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2024 Year-End Estate Planning: North Carolina Updates

Remote Electronic Notary Act - As discussed in last year's advisory, the North Carolina Remote Electronic Notary Act (referred to as RENA or the Act) was enacted on July 8, 2022. This Act permanently codified remote...more

2024 Year-End Estate Planning: Texas Updates

It has been a quiet year in Texas on the Private Wealth front as the Texas State Legislature enjoyed its biennial recess. Nevertheless, Texas' increasingly business-friendly environment saw some activity with its special new...more

2024 Year-End Estate Planning: Florida Updates

Several legislative proposals and new laws have been introduced in Florida affecting Private Wealth. A brief summary of the 2024 changes follows....more

2024 Year-End Estate Planning: Inflation-Adjusted Tax Figures

Federal Estate, GST and Gift Tax Rates The federal estate, gift and GST applicable exclusion amounts are as summarized below. In simple terms, these dollar figures represent the amount of wealth that each individual can...more

2024 Year-End Estate Planning: Important Planning Considerations for 2024 and 2025

The "big ticket" item of the Tax Cuts and Jobs Act (TCJA) is the significant increase to the lifetime gift, estate and generation-skipping tax (GST) tax exemptions. Under the TCJA, the exemptions were increased from $5...more

2024 Year-End Estate Planning: Legislative Proposals

President-Elect Donald Trump has not published a comprehensive tax plan as of the time of this writing, but he and Vice President-Elect J.D. Vance have made several proposals in campaign speeches, interviews and online....more

2024 Year-End Estate Planning: Retirement Planning

The Setting Every Community Up for Retirement Enhancement Act of 2019 (the SECURE Act), was originally signed into law on December 20, 2019. Intended to assist and encourage Americans in saving and investing for retirement,...more

2024 Year-End Estate Planning: Illinois Updates

The following is a summary of some of the key legislative and judicial updates from Illinois in 2024. Control and Protection of Trust Property - On August 9, 2024, Senate Bill 3343 (SB 3343) was signed into law, which...more

2024 Year-End Estate Planning: International Developments

It has been back to business as usual for the Internal Revenue Service (IRS) and Department of the Treasury in 2024. US tax authorities are not shaking up the international private client landscape, but instead are providing...more

2024 Year-End Estate Planning: California Updates

Uniform Directed Trust Act and Uniform Fiduciary Income and Principal Act Become Effective - As reported in Katten's 2023 Year-End Advisory, the California Uniform Directed Trust Act (UDTA) and the Uniform Fiduciary...more

2024 Year-End Estate Planning: New York Updates

In 2024, there was much legislative activity in New York that affected the Private Wealth realm. A brief summary of the 2024 changes follows....more

2024 Year-End Estate Planning Advisory

This year was busy for trusts and estates practitioners. With 2025 marking the final year of the Tax Cuts and Jobs Act (TCJA), many of its implications for federal corporate and individual income tax, gift, estate and...more

2023 Year-End Estate Planning Advisory

We have certainly had our share of turbulent waters in the estate planning world from 2020-2022. With two significant elections, it is hard to remember a previous time with such substantial uncertainty about how tax planning...more

2022 Year-End Estate Planning Advisory

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

2021 Year-End Estate Planning Advisory

Overview During 2021, COVID-19, the new Biden administration, the Tax Cuts and Jobs Act (TCJA), the Coronavirus Aid, Relief and Economic Security Act (CARES ACT), the American Rescue Plan (ARP), and the uncertainty about the...more

Proposed Regulations Under Internal Revenue Code Section 2704: Changes May Be Coming to Transfers of Closely Held Business...

On August 2, 2016, the Treasury Department issued proposed regulations under the authority provided in Section 2704(b) of the Internal Revenue Code (the "Code"). These proposed regulations were much anticipated by the estate...more

2015 Year-End Estate Planning Advisory

In 2015, we continued to experience a period of relative stability in our federal transfer tax system and have been able to plan without expecting imminent significant changes to the system. Under the American Taxpayer Relief...more

The European Succession Regulation: Important New Estate Planning Risks and Opportunities for Americans Living, Investing or...

The European Succession Regulation (the "Regulation"), also known as Brussel IV, enacted on July 4, 2012, became effective on August 17, 2015. The Regulation, which has been adopted by 25 countries throughout the European...more

The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015: Important Changes Affecting Tax Filings for...

On July 31, 2015, President Obama signed into law the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (the "Act"), which revised a number of different federal tax laws relevant to individuals,...more

Eight Key Estate Planning Opportunities Arising from the Supreme Court's Decision on Same-Sex Marriage

On June 26, 2015, the US Supreme Court ruled that a state ban on same sex marriage is unconstitutional, in violation of the equal protection clause of the Fourteenth Amendment. The landmark ruling in the combined cases known...more

2014 Year-End Estate Planning Advisory

In 2014, we continued to experience a period of relative stasis in our federal transfer tax system and have been able to plan without expecting imminent significant changes to the system. Under the American Taxpayer Relief...more

Trusts and Estates Planning Opportunities Arising From Recent Changes to the New York Estate Tax and Trust Income Tax Regimes

On April 1, 2014, the New York state 2014–2015 budget (the "Budget") became effective. The Budget includes legislation (the "Budget Legislation") that makes several significant changes to New York's estate tax regime and to...more

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