 2017 Repeal of the "Death Tax?"

The estate tax, also referred to as the "death tax," is a tax on the property you own at the time of your death. Currently, there is a federal estate tax exemption of $5,490,000 per person, up from $5,450,000, in 2016. This...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

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

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

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

A Reprieve from Proposed Regulations Related to Valuation of Family Businesses?

In December, we posted a blog discussing a much anticipated hearing held on the Treasury Department’s issuance of proposed regulations under Section 2704 of the Internal Revenue Code (sometimes referred to as the 2704...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

Special Needs Fairness Act

On December 14, 2016, President Obama signed the Special Needs Trust Fairness Act into law amended federal law to enable disabled individuals to establish their own first-party payback Special Needs Trusts under 42 U.S.C. §...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

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

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

Personal Tax and Estate Planning Considerations for the End of 2016

The end of the year is always a good time for our clients to look at their personal tax and estate planning situation and consider whether to take any action before Dec. 31. This year, with the Trump administration about to...more

Estate Planning NOW: Preparing for a New Government

It’s impossible to predict what any future president will do, or what Congress will approve. But in light of comments president-elect Donald J. Trump made on the campaign trail, and given that Grand Old Party members will...more

Law Passed Amending NPCL

Over the summer, we posted about Bill No. A. 10365B/S. 7913, containing amendments to the New York Not-for-Profit Corporation Law (the “NPCL”) and the New York Estates, Powers and Trusts Law (the “EPTL”) here. After...more

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