News & Analysis as of September 23, 2024

Trump Administration

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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 -

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

Personal Planning Strategies - September 2018

Proskauer Rose LLP on 9/10/2018

With over a century of combined experience, the lawyers of Proskauer's Private Client Services Department regularly provide their diverse clientele – from business entrepreneurs and corporate executives to sports figures and...more

Future Connecticut Estate Tax Still Unclear after Two New Public Acts

Pullman & Comley, LLC on 8/24/2018

Following the passage of the Federal Tax Cuts and Jobs Act in late 2017, the Connecticut legislature attempted to modify Connecticut estate tax law and make it more consistent with the new, much higher $11.2 million federal...more

More Planning Tips for Individuals Under New Tax Act

Ruder Ware on 2/15/2018

As Shanna Yonke mentioned in her January 22, 2018 Legal Update The New Tax Law Provides Estate Planning Opportunities, President Trump signed the Tax Cuts and Jobs Act into law on December 22, 2017. The Act (officially,...more

Dramatic Change to Federal Estate, Gift and Generation-Skipping Tax Exemptions

Akin Gump Strauss Hauer & Feld LLP on 2/14/2018

• Each individual’s exemptions from federal estate, gift and GST taxes have roughly doubled to approximately $11,200,000 • The increased exemptions are available only temporarily, through 2025 • We recommend that you...more

Favorable Changes to Estate, Gift and GST Tax Laws Under the Tax Cuts and Jobs Act

Mintz on 2/5/2018

The Tax Cuts and Jobs Act (the “Act”), signed into law on December 22, 2017, significantly increased the exemption amounts for the federal estate, gift, and generation-skipping transfer taxes. These increases may present...more

The New Tax Law Provides Estate Planning Opportunities

Ruder Ware on 1/29/2018

Shortly before Christmas, Congress approved and President Trump signed into law the Tax Cut and Jobs Act. The new law increases the federal estate, gift, and generation-skipping transfer tax exemptions from $5 million to $10...more

Trump Administration Signs 2017 Tax Act

Davis Wright Tremaine LLP on 1/17/2018

On December 22, 2017, President Trump signed a tax bill that had been passed by the Senate and House called “An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for...more

What You Should Know About Estate and Gift Tax Reform

Stinson LLP on 1/8/2018

The tax bill recently passed by the U.S. Congress and signed by President Trump retains the gift and estate tax, but substantially curtails its reach. The new tax legislation represents a dramatic change to our transfer tax...more

Impact on Gift, Estate, and GST Taxes Under the Tax Cuts and Jobs Act (H.R. 1)

Ballard Spahr LLP on 1/5/2018

The tax law known as the Tax Cuts and Jobs Act (H.R. 1), signed by President Trump on December 22, 2017, contains important changes to provisions governing gift, estate, and generation-skipping transfer (GST) taxes...more

Effect of the Tax Cuts and Jobs Act on Trust and Estate Planning

Patterson Belknap Webb & Tyler LLP on 1/3/2018

The Tax Cuts and Jobs Act, signed into law on December 22, 2017, includes significant changes to the U.S. federal gift, estate, and generation-skipping transfer (GST) tax laws, effective as of January 1, 2018. In addition,...more

Impact of the Tax Law on Estate Planning

Kramer Levin Naftalis & Frankel LLP on 1/3/2018

President Trump signed sweeping tax legislation into law on Dec. 22, 2017, resulting in several significant changes to the wealth transfer tax system, effective as of Jan. 1, 2018....more

Tax Reform 101 – Estate Planning For High Net Worth Individuals

Sheppard Mullin Richter & Hampton LLP on 12/26/2017

The new tax bill passed by Congress and signed into law by the President today has increased the amount individuals can transfer free of Gift, Estate and Generation Skipping Transfer (“GST”) taxes....more

Trust and Estate Planning 2017 Year End Update

Kramer Levin Naftalis & Frankel LLP on 12/4/2017

As we approach the end of the year, we thought you would find it useful to have the following summary of recent developments and updates that may affect your trust and estate planning....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? ...

Dickinson Wright on 12/12/2016

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

Estate Planning NOW: Preparing for a New Government

Lewitt Hackman on 12/1/2016

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

2016 Year-End Estate Planning Advisory

Katten Muchin Rosenman LLP on 11/22/2016

In 2016, we continued to experience a period of relative stability in our federal transfer tax system and have been able to plan without expecting imminent significant changes to the system. Under the American Taxpayer Relief...more

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