In Revenue Procedure 2021-45 (RP-2021-45 (irs.gov)), the Internal Revenue Service announced annual inflation-adjusted tax rates for 2022, including provisions concerning estate and gift taxes.
Beginning in 2022, the...more
Last week, the House Ways and Means Committee released proposed legislation affecting numerous transfer and income tax provisions of the Code. These changes, if enacted, will have a significant impact on estate planning and...more
9/23/2021
/ Congressional Committees ,
Estate Planning ,
Estate Tax ,
Gift Tax ,
Grantor Retained Annuity Trusts (GRATs) ,
Grantor Trusts ,
Internal Revenue Code (IRC) ,
Irrevocable Life Insurance Trusts ,
Proposed Legislation ,
Section 199A ,
Tax Planning
2019 Key Pennsylvania Figures -
Pennsylvania Inheritance Tax Rates:
Transfers between spouses - 0% (jointly held property between spouses is not subject to tax).
Transfers from child 21 or under to parent -...more
IRS Issues Proposed Temporary Clawback Regulations: Large gifts made under Tax Cut and Jobs Act won’t be clawed back when increased exclusions sunsets in 2025.
The 2017 Tax Cut and Jobs Act doubled an individual’s...more
The Internal Revenue Service and the Treasury Department released an updated Priority Guidance Plan outlining the regulatory projects that have become necessary in light of the passage of the 2017 Tax Cuts and Jobs Act (the...more
Exemption Amount Doubled: A simple but powerful change was made to the Federal Estate and Gift Tax: Starting in 2018, the amount that an individual can transfer free from estate tax (the "exclusion amount") increased from a...more
The IRS announced that the Unified Credit for Estates and Annual Exclusion for Gifts will be higher in 2018.
Unified Credit Against Estate Tax.
For an estate of any decedent dying in calendar year 2018, the basic...more