On January 1, 2024, the amounts that individuals can gift free of federal gift and generation-skipping transfer (GST) tax rose to $13,610,000 for individuals and $27,220,000 for married couples due to inflation adjustments....more
The House Ways and Means Committee recently proposed new draft federal tax legislation that would dramatically affect the Private Wealth area. Many of the changes are time sensitive. Thankfully, unlike previously publicized...more
Blank Rome’s annual estate and tax planning newsletter discusses certain concepts and techniques that should be considered in 2021 by our clients and friends in California. We first discuss perhaps the most important recent...more
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
The federal gift, estate and generation-skipping transfer (GST) tax exemptions are at an all-time high—currently $11.58 million for individuals and $23.16 million for married couples—but may not remain so for long. Some...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
In 2018, each person has a lifetime gift tax exemption of $11,180,000 and a lifetime generation-skipping transfer (GST) tax exemption amount of $11,180,000. In addition to these lifetime exemption amounts, a donor may make...more
Under the new tax law enacted effective January 1, 2018, Congress doubled the gift, estate and generation-skipping transfer (GST) exemptions. Based on inflation adjustment information available at that time, those amounts...more
Since July 2016, there have only been incremental changes to the federal estate, gift and generation-skipping transfer taxes and related income tax rules, and to the Washington estate tax rules....more