Lisa McChesney at Goodwin

The Corporate Transparency Act: Overview and Estate-Planning Considerations

The new Corporate Transparency Act (CTA) was enacted to prevent and combat the illegal use of shell companies to launder funds, evade taxes, and commit other financial crimes. To accomplish its mission, the CTA requires...more

6/10/2024 / Beneficial Owner , Closely Held Businesses , Compliance , Corporate Transparency Act , Estate Planning , FinCEN , Reporting Requirements , Statutory Trusts , Trusts

Massachusetts Doubles Estate Tax Exemption as Part of $1 Billion Tax Bill

Massachusetts has passed a sweeping $1 billion tax relief package intended to boost the Commonwealth’s affordability and competitiveness. Among other changes, the tax bill doubles the Massachusetts estate tax exemption to $2...more

10/17/2023 / Capital Gains , Estate-Tax Exemption , State Taxes , Tax Cuts and Jobs Act , Tax Exemptions , Tax Loopholes , Tax Reform

Transfer-on-Death Designations: A Word of Warning

Although transfer-on-death (TOD) and payable-on-death (POD) designations on financial accounts can be an effective tool to avoid the probate process, these account designations have the potential to derail a customer’s estate...more

3/9/2023 / Beneficiaries , Estate Planning , Estate Tax , Non-Probate Assets , Payable on Death Clauses , Probate , Transfer of Assets , Transfer on Death Deed (TOD) , Trusts

Transfer-on-Death Designations: Potential Pitfalls

When used in consultation with an estate planning attorney, transfer-on-death (TOD) or payable-on-death (POD) designations on financial accounts can be valuable estate planning tools. However, these account designations have...more

1/20/2023 / Beneficiaries , Beneficiary Designations , Estate Planning , Payable on Death Clauses , Transfer on Death Deed (TOD)

New Corporate Reporting Requirements on Trusts and Other Estate Planning Vehicles

The Financial Crimes Enforcement Network (FinCEN) has issued final regulations setting out the reporting requirements of the Corporate Transparency Act (CTA). The CTA requires the reporting of beneficial ownership information...more

12/22/2022 / Anti-Money Laundering , Beneficial Owner , Compliance , Corporate Transparency Act , Estate Planning , FinCEN , Limited Liability Company (LLC) , Partnerships , Reporting Requirements

Take Advantage of Increased Federal Tax Exemptions While They Last

The Tax Reform Act of 2017 (the “Act”) has created an opportunity to transfer to younger generations higher levels of assets than previously allowed by federal tax law without paying federal estate or gift taxes. The window...more

9/9/2019 / Estate Tax , Generation-Skipping Transfer , Gift Tax , Tax Exemptions , Tax Reform

New Estate, Gift and GST Tax Provisions in Tax Reform Legislation

Congress has passed a major tax reform bill and it is expected to be signed into law in the next few days. This bill doubles the federal estate, gift and generation-skipping transfer tax exemptions for transfers occurring in...more

12/23/2017 / Estate Planning , Estate Tax , Tax Reform , Transfer Taxes

Year-End Tax Planning, Tax Reform and Proposed 2704 Regulations Withdrawn

With the end of year approaching, now is the time to consider making gifts to lower your federal and state estate tax liability. That tax liability, however, could change with impending federal tax reform. Regardless of the...more

11/21/2017 / Estate Tax , Federal Taxes , Proposed Regulation , State Taxes , Tax Liability , Tax Planning , Tax Reform

State and Federal Tax Law Developments Affect Same-Sex Couples and MA Residents with Out-of-State Real Estate

Recent changes in state and federal tax laws impact same-sex couples and any Massachusetts residents who own real estate in another state. Clients who may be affected by these changes should act soon to protect the...more

3/2/2017 / DOMA , Estate Tax , Federal Taxes , Gift-Tax Exemption , IRS , Same-Sex Marriage , State Taxes , Tax Refunds

IRS Proposes Valuation Discount Regulations: Implications for Family-Controlled Businesses

IRS issues new proposed rules aimed at eliminating valuation discounts for transfers of interests in family-controlled entities. Clients considering making transfers of interests in such entities should act soon....more

9/22/2016 / Estate Tax , Family Businesses , Gift Tax , Internal Revenue Code (IRC) , IRS , Proposed Regulation , Transfer of Interest , Valuation

Lisa McChesney

Goodwin

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