News & Analysis as of September 19, 2024

Grantor Trusts

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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 -

Understanding the 2026 Changes to the Estate, Gift, and Generation-Skipping Tax Exemptions

Husch Blackwell LLP on 6/13/2024

The Tax Cuts and Jobs Act of 2017 provided major changes to the Internal Revenue Code, specifically doubling the federal estate, gift, and generation-skipping transfer (GST) tax exemption (collectively, the exemption) from...more

Once Removed Episode 18: The Reciprocal Trust Doctrine

McGuireWoods LLP on 3/18/2024

This podcast often discusses the elements of a trust, and how to grant access, control and flexibility to beneficiaries and trustees. But for tax and other purposes, the donor typically cannot retain those kinds of powers. ...more

Estate and Tax Planning 2023 Update: Act While You Can

Pillsbury Winthrop Shaw Pittman LLP on 10/19/2023

Although the IRS is now on high alert for wealthy individuals, new and existing planning opportunities are available, such as tax-free gifts and other advantageous planning. Wealthy individuals and families should take...more

Planning for the Family Vacation Home

Buckingham, Doolittle & Burroughs, LLC on 1/10/2023

A family vacation home offers an escape from the stresses of everyday life, and an opportunity for bonding. Parents return to their vacation homes year after year, creating memories with their children and grandchildren. If...more

Wealth Management Update - July 2022

Proskauer Rose LLP on 7/6/2022

July 2022 Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts AFRs The July applicable federal rate (“AFR”) for use with a sale to a defective grantor trust,...more

Wealth Management Update - February 2022

Proskauer Rose LLP on 1/31/2022

February 2022 Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split-Interest Charitable Trusts....more

The Implications for Estate Planning of Proposed Tax Provisions of the Build Back Better Act

Greenbaum, Rowe, Smith & Davis LLP on 10/12/2021

What You Should Know •The House Ways and Means Committee has approved the tax provisions of President Biden’s Build Back Better Act, a significant first step towards passage. •If passed as drafted, the proposed...more

Update - Tax Proposals of the House Ways and Means Committee: Reconciliation Bill to Target Trusts, Estates, and the Wealthy

Winstead PC on 10/6/2021

Last month, the House Ways & Means Committee (the "Committee") approved draft legislation (the “Legislation”) as part of Congress' ongoing $3.5 trillion budget reconciliation process. The Legislation includes significant tax...more

U.S. House Proposals Would Significantly Impact Estate Planning for High Net Worth Individuals If Enacted

Goodwin on 9/30/2021

The U.S. House Committee on Ways and Means’ tax proposals would significantly impact estate planning for high net worth individuals if enacted. Gift, estate and GST exemption amounts would be decreased; grantor trusts would...more

House Ways and Means Committee Tax Plan Proposes Changes to Estate Planning

Holland & Knight LLP on 9/30/2021

The House Committee on Ways and Means has proposed a tax plan intended to fund President Joe Biden's "Build Back Better" $3.5 trillion infrastructure program. Among the many changes in this proposed tax plan are three that...more

Build Back Better Act’s Threats to Current Estate Planning Techniques

Smith Gambrell Russell on 9/27/2021

On September 13, 2021, the House Ways and Means Committee Chairman announced the Committee’s plan to pay for the $3.5 trillion Build Back Better Act (the “Act”). The Act has measures to combat the climate crisis, create jobs,...more

Possible Changes to Estate and Gift Tax Law

Sheppard Mullin Richter & Hampton LLP on 9/24/2021

Last week the House Ways and Means Committee released a draft of proposed tax law changes to include in a reconciliation bill. While it is uncertain whether any of these proposals will be adopted – and if so in what form –...more

Proposed Tax Law Changes Impacting Estate and Gift Taxes

Pullman & Comley, LLC on 9/23/2021

As many people are aware, Congress is considering changes to the federal tax code to support President Biden’s Build Back Better spending plan. As of this writing, on September 22, 2021, no bill has been enacted....more

Personal Planning Strategies - September 2021

Proskauer Rose LLP on 9/22/2021

You have probably heard that the House Ways and Means Committee released proposals for increasing gift and estate taxes in order support legislation being advanced by the Democratic majority in Congress. ...more

Three Estate Planning Proposals to Watch

Schwabe, Williamson & Wyatt PC on 9/17/2021

House Democrats recently released additional legislative proposals that, if passed, would affect several commonly used estate planning techniques. Among those proposals are three that would significantly impact some of the...more

Proposed Tax Legislation Could Significantly Impact Your Estate Plan

Manatt, Phelps & Phillips, LLP on 8/6/2021

Recent news stories have been published about two bills introduced in the Senate that, if enacted, could have a significant impact on many estate plans. These bills include proposed changes that many estate planning...more

For The 99.5% Act – Is Change a Coming for the Estate Planning World?

Bilzin Sumberg on 3/26/2021

On March 25, 2021, Senator Bernie Sanders introduced legislation called “For the 99.5% Act.” This bill is aimed at the fortunes of the top 0.5% of wealthy Americans. ...more

2020 Tax Planning: Techniques that May Not Exist in 2021

Coblentz Patch Duffy & Bass on 9/4/2020

Major tax reform discussions are ongoing in Washington and Sacramento while everyone at home is busy navigating the pandemic. Many commentators are predicting that budgetary pressures resulting from the COVID-19 stimulus...more

Is it Time to "Use it or Lose it?"

Ward and Smith, P.A. on 6/3/2020

In the wake of COVID-19, we may see significant statutory changes to the federal estate, gift, and generation-skipping transfer tax exemptions. Spousal Lifetime Access Trusts and other planning techniques provide...more

Personal Planning Strategies - July 2015

Proskauer Rose LLP on 7/22/2015

Income Tax Considerations of Estate Planning Are More Important Than Ever - Gifting assets during life will reduce the size of your taxable estate at death and, correspondingly, reduce your estate tax liability. But with...more

Changes May Lie Ahead for Certain Wealth Transfer and Succession Planning Strategies

Baker Donelson on 5/1/2014

In March, the Department of Treasury issued the administration's 2015 fiscal year revenue proposals for the federal government. Those proposals are described in General Explanations of the Administration's Fiscal Year 2015...more

Estate Planning After the Fiscal Cliff Deal

Katten Muchin Rosenman LLP on 1/17/2013

Now that a deal averting the fiscal cliff has finally been reached, many of the tax and planning issues that have been mired in uncertainty for the past two years (and even longer in some cases) may be resolved. Numerous tax...more

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