Top Gun: Maverick - Core Estate Plan and Gifting Basics
Once Removed Episode 19: The Step-Transaction Doctrine and the Case of Smaldino
Once Removed Episode 18: The Reciprocal Trust Doctrine
Once Removed Episode 16: Gift and Estate Tax, Inflation Adjustments for 2024
Once Removed Episode 17: Annual Gifting to Individuals: Options, Opportunities and Pitfalls
Gift Tax Basics
NGE On Demand: GRAT Trusts with Eric Mann
To Give or Not to Give: Considerations for Year-End Gifting
The 2010 Tax Relief Act and your estate plan
The IRS has announced the official estate and gift exclusion amounts for 2024. For an estate of any decedent dying during calendar year 2024, the Federal applicable exemption will increase from $12.92 million to $13.61...more
We have certainly had our share of turbulent waters in the estate planning world from 2020-2022. With two significant elections, it is hard to remember a previous time with such substantial uncertainty about how tax planning...more
The Internal Revenue Service recently announced the 2024 annual inflation adjustments to the lifetime exclusion for federal estate and gift tax (the “basic exclusion amount”) as well as the annual gift tax exclusion, among...more
This chart is maintained for the McGuireWoods LLP Website and is updated regularly. Any comments on the chart or new developments that should be reflected on the chart may be sent to cfox@mcguirewoods.com. ...more
Estate and gift taxes are levied on transfers of property during lifetime and at death. The federal government and many state governments impose such taxes and adjust the amounts subject to tax annually for inflation (or...more
The current estate planning landscape is drastically different than it was at the beginning of this year. After an extended period of historically low rates of interest and inflation, this year the Federal Reserve began...more
This Estate Planning Update reviews the newly-released estate tax exemption and gifting adjustments for 2023, the extended deadline to make a portability election, and simple ways that business owners and professionals can...more
As we start the new year, this Federal Tax Update highlights estate planning-related federal tax information that may be helpful as you consider planning options for 2022. Because Congress could pass legislation that changes...more
The updated version of the Build Back Better Act released by the House Budget Committee on November 3, 2021, does not include any of the significant gift tax, estate tax, generation-skipping transfer tax or grantor trust...more
Last month, the House Ways & Means Committee (the "Committee") approved draft legislation (the “Legislation”) as part of Congress' ongoing $3.5 trillion budget reconciliation process. The Legislation includes significant tax...more
In the United States Congress, there is an arduous journey before a bill becomes law. See the classic School House Rock! video, “I’m Just a Bill.” But there is a common theme running through some gift and estate tax bills...more
We recently wrote about a window of opportunity to take advantage of the rising estate and gift tax exemption before it sets. It is becoming clearer that the window may be shutting fast. The opportunity to take advantage...more
The past twelve months have demonstrated that a solid estate plan, which includes steps to protect your wealth, can help you feel better prepared and provide a sense of control during times of economic uncertainty. As we...more
Democratic presidential nominee Joe Biden has provided limited information about his plans to modify the tax treatment of decedents and their estates. However, he has signaled that he supports raising estate taxes and...more
Major tax reform discussions are ongoing in Washington and Sacramento while everyone at home is busy navigating the pandemic. Many commentators are predicting that budgetary pressures resulting from the COVID-19 stimulus...more
We hope this newsletter finds you and your loved ones safe and healthy. We previously noted that the coronavirus "lock down" is causing many of our clients to re-think their existing estate plans. In the past, certain estate...more
While the safety of your family is of first priority, the current health and economic crisis caused by COVID-19 raises issues and presents estate planning opportunities for your consideration....more
Under the federal tax law, the amount of each person’s federal estate and gift tax exemption, combined, is $11.58 million in 2020 (and scheduled to increase annually for inflation though 2025). This exemption amount applies...more
On November 26, 2019, the Treasury Department and the IRS issued final regulations under IR-2019-189 confirming that there will be no “clawback” for gifts made under the increased estate and gift tax exclusion put in place by...more
Now is the time that many people think about gifting to loved ones, especially with the holidays upon us. In addition to making you, as well as the beneficiary of your gift, feel good, lifetime gifts can help reduce your...more
In 2019, the Tax Cuts and Jobs Act (the Act) and its resulting tax reform continued to dominate the planning landscape. As outlined in our 2018 Year-End Estate Planning Advisory, the Act made significant changes to individual...more
The IRS published Revenue Procedure 2019-44 on November 6, 2019, to set the inflation adjustments for 2020. The exclusion from federal estate will increase to $11,580,000, up from $11,400,000 in 2019....more
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
This State Death Tax chart is maintained for the McGuireWoods LLP Website and is updated regularly. ...more