News & Analysis as of

Exemptions Gift Tax

Neal, Gerber & Eisenberg LLP

Client Alert: 2024 Inflation Adjustments That Impact Current Estate Planning Opportunities

The Internal Revenue Service recently announced increased transfer tax exclusions for calendar year 2024 as part of Revenue Procedure 2023-34. The significant increases in the unified credit against estate, gift and...more

McDermott Will & Emery

IRS Releases 2023 Annual Inflation Adjustments

McDermott Will & Emery on

On October 18, 2022, the Internal Revenue Service (IRS) announced the annual inflation adjustments for 2023 related to more than 60 tax provisions, with some increasing, some maintaining and some new additions to the list...more

Husch Blackwell LLP

The IRS is Expected to Adjust Certain 2023 Exclusions and Exemptions for Inflation

Husch Blackwell LLP on

The gift tax annual exclusion allows a taxpayer to gift a certain amount to a recipient each year without using any of the taxpayer’s lifetime exemption amount. In 2022, the annual exclusion amount was $16,000, or $32,000 for...more

Cozen O'Connor

New Planning Opportunity for Florida SLATs

Cozen O'Connor on

A new law was recently passed in Florida that will allow a grantor spouse of a Spousal Limited Access Trust (SLAT) to be added as a beneficiary of the SLAT following the death of the beneficiary spouse. Please see below for a...more

K&L Gates LLP

Proposed Federal Estate and Gift Tax Legislation

K&L Gates LLP on

After the Democrats took control of the presidency and Congress earlier this year, questions have circulated regarding possible changes to the federal estate and gift tax laws, including a decrease in the exemptions from tax...more

Arnall Golden Gregory LLP

Possible Limited Duration of Increased Wealth Transfer Tax Exemptions Strongly Encourages Immediate Action

The current tax laws, which took effect on January 1, 2018, temporarily double the estate, gift, and generation-skipping transfer (GST) tax exemptions from $5 million (adjusted annually for inflation) to $10 million (also...more

Dickinson Wright

Do I Need to Make a Large Gift Now?

Dickinson Wright on

Many wealthy individuals are asking that question out of fear that the historically high estate/gift tax exemption of $11,580,000 ($23,160,000 for a married couple), indexed annually for inflation, could be significantly...more

Saul Ewing LLP

Estate Planning Opportunity Under the 2010 Tax Act

Saul Ewing LLP on

With the enactment on December 17, 2010 of the “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010” (“The 2010 Tax Act”), the wealthy and the relatively wealthy are presented with a unique but...more

Proskauer Rose LLP

Lowered Interest Rates Due To Coronavirus Makes Intra-family Loans an Effective Estate Planning Tool

Proskauer Rose LLP on

As a result of the Federal Reserve Bank's recent stimulus and interest rate decreases in response to the coronavirus, intra-family loans can be used to transfer wealth to future generations with no gift tax consequences as...more

Davis Wright Tremaine LLP

2017 Tax Update

The current 2017 federal exemption against estate and gift taxes is $5,490,000 per person. This includes a $40,000 increase over the 2016 federal exemption based on an inflation adjustment. Such exemption may be used during...more

Lewitt Hackman

Trusts, Estates, Exemptions and Taxes

Lewitt Hackman on

It may be hard to believe that in 2001, the estate and gift tax exemption, also known as the unified credit, was a mere $675K. In 2016 that credit is anticipated to go up to $5.45M for single filers; potentially $10.9M...more

McDermott Will & Emery

New 252 Percent Estate Tax Bracket and Other Tax Changes Affect Wealthy New Yorkers

McDermott Will & Emery on

The revenue portion of the recently passed Executive Budget for 2014–2015 significantly changes New York’s estate tax and the way in which New York taxes the income of certain trusts. ...more

Adler Pollock & Sheehan P.C.

Insight on Estate Planning - August/September 2013: Making gifts still matters, even after ATRA

The American Taxpayer Relief Act of 2012 (ATRA) eliminated much of the uncertainty that plagued estate planning for years by making two key provisions “permanent”: the $5 million gift and estate tax exemption (adjusted...more

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