Introduction - The favorable tax treatment provided by the Tax Cuts and Jobs Act, combined with historically low interest rates during the COVID-19 pandemic, has resulted in tremendous wealth transfer planning opportunities....more
IRS regulations anticipated for release as early as this September may further restrict valuation discounts. The exact scope of the regulations is unknown, but the regulations will likely make it more difficult for taxpayers...more
Decanting refers to the distribution of trust property of one trust (the “first trust”) to another trust (the “second trust”). Over the past several years, the number of states specifically authorizing decanting by statute...more
The Supreme Court has held that the Defense of Marriage Act (“DOMA”) is unconstitutional. DOMA defined “marriage” and “spouse” to the exclusion of same-sex partners for purposes of federal law....more