News & Analysis as of September 22, 2024

Transfer of Assets

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Estate Planning is a process where individuals prepare or plan for the settlement of their personal affairs in the event of incapacitation or death. Estate plans typically include provisions relating to the disposition of assets, guardianship of minor children, and appointment of representatives to make medical and financial decisions. Effective estate planning can decrease tax liability and facilitate the probate process. less -

Passing Assets and Accounts to Your Heirs Is About To Become Much More Difficult

Allen Barron, Inc. on 6/6/2024

If you are in the process of long-term estate planning or updating an existing estate plan, the process for passing assets and accounts to your heirs is about to become much more difficult and expensive. Presently, each...more

Understanding Gift & Estate Tax Valuation

Opportune LLP on 11/16/2023

The requirements outlined in the tax code can significantly impact an individual’s gift and estate planning, and navigating these requirements effectively is crucial. In this blog post, we will delve into gift and estate tax...more

Keep It in the Family: Three Tips for Preserving Family Business Interests

Katten Muchin Rosenman LLP on 7/13/2023

As a family business owner, are you missing out on valuable estate and wealth transfer planning opportunities or jeopardizing your current plan altogether? Katten recently hosted a program that addressed common concerns,...more

Transfer-on-Death Designations: A Word of Warning

Goodwin on 3/9/2023

Although transfer-on-death (TOD) and payable-on-death (POD) designations on financial accounts can be an effective tool to avoid the probate process, these account designations have the potential to derail a customer’s estate...more

Personal Planning Strategies - October 2021

Proskauer Rose LLP on 10/5/2021

Act Now Before the Window of Opportunity Closes - By now you have probably heard that the House Ways and Means Committee introduced legislation a few weeks ago (see Let the Estate Tax Planning Games Begin - But Where Will...more

Let the Estate Tax Planning Games Begin - But Where Will They Land - the House Ways and Committee Has Spoken

Proskauer Rose LLP on 9/17/2021

“President Biden and Democrats in the Congress have been working on a $3.5 trillion spending and tax package, and the details are starting to be revealed. Indeed, on Sunday, September 12th, the House Ways and Means Committee...more

Year-End Estate Planning in an Election Year

Farella Braun + Martel LLP on 10/15/2020

The 2020 election is less than a month away and year-end estate planning is already underway for many. Under current law, the estate, gift and GST (generation-skipping transfer) tax exemptions for 2020 are set at $11,580,000...more

Planning for Retirement: How Attractive is Massachusetts for Estate Tax Planning?

Bowditch & Dewey on 10/5/2020

Massachusetts is already an unattractive state of residency from an estate tax planning perspective because of its low estate tax filing threshold of $1,000,000 per person. Once a person’s adjusted taxable estate is over $1M...more

Move Forward with Your Estate Tax Planning Before it is Too Late

Bilzin Sumberg on 8/19/2020

While it is hard to imagine there could be anything advantageous about today's uncertainties and depressed asset values, the following factors, coupled with historically low interest rates...more

Helping Clients Identify Estate Planning Opportunities in a Low Interest Rate and Depressed Value Environment

Foley & Lardner LLP on 3/31/2020

Today’s historically low interest rates and depressed asset values make this an excellent time to engage in various estate planning techniques. Current conditions present several planning opportunities for transferring wealth...more

Wealth Transfer Opportunities with Devalued Assets

Farrell Fritz, P.C. on 3/30/2020

The COVID-19 pandemic continues to have far-reaching effects which are expected to be felt for months to come, if not longer. The economy has been hit hard and the stock market has seen a dramatic reduction in value. ...more

Insight on Estate Planning - October/November 2019: Estate Planning Pitfall - You’ve waited too long to transfer ownership of your...

Adler Pollock & Sheehan P.C. on 10/7/2019

Generally, the proceeds of one’s life insurance policy are included in their taxable estate. A person can remove them by transferring ownership of the policy, but there’s a catch: Wait too long, and one’s intentions may be...more

Insight on Estate Planning - October/November 2019

Adler Pollock & Sheehan P.C. on 10/1/2019

Do you know the differences in estate tax law for couples when both spouses are U.S. citizens vs. when one spouse is a non-U.S. citizen? Or what nonlegal document should accompany a will? We are pleased to present the...more

Succession Planning for Wineries and Vineyards - As wine families tend their grapes, so too should they tend their business...

Farella Braun + Martel LLP on 2/26/2019

Wineries and vineyards are unique assets to consider when crafting personal financial, estate and business succession plans for clients, both of which are crucial components of wealth management....more

Estate Planning for a Non-U.S. Citizen Spouse

Bowditch & Dewey on 6/22/2018

There are special estate tax planning considerations when a non-U.S. citizen spouse is part of the picture. To be clear, a non-U.S. citizen spouse may be living in the U.S. and even hold a green card, but he or she does not...more

Tax Cuts and Jobs Act supercharges exemption portability

Adler Pollock & Sheehan P.C. on 6/8/2018

Somewhat lost in the clamor of the tax changes enacted by the Tax Cuts and Jobs Act is the fact that the new law preserves the “portability” provision for married couples. Portability allows an estate to elect to permit the...more

Estate Planning Pitfall - You haven’t transferred ownership of a life insurance policy to a trust

Adler Pollock & Sheehan P.C. on 4/5/2018

After recent tax legislation, including the Tax Cuts and Jobs Act, few tax shelters are left standing. One key exception is life insurance. This brief article details that, if certain requirements are met, the buildup of...more

Transfer Tax Considerations Under the Tax Cuts and Jobs Act

Holland & Knight LLP on 1/11/2018

• The U.S. House of Representatives and Senate ushered H.R. 1, the Tax Cuts and Jobs Act (the Act), through conference committee, and President Donald Trump signed the Act into law on Dec. 22, 2017. • Most of the Act's...more

Proposed Regulations Limiting Discounts on Family Gifts Targeted for Reform

Lowndes on 7/14/2017

Last summer, we discussed the IRS’s issuance of new Proposed Regulations under Section 2704 of the Internal Revenue Code, which regulations would severely impact discounts on gifts made to family members. ...more

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

Holland & Knight LLP on 12/13/2016

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

Beyer Beware: An Examination of a Family Limited Partnership Gone Wrong

BakerHostetler on 10/13/2016

The opinion issued on Sept. 29, 2016, in the case of Estate of Edward G. Beyer v. Commissioner of Internal Revenue was the culmination of an estate planning exercise that had an unfortunate ending for everyone involved (other...more

Time to Transfer Early Stage Investments?

Jackson Walker on 10/10/2016

New rules may stop “cheap” transfers of business interests to kids and grandkids. Proposed IRS regulations that may be effective as early as the end of 2016 are designed to severely limit use of discounts on gifts or sales...more

IRS Proposes Regulations That Would Increase Wealth Transfer Taxes in Family-Controlled Entities

Skadden, Arps, Slate, Meagher & Flom LLP on 9/28/2016

The Internal Revenue Service (IRS) proposed regulations on August 2, 2016, under which transfers to family members of interests in family-controlled entities — including partnerships, limited liability companies (LLCs) and...more

Trust and Estate: Family Feud — Hollywood May Call It Entertainment But It Is No Laughing Matter for Family Businesses, Part I...

Bond Schoeneck & King PLLC on 9/20/2016

INTRODUCTION - There are over five million family owned businesses operating in the United States.1 The Small Business Administration has indicated that over 90% of all businesses operating in North America are family...more

Proposed Tax Regulations Limit Availability of Valuation Discounts to Family Business Owners

Bradley Arant Boult Cummings LLP on 9/15/2016

For family business owners who desire to transfer ownership of part of their business to the next generation, the valuation of the business interest is often an important factor to consider. This is especially true for family...more

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