News & Analysis as of September 23, 2024

Estate Planning › Irrevocable Trusts › Gift Tax

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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... 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 -

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

Holland & Knight LLP on 7/15/2024

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

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

Strafford on 6/3/2024

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

Is CCA 202352018 the Death of Irrevocable Trust Decantings?

Blank Rome LLP on 3/1/2024

For years, practitioners have freely used irrevocable trust decantings as a means to make various changes to irrevocable trusts without concern of giving rise to gift tax consequences. However, the Internal Revenue Service’s...more

Disclaiming to Save Taxes

Rivkin Radler LLP on 11/6/2023

It’s not enough for the founder of a closely held business to have successfully established the business. The business has to grow, not only to increase profits, but also to make it more competitive and to diversify its...more

Understanding Irrevocable Life Insurance Trusts and Their Tax Benefits in Estate Planning

Pullman & Comley, LLC on 6/29/2023

A typical challenge encountered by estates of varying sizes and complexities is the lack of liquidity to cover the costs of estate administration. These expenses may satisfy just debts to creditors or estate tax payments. ...more

Estate Planning During Periods of Inflation and Market Volatility

Polsinelli on 6/30/2022

Earlier this year the stock market entered bear market territory. This happens when the market declines more than 20% or more from its most recent high. The market decline has been attributed to several factors including...more

$2.1 Trillion Reasons Why You Should Consider Estate Planning NOW

Husch Blackwell LLP on 9/21/2021

Key points •On Wednesday, September 15, The House Ways and Means Committee advanced a proposal for a $2.1 trillion tax increase. •The proposal could drastically change the gift and estate tax treatment of new...more

Recent Cases of Interest to Fiduciaries - May 2021

McGuireWoods LLP on 5/5/2021

In the most recent installment of the McGuireWoods Fiduciary Advisory Services annual multipart series on recent fiduciary cases, developments in the law concerning various topics are examined through the following: In...more

Opening Up to SLAT Opportunities

Adler Pollock & Sheehan P.C. on 4/13/2021

Estate tax planning can become complicated when multiple parties are involved. For example, you may be concerned about providing assets to a surviving spouse of a second marriage, while also providing for your children from...more

When to Take Advantage of a Spousal Lifetime Access Trust (SLAT)

Bowditch & Dewey on 11/24/2020

Under the Tax Cuts and Jobs Act, in 2020 each person may transfer up to $11,580,000 without incurring a gift or estate tax. This generous exemption amount will sunset at the end of 2025, which means that in 2026, the...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

Peter, Paul, and Mary Should Make Large Gifts – Now!

Ruder Ware on 7/31/2020

Peter, Paul, and Mary have done well for themselves. Each has a nice home, a seasonal residence, and a large IRA. Coincidentally, each also has an additional $11 million worth of real estate, savings, brokerage accounts, and...more

Estate Planning Still Matters

Jackson Walker on 4/29/2020

For many individuals, this is a difficult financial time. However, for those who have substantial wealth to transfer to younger generations, temporarily reduced asset values and historically low interest rates have created an...more

The Estate Planner - May/June 2019

Shumaker, Loop & Kendrick, LLP on 4/12/2019

Shumaker is pleased to present the May/June 2019 issue of The Estate Planner. In it we discuss: - How can you mend a broken trust? Try decanting - Now may be the time to forgive intrafamily loans -...more

Cahill Case Sheds Light on Tax Court’s View of Intergenerational Split Dollar Agreements

Williams Mullen on 9/25/2018

On June 18, 2018, the Tax Court issued a memorandum denying a motion for partial summary judgment filed by the Estate of Richard Cahill (T.C. Memo 2018-84). It was the second time in two years that the Tax Court had addressed...more

IRS Rules Gift Splitting Differs for Gift and GST Tax Purposes

Genova Burns LLC on 4/23/2018

In PLR 201811002 the IRS has ruled that gift splitting works differently when applied to Gift taxes and Generation Skipping Transfer (GST) taxes. Gift splitting is authorized by IRC Section 2513(a)(1) and states, generally,...more

Estate Planning is Still Important Even with the Passage of the Tax Cuts and Jobs Act

Obermayer Rebmann Maxwell & Hippel LLP on 2/15/2018

The Tax Cuts and Jobs Act of 2017 (the Act) signed into law by President Trump on December 22, 2017 made sweeping changes that affect individuals, businesses, trusts and estates. This alert focuses on the impact of the Act on...more

Personal Planning Strategies - December 2016

Proskauer Rose LLP on 12/6/2016

2017 Estate, Gift and GST Tax Update: What This Means for Your Current Will, Revocable Trust and Estate Plan - As we previously reported, the American Taxpayer Relief Act of 2012 (the "Act") made the following permanent:...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

Gift giving made easy - Annual exclusion reduces your taxable estate

Adler Pollock & Sheehan P.C. on 10/4/2016

How can a person reduce the size of his or her taxable estate? There are many ways to accomplish this objective, including the use of irrevocable trusts and other sophisticated estate planning techniques. But one of the most...more

Double Down! - Inter-Generational Split Dollar Throws Sand in the Face of the IRS Again

Gerald Nowotny - Law Office of Gerald R.... on 8/1/2016

Recently I wrote an article on JD Supra called Split to Be Tied (May 4, 2016) regarding the Tax Court decision in Estate of Morrissette, (Estate of Clara M. Morrissette v. Commissioner, 146 T.C. No. 11 (April 13, 2016)). Once...more

[Webinar] Estate Planning 101: Key Concepts including Top Trends to Know Now - March 16th, 2:00pm EDT

Dickinson Wright on 3/10/2016

“Because there are many issues that you may not think are involved in estate planning, it is recommended that everyone have an estate plan so that a lifetime of wealth and sentimental assets are distributed in the manner you...more

Wealth Management Update - October 2013

Proskauer Rose LLP on 10/11/2013

The October § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 2.4%. This is up from September's 2.0% rate. The applicable federal rate ("AFR") for use with a sale to a defective...more

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