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2024 Estate and Gift Tax Update

The IRS has announced the official estate and gift exclusion amounts for 2024. For an estate of any decedent dying during calendar year 2024, the Federal applicable exemption will increase from $12.92 million to $13.61...more

IRS Issues Revenue Ruling Holding that Assets Held in an Irrevocable Grantor Do Not Receive a Step-Up in Basin at Death

In a recently-issued Revenue Ruling (Rev Rul 2023-02), the IRS has held that the basis of the assets in an irrevocable grantor trust, where the assets are not included in the grantor’s gross estate for federal estate tax...more

New IRS Revenue Procedure Provides Relief for Certain Inadvertent Terminations of S Elections

The IRS recently issued Revenue Procedure 2022-19, which permits S corporations to remedy certain inadvertent terminations of S corporation status and invalid elections without having to request a costly Private Letter...more

2022 Changes to Estate and Gift Tax Exclusions

The IRS released Revenue Procedure 2021-45 which announces the increase in 2022 of the estate, gift and generation-skipping transfer tax applicable exclusion amounts from $11.7 million to $12.06 million. The applicable...more

Update – New York Power Of Attorney Law Goes Into Effect

On June 12, 2021, New York’s new Power of Attorney law (A.5630-A/S.3923-A) went into effect. As a reminder, the law simplifies New York’s Power of Attorney form and implements penalties for improper rejection of a New York...more

New York Modifies Power Of Attorney Law To Simplify Form

On December 15, 2020, Governor Andrew Cuomo signed a bill into law that simplifies New York’s Power of Attorney form and implements penalties for improper rejection of a New York Power of Attorney by third parties. The...more

Nelson: IRS Prevails In Defined Value Provision Case

On June 10, 2020, in Nelson v. Commissioner, T.C. Memo 2020-81, the Tax Court ruled in favor of the IRS and against a taxpayer who attempted to use a defined value provision to value a transfer of assets. The taxpayer’s...more

COVID-19 Alert – IRS Provides Further Relief To Taxpayers

On April 9, 2020, the IRS updated its guidance originally provided in Notice 2020-18, Additional Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic, to provide extension relief to taxpayers in response...more

The CARES Act And Effects On Charitable Contributions

The coronavirus outbreak, the subsequent passage of the CARES Act by the federal government, and current low interest rates have changed the landscape of charitable contributions and planning in 2020. Charitable...more

Estate Planning In Uncertain Times

We often advise clients to consider any changes in their life every two to three years and determine if any adjustments need to be made to their overall estate plan to ensure that their personal and financial goals are met. ...more

COVID-19 Crisis Highlights Need For Revocable Lifetime Trusts

In New York and New Jersey, Revocable Trusts, also known as Living Trusts, have started to be used with greater frequency in estate planning. In a typical Revocable Trust, the creator of the trust (ie, the grantor) is also...more

COVID-19 Alert: Coronavirus Aid, Relief, And Economic Security Act

After protracted negotiations, Congress has reached an agreement with respect to the Coronavirus Aid, Relief, and Economic Security Act, commonly referred to as the CARES Act (the “Act”), an unprecedented stimulus package...more

Coronavirus – A Few Planning Points For Individuals And Business Owners

With the worldwide spread of coronavirus, this is an unprecedented and unsettling time. Our health care systems are overwhelmed. Markets have been upended. Social distancing and self-quarantine are terms and practices we...more

New SECURE Act Will Impact Individual’s Retirement Accounts

In an overwhelming 417-3 vote, the US House of Representatives passed the Setting Every Community Up for Retirement Enhancement Act (the “SECURE Act”), which has now been incorporated into a spending bill that was signed by...more

Supreme Court Unanimously Rules That States Cannot Tax Trusts Based Solely On Location Of Beneficiaries

In a closely-watched decision, the U.S. Supreme Court unanimously ruled that a beneficiary’s residence within a state alone does not subject a trust to such state’s income tax. In North Carolina Dept. of Revenue v. Kimberley...more

New Jersey Legalizes Prescriptions For Self-Administered Medication To End Life For Qualified Terminally Ill Patients

On April 12, 2019, New Jersey enacted the “Aid in Dying for the Terminally Ill Act.” (P.L. 2019, Ch. 59). The bill authorizes an adult resident of New Jersey, who has capacity and whose attending physician has determined to...more

Gifting Opportunity Available To New Yorkers

On March 31, 2014, broad changes were made to the New York estate and gift tax laws. In addition to increasing the New York basic exclusion amount for taxable estates, a New York estate tax “cliff” was introduced that phases...more

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