Generation-Skipping Transfer

News & Analysis as of

Estate Tax Changes Past, Present and Future

I. INTRODUCTION - This outline is a selective and evolving review of the history of the modern federal estate tax. It originated during the attempts to repeal the estate tax in President Clinton’s second term and...more

Preserving Your Family Business (or Sale Proceeds) for Generations

As promised, below is a follow-up to my February 29th post. There, I discussed estate tax planning. Below, I want to introduce generation skipping tax planning, using some similar tools. As of 2016, each person has a...more

Estate Tax Changes Past, Present and Future

I. INTRODUCTION - This outline is a selective and evolving review of the history of the modern federal estate tax. It originated during the attempts to repeal the estate tax in President Clinton’s second term and...more

Grantor Retained Annuity Trusts (GRATs) and Sales to Grantor Trusts

I. Introduction - A grantor retained annuity trust (GRAT) or an installment sale to a grantor trust can be useful in transmitting wealth in a tax-efficient way, and often one of these techniques is superior to other...more

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

“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

Treasury Green Book Proposals — Health and Education Exclusion Trusts

The Department of the Treasury has released the Treasury Green Book for Fiscal Year 2017, which provides explanations of the President’s budget proposals. One such proposal (remember…these are just proposals, not actual...more

Expanding Basis Consistency Reporting under the President’s Revenue Proposals for 2017

The Obama Administration recently released its budget proposals covering the 2017 fiscal year. Along with the Administration’s proposals, the Department of Treasury issued its General Explanations of the Administration’s...more

Annual Estate Planning Newsletter: Part One

Action Item: This year, Blank Rome’s annual estate planning newsletter will be issued in six installments. Each installment will discuss certain concepts and techniques that we hope may be of interest to our clients and...more

2016 Tax Update Letter

Re: 2016 Tax Update - Dear Clients and Colleagues: This letter is an update on the most recent estate and gift tax developments and serves as a follow-up to our previous annual tax updates....more

Somewhere Over the Rainbow

The Use of Private Placement Group Variable Deferred Annuities in Generation Skipping Trusts - Over the last several decades, trust and estate lawyers have placed great emphasis on proper planning regarding the proper...more

2015 Year-End Estate Planning Advisory

In 2015, 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

IRS Announces Inflation-Adjusted Amounts for 2016

The IRS recently announced the inflation-adjusted items for 2016, including gift, estate, and generation-skipping transfer tax amounts. The following adjustments should be considered in your estate and gift planning...more

Trusts, Estates, Exemptions and Taxes

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

Nothing Is Uncertain Like Death Taxes

There's a saying about death and taxes, the certainty thereof, which has been oft repeated to the point of weariness. While it is true that the imposition of taxes is a certainty, the shape and form of such taxes, especially...more

Dynasty Trust Planning: A Tax-Efficient Way to Manage Wealthy Families' Assets

Private Wealth Services partner, Michelle R. Canerday, and Corporate & Securities partner, Robert G. Gerber, recently co-authored the article "Dynasty Trust Planning: A Tax-Efficient Way to Manage Wealthy Families' Assets,"...more

Trust and Estate Law: South Dakota Dynasty Trusts 101

Usually, estate planning involves the creation of an updated will, a health care directive, and assigning a power of attorney. But sometimes an estate needs more, especially when a large or growing inheritance is involved....more

Estate Tax Controversy Continues - Trust and Estates Update Vol. 2015, Issue 1

Recently introduced bills are indicative of the fact that the estate, gift and generation skipping transfer taxes are still a topic of considerable political debate. Recently, the Responsible Estate Tax Act was...more

New Developments in Estate and Gift Tax Valuation Cases

A number of recent cases highlight particular issues in valuation of assets for purposes of the estate and gift tax. On July 6, 2015, the Internal Revenue Service settled Estate of Davidson v. Commissioner, T.C. Docket No....more

Update on Estate and Gift Tax Proposals

Congressional Proposals: H.R. 1105, Death Tax Repeal Act of 2015, was passed by the House, as amended, on Apr. 16, 2015. The bill amends the Internal Revenue Code to repeal the estate and generation-skipping transfer taxes...more

Low Interest Rate Is High Time for Some Estate Planning Ideas

When practitioners and clients think of estate planning, several goals typically come to mind: (1) identifying family members and charitable organizations to whom or for whose benefit assets are to be given; (2) ensuring that...more

House Approves Estate Tax Repeal, Permanent Extension of State and Local Tax Deduction

The House today passed the Death Tax Repeal Act (HR 1105) and the State and Local Tax Deduction Fairness Act (HR 622). The two bills would repeal the estate tax and the generation-skipping transfer (GST) tax (but not the gift...more

Irrevocable Life Insurance Trusts - Tax and Nontax Advantages

Creating an Irrevocable Life Insurance Trust (ILIT) can dramatically increase the liquidity of an individual’s estate and effectively leverage the value of the annual $14,000 per donee gift tax exclusion and the $5,430,000...more

2015 Tax Update Letter

Dear Clients and Colleagues: This letter is an update on the most recent estate and gift tax developments and serves as a follow-up to our past yearly tax updates, which can be accessed by clicking the “Family Wealth...more

Personal Planning Strategies - December 2014

2015 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...more

How will the GST tax affect your estate plan?

A new grandparent often considers making a gift to the newest member of the family. However, before taking action, it’s important to understand how the generation-skipping transfer (GST) tax may affect an estate plan. The GST...more

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