News & Analysis as of

Generation-Skipping Transfer

30 Rock, Oysters, and Generation-Skipping Transfer Tax

by Bryan Cave on

Billionaire David Rockefeller, the grandson of John D. Rockefeller, passed away recently at the age of 101. In 2017, Forbes estimated that his fortune, investments in real estate, share of family trusts, and other holdings...more

Protect multiple generations with a dynasty trust

Dynasty trusts have nothing to do with the popular soap opera from the 1980s, but everything to do with leaving a lasting legacy. Although this type of trust is often created to reduce estate taxes, it can also provide other...more

IRS Limiting GST Private Letter Rulings and Presubmission Conferences

by Charles (Chuck) Rubin on

At a recent Federal Bar Association Tax Law Conference, an IRS Chief Counsel branch chief advised that due to budget cuts: a. The IRS has temporarily suspended issuing private letter rulings regarding modifications to...more

Estate Tax Changes Past, Present and Future

by McGuireWoods LLP on

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

How do recent updates to estate tax laws impact your future?

by Dentons on

In 2013, Kiplinger ranked the states with the scariest "death taxes." At that time, New Jersey topped the list, with an estate tax exemption of only $675,000, and with an inheritance tax imposed upon transfers to other than...more

Potential Repeal of the ‘Death’ Tax

by McNair Law Firm, P.A. on

Assuming you have not been living under a rock for the last two years you have heard of Donald J. Trump, now President Trump, speak about the need to repeal the so-called “Death tax”. In addition, you are likely aware that...more

Estate Tax Reform Predicted for 2017

by Ward and Smith, P.A. on

A key goal for those of us who practice with Ward and Smith is to inform our clients and future clients of potential developments that may impact them.  With respect to Trust and Estate Law, the potential for repeal of the...more

KNOWN UNKNOWNS about Federal Tax Laws and Regulations

by Dickinson Wright on

The new administration in Washington, supported by Republican majorities in Congress, has pledged substantial changes to federal tax laws and regulations. One change may - or may not - be the complete elimination of federal...more

Federal Gift, Estate Tax and Generation-Skipping Transfer Tax Exemptions & the Gift Tax Annual Exclusion Amount Are Subject to...

by Dickinson Wright on

The exemptions were increased in 2017 from $5,450,000 to $5,490,000, and the annual exclusion remains the same at $14,000 per donee. These rules mean the following...more

Estate Tax Changes Past, Present and Future

by McGuireWoods LLP on

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

IRS Allows Same-Sex Spouses to Recover Certain Transfer Tax Exemptions

by Williams Mullen on

The Internal Revenue Service recently released IRS Notice 2017-15 to provide special procedures for spouses in a same-sex marriage, or the executor of a same-sex spouse, to recalculate their gift and estate tax applicable...more

2017 California Estate and Tax Planning Newsletter

by Blank Rome LLP on

Blank Rome’s annual estate and tax planning newsletter addresses estate planning concepts and techniques that should be considered in 2017 by our clients and friends. Transfer Taxes. The major changes made in 2010 in the...more

Same-Sex Spouses Authorized to Recalculate Transfer Tax Treatment of Prior Gifts and Bequests

by BakerHostetler on

The IRS recently issued Notice 2017-15 to provide same-sex spouses relief to recalculate the federal estate, gift and generation-skipping transfer (GST) tax treatment of gifts and bequests made before the Defense of Marriage...more

Trusts and Estates Group News: 2017 Federal Inflation Adjustments

by Murtha Cullina on

Each year, certain federal estate, gift and generation-skipping transfer (GST) tax figures are subject to inflation adjustments. Effective January 1, 2017, the annual exclusion amount for gifts per donee remains at...more

2016 Year-End Trusts & Estates Update

As 2016 comes to a close, we would like to share with you a number of recent developments affecting trust and estate planning that may be of interest: Final regulations restricting valuation discounts unlikely to be...more

Private Client Services 2016 Year-End Advisory

by Wiggin and Dana LLP on

As the year draws to a close, we have entered a period of great uncertainty in estate and tax planning. President-elect Donald Trump has identified tax reform as a priority of his new administration and, with Republican...more

Tax Truths: Volume 1, No. 2 – December 2016

by Ballard Spahr LLP on

AN ANALYSIS OF TAX LAW PROPOSALS OF THE PRESIDENT-ELECT AND THE HOUSE - President-elect Trump made tax reform a highlight of his campaign, calling for fewer tax brackets, lower individual rates, and reduced corporate tax...more

If it’s broken, fix it! Trusts that no longer achieve their objective can be repaired

What with changing life circumstances and new tax laws, not to mention potential mistakes made when an estate plan was first drafted, the trusts used in the plan may now be “broken.” This article details why trusts break and...more

Personal Planning Strategies - December 2016

by Proskauer Rose LLP on

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

The Times They Are a-Changin’ – Potential U.S. Tax Reform Implications of the 2016 Elections

by Dickinson Wright on

As a result of the United States federal elections on November 8, 2016, Donald J. Trump is the president-elect, and the House of Representatives and Senate both will consist of Republican majorities. As a result, it is...more

What Proposed Tax Plans by Trump Administration and House Republicans Mean for Personal Planning

by Perkins Coie on

The election of Donald Trump and Republican majorities in U.S. Congress make the future of the federal transfer tax system (gift, estate and generation-skipping transfer (GST) taxes) uncertain. President-elect Trump and...more

Trump and the Death Tax

by Ropes & Gray LLP on

Donald Trump’s tax plan calls for elimination of the “death tax,” which refers to the federal estate and generation-skipping transfer (“GST”) taxes, and may include the federal gift tax. His plan also calls for imposition of...more

Estate Planning for Family Businesses

by GableGotwals on

Estate planning for closely held family businesses could be significantly affected by proposed regulations that have been published by the Internal Revenue Service. The IRS proposed regulations and their effect on...more

Time to Transfer Early Stage Investments?

by Jackson Walker on

New rules may stop “cheap” transfers of business interests to kids and grandkids. Proposed IRS regulations that may be effective as early as the end of 2016 are designed to severely limit use of discounts on gifts or sales...more

Estate Tax Changes Past, Present and Future

by McGuireWoods LLP on

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

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