We are just past the midpoint of a year like no other. Many aspects of our lives have been challenged and reconfigured, with even more changes a certainty. Depending upon the outcome of the election in November, significant...more
Recent market volatility and the public health implications of the spread of coronavirus (COVID-19) have been unsettling. It can be stabilizing in turbulent times to take a deep breath, focus on long-term planning strategies...more
The Tax Cuts and Jobs Act, signed into law on December 22, 2017, includes significant changes to the U.S. federal gift, estate, and generation-skipping transfer (GST) tax laws, effective as of January 1, 2018. In addition,...more
1/3/2018
/ 529 Plans ,
Estate Planning ,
Estate Tax ,
Generation-Skipping Transfer ,
Gift Tax ,
Gift-Tax Exemption ,
Income Taxes ,
New Legislation ,
State Taxes ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Exemptions ,
Tax Planning ,
Tax Rates ,
Tax Reform ,
Trump Administration
On November 2, the House Ways and Means Committee released a draft tax reform bill known as the Tax Cuts and Jobs Act. The Senate Finance Committee followed on November 9 with its own outline for tax reform legislation. Both...more
11/14/2017
/ Estate Tax ,
Generation-Skipping Transfer ,
Gift Tax ,
Gift-Tax Exemption ,
Income Taxes ,
Legislative Agendas ,
Proposed Legislation ,
State and Local Government ,
State Taxes ,
Tax Deductions ,
Tax Planning ,
Tax Rates ,
Tax Reform ,
Trump Administration
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
12/19/2016
/ Business Valuations ,
Capital Gains ,
Estate Planning ,
Estate Tax ,
Family Businesses ,
Generation-Skipping Transfer ,
Gift Tax ,
IRS ,
Repeal ,
Step-Up Basis ,
Tax Reform ,
Trump Administration ,
Year-End Tax Planning
We previously alerted you to proposed legislation affecting New York estate tax law, the tax treatment of gifts by New York residents, and New York income taxation of certain trusts. This month Governor Cuomo signed final...more
The New York State Legislature is considering some significant proposed changes to the New York estate tax law, the tax treatment of gifts by New York residents, and New York income taxation of certain trusts. Some important...more
After a last-minute deal to avoid the fiscal cliff was passed by Congress on January 1, 2013, President Obama signed into law the new American Taxpayer Relief Act (“ATRA 2012”) on January 2, 2013. ATRA 2012 extends...more