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Income Taxes › Estate Tax › Tax Exemptions

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 -
BakerHostetler

[Podcast] Estate and Tax Planning for Globally Mobile Clients: Pre-immigration Planning for Moving to the United States

BakerHostetler on

Individuals considering moving to the United States should be aware of the tax consequences of becoming a U.S. resident and take advantage of tax planning opportunities before moving here. George McCormick discusses these...more

Lewis Roca

Supreme Court Decision in Connelly v. United States

Lewis Roca on

On June 6, 2024, the United States Supreme Court issued its decision in in Connelly, As Executor of the Estate of Connelly v. United States, (602 US ________). The decision involves the application of the federal estate tax...more

Roetzel & Andress

Now That We’ve Seen the Eclipse, It’s Time To Plan for the TCJA Sunset

Roetzel & Andress on

As the ball drops in Times Square on December 31, 2024, many of the tax breaks established by the Tax Cuts and Jobs Act (TCJA) of 2017 will disappear. While the TCJA made some permanent tax cuts, a number of tax cuts and...more

Adler Pollock & Sheehan P.C.

Should You Place Your Home in a QPRT?

Adler Pollock & Sheehan P.C. on

If you own your principal residence, you may be able to benefit from its build-up in equity, realize current tax breaks and pocket a sizeable tax-exempt gain when you sell it. What’s more, from an estate planning perspective,...more

Bowditch & Dewey

Massachusetts Tax Reform Enacted – Estate Tax Exemption Increase and Other Help for Residents

Bowditch & Dewey on

The long-awaited Massachusetts tax reform package was signed by Governor Maura Healey on Wednesday, October 4, 2023. Among the provisions: Estate Tax Reform: Establishes a non-refundable credit of $99,600 for each estate,...more

Ward and Smith, P.A.

Is Your Estate Plan Past Due for a Check-Up?

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Estate planning professionals help clients look ahead and anticipate future contingencies. By necessity, however, estate plans are crafted based on laws and circumstances existing at the time they are put in place. This...more

Blank Rome LLP

Irrevocable Trusts: Who Is the Taxpayer?

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In establishing and funding an irrevocable trust, a common question is who is responsible for the income tax liabilities associated with the trust? Many individuals assume that the trust is a separate and independent...more

Lasher Holzapfel Sperry & Ebberson PLLC

Estate Planning 101: Making Bequests to Charity

Lasher Holzapfel Sperry & Ebberson PLLC on

Many clients opt to make charitable donations to further charitable intentions and to perhaps help reduce estate tax exposure in the process. Charities often fulfill needs and perform work that the government does not...more

Ward and Smith, P.A.

Take a Bite Out of the Estate Tax: Estate Planning with Life Insurance

Ward and Smith, P.A. on

In the movie The Pink Panther Strikes Again, Inspector Clouseau asks a hotel clerk standing near a dog whether his dog bites.  The clerk says no.  Clouseau reaches down to pet the dog.  The dog bites his hand....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

Jones & Keller, P.C.

Taking the Sting Out of Death Taxes with Dylan Metzner, Jones & Keller

Jones & Keller, P.C. on

High-net worth individuals have an opportunity to take advantage of high transfer tax exemptions if they act fast. Set to expire in 2026, unless Congress acts sooner, the time is now to implement strategies that make the most...more

Jones & Keller, P.C.

Taking the Sting Out of “Death Taxes”

Jones & Keller, P.C. on

There has been a lot of talk since September 2021 about the Build Back Better Act, which included some major tax increases. According to U.S. Senator Joe Manchin of West Virginia, this Act is dead—and I think that is the most...more

Ward and Smith, P.A.

Make Estate Planning a Point of Focus in 2022

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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

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

Goodwin

Revised Tax Legislation Proposal No Longer Includes Certain Estate and Gift Tax Provisions

Goodwin on

Certain revenue-raising proposals that would have affected the transfer tax regime and estate planning of high-net-worth individuals and trusts, which were included in the prior proposed bill in the House of Representatives,...more

Foster Garvey PC

House of Representatives 5376: Current Tax Legislation Pending in the U.S. House of Representatives

Foster Garvey PC on

...The federal tax laws are certainly about to change. With the need to raise revenue as a top priority for the Biden Administration, everyone is expecting dramatic changes to the Internal Revenue Code. Tax legislation is...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

Bowditch & Dewey

Impact of House Ways and Means Tax Proposals for Trusts, Estates, and Retirement Accounts

Bowditch & Dewey on

In this second blog post on the House Ways and Means Tax proposals, we address the proposed changes that will affect the taxation of trusts, estates, and retirement plans. As we discussed, on September 13, 2021, the...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

Burns & Levinson LLP

I Don’t Have to Worry About Estate Taxes… Right?

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You do not need to be exceedingly wealthy to be impacted by the estate tax. Many of our clients are surprised to learn that tax is imposed on Massachusetts estates exceeding $1 million in value. When considering a home,...more

Downs Rachlin Martin PLLC

Trusts and Estates 2021 Tax Update

Downs Rachlin Martin PLLC on

Potential Acceleration of Federal Estate Tax Exemption Decrease and Increase of Income Tax Rates - Now that the votes have been counted and our government has transitioned to a new administration, significant tax changes...more

Ruder Ware

Holiday Giving: Will My Gifts Have Tax Consequences?

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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

Bowditch & Dewey

When to Take Advantage of a Spousal Lifetime Access Trust (SLAT)

Bowditch & Dewey on

Under the Tax Cuts and Jobs Act, in 2020 each person may transfer up to $11,580,000 without incurring a gift or estate tax. This generous exemption amount will sunset at the end of 2025, which means that in 2026, the...more

Stoel Rives LLP

Gift-Giving and Other Planning Under the New Political Landscape

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Based on the tax plan proposed by President-elect Biden, the federal estate and gift tax (and generation-skipping transfer tax) exemption might be reduced from its current amount of $11.58 million to a level that predates the...more

A&O Shearman

Election Year Estate Planning

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Significant tax reform could be imminent, depending on whether Biden or Trump wins next month’s election and which party controls Congress. Joe Biden’s tax plan proposes changes that would drastically impact wealth transfer...more

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