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Estate Planning › Income Taxes › Gift Tax

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... more +
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 -
Holland & Knight LLP

Maximize Your Legacy: Take Advantage of the High Estate and Gift Tax Exemption Sunset

Holland & Knight LLP on

As part of the Tax Cuts and Jobs Act (TCJA), the estate and gift tax exemption was doubled for tax years 2018-2025. In 2018, the exemption doubled from $5.49 million in 2017 to $11.18 million in 2018, and that amount has been...more

Shumaker, Loop & Kendrick, LLP

The Estate Planner, July/August 2024

Shumaker, Loop & Kendrick, LLP on

Employee stock ownership plan - A versatile business exit and estate planning tool - If you own a closely held business, a significant portion of your wealth may be tied up in it. So, to prepare for retirement and...more

Strafford

[Webinar] New IRS Guidance on Basis Adjustments for Irrevocable Grantor Trusts: Key Issues for U.S. and Non-U.S. Persons - June...

Strafford on

This CLE/CPE webinar will provide estate planners insight on recently issued IRS guidance regarding basis adjustments for irrevocable grantor trusts. The panelist will discuss key items and challenges stemming from Revenue...more

Blank Rome LLP

Estate Planning for the Business Owner Series, Part 3: Examples of Business Transfers and Valuations

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The purpose of this post, part three of our “Estate Planning for the Business Owner” series, is to provide a sample using real numbers showing the impact and benefit of using closely held business interests in lifetime...more

McGuireWoods LLP

Once Removed Episode 18: The Reciprocal Trust Doctrine

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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

Adler Pollock & Sheehan P.C.

It’s Time to Take Another Look at the Stepped-Up Basis Rules

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Thanks to a generous federal gift and estate tax exemption amount ($13.61 million for 2024), only the wealthiest of families are exposed to estate tax liability. For many, this means that estate planning now has a stronger...more

Hinckley Allen

Understanding 2024 Estate, Gift, and Generation-Skipping Transfer Tax Exemptions

Hinckley Allen on

Each year, certain estate, gift, and generation-skipping transfer (“GST”) tax figures are subject to inflation adjustments that go in effect on January 1. Below are the current adjustments for 2024....more

Bilzin Sumberg

Take Care When Utilizing Tax Reimbursement Clauses in Trusts…Even If You Are a Cross-Border Practitioner

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Until recently, there was a fair amount of comfort amongst practitioners that, when structured correctly, utilizing a tax reimbursement clause for a grantor trust did not produce any negative U.S. gift or estate tax results....more

Davidoff Hutcher & Citron LLP

If It's Too Good To Be True...The Latest Guidelines from the IRS

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There are a lot of very smart tax attorneys out there who are trying to figure out something new, and yet there’s very little innovation.  Almost all techniques that we use are incremental variations of an older technique...more

Seyfarth Shaw LLP

Year-End Estate Planning for 2023

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A strong stock market and “soft landing” have generated significant wealth this year. The gift tax, estate tax and generation-skipping transfer tax are all imposed on the fair market value of assets at the time of transfer....more

Schwabe, Williamson & Wyatt PC

Estate Planning and Business Transition Considerations for Year-End Preparations

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As we enter the homestretch of 2023, it’s the perfect time to reexamine plans and action items. There are plenty of items to address, and it’s best to do so sooner rather than later. When you review year-end estate planning...more

Freeman Law

Getting Out | Expatriation and Federal Taxes

Freeman Law on

Are you U.S. citizen or resident? Have you ever just wanted to leave the whole U.S. federal tax system behind? Well, you can . . . try at least. But there’s a cost....more

UB Greensfelder LLP

[Webinar] Gifting Beyond the Holidays - December 12th, 12:00 pm - 1:00 pm EST

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Gifting is a critical element of estate planning for high net worth individuals. Ulmer Trust and Estate attorneys Kim Stein, Abbie Pappas, and Erica Carducci will discuss gifting methods, including gifts utilizing the annual...more

Seyfarth Shaw LLP

Year-End Estate Planning for 2022

Seyfarth Shaw LLP on

According to Bloomberg, nearly 2,600 estates paid $18.4 billion in estate taxes in 2021, nearly double the amount paid to the IRS in 2020. Fortunately, periods of market volatility and uncertainty present estate planning...more

Neal, Gerber & Eisenberg LLP

Client Alert: Leveraging QPRTs in a High Interest Rate Environment

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Leveraging QPRTs in a High Interest Rate Environment - A Qualified Personal Residence Trust, or “QPRT” is a planning strategy specifically authorized in the Internal Revenue Code that allows an individual to remove a...more

Katten Muchin Rosenman LLP

2022 Year-End Estate Planning Advisory

Katten Muchin Rosenman LLP on

During 2022, COVID-19, the war in Ukraine, global inflation, the Tax Cuts and Jobs Act (TCJA), the uncertainty about the Build Back Better Act (BBBA), the Corporate Transparency Act (CTA), and the Inflation Reduction Act...more

Woods Rogers

‘Tis the Season (For Charitable Giving)

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The year-end is approaching, but you still have time to work on your 2022 tax planning. Consider giving to your favorite charity to make this holiday season merry. Planned charitable giving provides you a way to maximize...more

Schwabe, Williamson & Wyatt PC

Issues to Consider for Estate Planning and Business Transitions Before Year-End

Schwabe, Williamson & Wyatt PC on

With the end of the year just around the corner, it’s a good time to reassess plans and action-items. When reviewing your year-end estate planning or business transition concerns, there are several things to contemplate and...more

Bowditch & Dewey

Gift and Estate Tax Considerations for Crypto Assets

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With the popularity of crypto assets on the rise, there are bound to be gift and estate tax questions when a person transfers crypto assets during life or at death. The IRS treats crypto assets as property for federal tax...more

Stark & Stark

[Webinar] The Administration’s 2022 Proposed Estate and Gift Tax Changes - June 21st, 6:00 pm - 6:45 pm ET

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Join Robert F. Morris, Esq., to discuss some important components of the Administration’s proposed changes to Federal Estate and Gift Taxes. The discussion will include how these changes may impact you and your estate plan....more

Stark & Stark

[Webinar] The Administration’s 2022 Proposed Estate and Gift Tax Changes - June 21st, 12:00 pm - 1:45 pm ET

Stark & Stark on

Join Robert F. Morris, Esq., to discuss some important components of the Administration’s proposed changes to Federal Estate and Gift Taxes. The discussion will include how these changes may impact you and your estate plan....more

Jones & Keller, P.C.

Taking the Sting Out of Death Taxes with Dylan Metzner, Jones & Keller

Jones & Keller, P.C. on

High-net worth individuals have an opportunity to take advantage of high transfer tax exemptions if they act fast. Set to expire in 2026, unless Congress acts sooner, the time is now to implement strategies that make the most...more

Ruder Ware

Current Status of Federal Estate and Gift Tax Proposals

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You likely are aware, from the news and our prior communications, that Congress currently is considering proposals that may have a significant impact on many estate plans. Although we still cannot be certain which, if any, of...more

Blank Rome LLP

2022 California Estate and Tax Planning Newsletter

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Our annual estate and tax planning newsletter discusses certain concepts and techniques that should be considered in 2022 by our clients and friends in California. Perhaps the most important recent development was the failure...more

Ruder Ware

Gift Tax Basics

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As the holiday season approaches, Attorney Shanna Yonke shares insight regarding a topic at the top of client’s mind – what amount can be gifted without tax consequences? While the state of Wisconsin does not impose a gift...more

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