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Income Taxes › Estate Tax › Gift-Tax Exemption

Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect... more +
Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -
McGuireWoods LLP

Once Removed Episode 18: The Reciprocal Trust Doctrine

McGuireWoods LLP on

This podcast often discusses the elements of a trust, and how to grant access, control and flexibility to beneficiaries and trustees. But for tax and other purposes, the donor typically cannot retain those kinds of powers. ...more

Hinckley Allen

Understanding 2024 Estate, Gift, and Generation-Skipping Transfer Tax Exemptions

Hinckley Allen on

Each year, certain estate, gift, and generation-skipping transfer (“GST”) tax figures are subject to inflation adjustments that go in effect on January 1. Below are the current adjustments for 2024....more

Chambliss, Bahner & Stophel, P.C.

Mitigating the Impacts: Sunsetting the Tax Cuts and Jobs Act

Chambliss, Bahner & Stophel, P.C. on

The Tax Cuts and Jobs Act (TCJA) took effect on Jan. 1, 2018, and impacted personal income taxes, small businesses, estate tax rules, capital gains rules, special needs accounts, and much more. The TCJA is scheduled to sunset...more

UB Greensfelder LLP

[Webinar] Gifting Beyond the Holidays - December 12th, 12:00 pm - 1:00 pm EST

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Gifting is a critical element of estate planning for high net worth individuals. Ulmer Trust and Estate attorneys Kim Stein, Abbie Pappas, and Erica Carducci will discuss gifting methods, including gifts utilizing the annual...more

Katten Muchin Rosenman LLP

2022 Year-End Estate Planning Advisory

Katten Muchin Rosenman LLP on

During 2022, COVID-19, the war in Ukraine, global inflation, the Tax Cuts and Jobs Act (TCJA), the uncertainty about the Build Back Better Act (BBBA), the Corporate Transparency Act (CTA), and the Inflation Reduction Act...more

Ward and Smith, P.A.

"Generation-Sharing" - Tax Planning That Benefits the Entire Family

Ward and Smith, P.A. on

Historically, only the very wealthy engaged in generation-skipping estate planning. Families and individuals who do not think of themselves as "very wealthy," however, also can reap significant benefits from this type of...more

Adler Pollock & Sheehan P.C.

Decisions, Decisions: Many Factors Go Into Deciding When to Transfer Wealth

Adler Pollock & Sheehan P.C. on

A critical estate planning decision is whether to transfer wealth during your lifetime or keep your assets in your estate and transfer your wealth to loved ones after your death. Some say it would be wise to make gifts now to...more

Ward and Smith, P.A.

Make Estate Planning a Point of Focus in 2022

Ward and Smith, P.A. on

Even if your 2022 New Year's resolutions have long since gone by the wayside, as most have, now can and should be a time of renewed focus on family and self-betterment.  In the midst of economic uncertainty, geopolitical...more

Blank Rome LLP

2022 California Estate and Tax Planning Newsletter

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Our annual estate and tax planning newsletter discusses certain concepts and techniques that should be considered in 2022 by our clients and friends in California. Perhaps the most important recent development was the failure...more

Greenberg Glusker LLP

IRS Announces 2022 Inflation Adjusted Amounts For Transfer Taxes

Greenberg Glusker LLP on

The IRS recently confirmed that, for 2022, the aggregate amount that can be given away without being subject to the gift or estate tax will increase to $12.06 million per individual. Thus, as of 2022, a married couple...more

Morgan Lewis

IRS Announces Increased Gift and Estate Tax Exemption Amounts

Morgan Lewis on

The Internal Revenue Service has announced that the annual gift tax exclusion is increasing next year due to inflation. After four years of being at $15,000, the exclusion will be $16,000 per recipient for 2022—the highest...more

Greenberg Glusker LLP

Significant Changes to Transfer Tax Rules May Not Come to Fruition

Greenberg Glusker LLP on

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

Greenbaum, Rowe, Smith & Davis LLP

The Implications for Estate Planning of Proposed Tax Provisions of the Build Back Better Act

Greenbaum, Rowe, Smith & Davis LLP on

What You Should Know •The House Ways and Means Committee has approved the tax provisions of President Biden’s Build Back Better Act, a significant first step towards passage. •If passed as drafted, the proposed...more

Winstead PC

Update - Tax Proposals of the House Ways and Means Committee: Reconciliation Bill to Target Trusts, Estates, and the Wealthy

Winstead PC on

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

Goodwin

U.S. House Proposals Would Significantly Impact Estate Planning for High Net Worth Individuals If Enacted

Goodwin on

The U.S. House Committee on Ways and Means’ tax proposals would significantly impact estate planning for high net worth individuals if enacted. Gift, estate and GST exemption amounts would be decreased; grantor trusts would...more

Sheppard Mullin Richter & Hampton LLP

Possible Changes to Estate and Gift Tax Law

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Last week the House Ways and Means Committee released a draft of proposed tax law changes to include in a reconciliation bill. While it is uncertain whether any of these proposals will be adopted – and if so in what form –...more

Pullman & Comley, LLC

Proposed Tax Law Changes Impacting Estate and Gift Taxes

Pullman & Comley, LLC on

As many people are aware, Congress is considering changes to the federal tax code to support President Biden’s Build Back Better spending plan.  As of this writing, on September 22, 2021, no bill has been enacted....more

McDermott Will & Emery

Tax Reform Is Coming: What It Could Mean For You

McDermott Will & Emery on

The $3.5 trillion “Build Back Better” reconciliation spending program is currently working its way through the US Congress. On September 13, 2021, the US House of Representatives Committee on Ways and Means published its set...more

Schwabe, Williamson & Wyatt PC

Three Estate Planning Proposals to Watch

Schwabe, Williamson & Wyatt PC on

House Democrats recently released additional legislative proposals that, if passed, would affect several commonly used estate planning techniques. Among those proposals are three that would significantly impact some of the...more

Adler Pollock & Sheehan P.C.

Estate Planning Pitfall: You Don’t Meet the Tax Requirements For Splitting Gifts

Adler Pollock & Sheehan P.C. on

The annual gift tax exclusion is a powerful tool in the estate planning toolbox. When using your annual exclusion, you don’t owe any gift tax on amounts transferred to another person up to a specified limit. The limit is...more

Jackson Walker

Tax Planning for a Biden Presidency

Jackson Walker on

This past November, we outlined selected tax law changes that President-elect Joe Biden has proposed, both in speaking engagements and on his campaign website, some or all of which could be enacted in 2021 or future years. ...more

Cohen Seglias Pallas Greenhall & Furman PC

To Give or Not to Give: Considerations for Year-End Gifting

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Presented by Cohen Seglias attorney Whitney Patience O'Reilly on December 15, 2020. As we approach the end of the year, individuals face decisions about whether or not to gift money and the potential ramifications for any...more

Ruder Ware

Holiday Giving: Will My Gifts Have Tax Consequences?

Ruder Ware on

The holiday season is a time of giving! With Christmas arriving next week, you might be rushing to find last minute gifts for the special people in your life. Have you considered potential tax consequences of those gifts? ...more

Katten Muchin Rosenman LLP

2020 Year-End Estate Planning Advisory

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In 2020, COVID-19, the US presidential election, the Tax Cuts and Jobs Act (the TCJA), and the Coronavirus Aid, Relief and Economic Security Act (the CARES ACT) dominated the planning landscape....more

Jackson Walker

Tax Planning for a Biden Presidency

Jackson Walker on

With Biden as the projected President-Elect (subject to pending federal litigation and the Electoral College vote), tax planning for late 2020, 2021, and beyond is top of mind for many businesses and individuals....more

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