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Tax Wills, Trusts, & Estate Planning

Read need-to-know updates, commentary, and analysis on Tax issues written by leading professionals.

Using the Right Entity is Key to Successful Agribusiness

by Ruder Ware on

Are you using the right business entity for your farm or other agribusiness? I have worked with too many clients who have paid additional tax dollars or have been unable to achieve their succession planning goals due to their...more

Closely Held Businesses: You Make the Plan, or a Plan Will Be Made For You

by Ward and Smith, P.A. on

Who is the Better Planner for Your Affairs: You or the State? Planning for succession of a closely held business is a lot like making a will. An individual has the opportunity to make a will which directs how the...more

Federal Death Tax Repeal – Not So Fast

by Genova Burns LLC on

Much has been written and speculated about the fate of the Federal Gift, Estate and Generation Skipping Taxes under the current efforts of the Administration and of Republican Congressional leaders to overhaul Federal tax...more

On Again / Off Again – Estate Tax Repeal Efforts

by Tucker Arensberg, P.C. on

The Senate version of the Tax Cuts and Jobs Act includes the House Bill’s increases in federal estate and gift tax exemption amounts – doubling the base amount from $5 million to $10 million (indexed for inflation) – but...more

The Impact On U.S. Corporations If The House's "Tax Cuts And Jobs Act" Passes

We drafted a tax alert that addresses the impact of the much anticipated "Tax Cut and Jobs Act" (H.R. 1) on the taxation of U.S. Corporations. The complete text of the alert is available here. Below is a brief summary of H.R....more

Federal Tax Reform May Affect Estate Planning

On November 2, the House Ways and Means Committee released a draft tax reform bill known as the Tax Cuts and Jobs Act. The Senate Finance Committee followed on November 9 with its own outline for tax reform legislation. Both...more

Tax Cuts and Jobs Act Update: Key Differences Between the House and Senate Bills

by Polsinelli on

The Senate Finance Committee Chairman’s Mark for the “Tax Cuts and Jobs Act,” released Nov. 9, describes in detail the Senate tax bill and is significantly different than the House bill, as it currently stands....more

Initial Steps Toward Changes to Gift, Estate and Generation-Skipping Transfer Tax

by Ballard Spahr LLP on

On Thursday November 9, Senate Republicans unveiled the substance of their tax reform bill. The Senate proposal maintains the House Republicans' plan to increase the amount exempt from gift, estate, and GST taxes from $5...more

Comparison of the Senate and House Bill Proposals for Estate Tax Reform

by Hodgson Russ LLP on

After years of calling for a comprehensive overhaul of the federal tax code, congressional Republicans in both the House and Senate, unveiled their plans for sweeping tax change – the Tax Cuts and Jobs Act – on November 2nd...more

The Estate Tax is Dead - Long Live the Repeal?

by Miles & Stockbridge P.C. on

On November 2, 2017, a bill called the “Tax Cuts and Jobs Act” was introduced to the United States House of Representatives. The bill seeks to simplify and reduce taxation for both individuals and businesses....more

House Republicans Introduce Long-Awaited Tax Legislation

by Ropes & Gray LLP on

On Thursday, November 2, 2017, House Republicans introduced the Tax Cuts and Jobs Act, their long-awaited tax reform legislation, followed quickly by an amendment introduced on November 6 by House Ways and Means Committee...more

Estate Tax Changes Past, Present, and Future

by McGuireWoods LLP on

I. INTRODUCTION - This outline is a selective and evolving review of the history of the modern federal estate tax. It originated during the attempts to repeal the estate tax in President Clinton’s second term and...more

Republican Tax Plan Unveiled – Elimination of Death Tax (Estate Tax)

by McNair Law Firm, P.A. on

After much discussion, build up and suspense, House Republicans have officially released key details behind their proposed tax bill. The bill would repeal the estate tax (‘death tax’) in 2024. After much back and forth over...more

Undisclosed Foreign Accounts, Part II

by Moskowitz LLP on

The executor of a decedent’s estate has a duty to act in a prudent manner and in accordance with the law. At times, this may result in having to take an unpopular position or action that angers the beneficiaries....more

Tax Reporting for Grantor Trusts

Typically, a trust must file a separate income tax return for each calendar year. However, for most grantor trusts, filing a separate tax return is optional. The general rule and the alternative methods of reporting are...more

New Legislation Proposes Sweeping Estate Tax Changes

by Hodgson Russ LLP on

After years of calling for a comprehensive overhaul of the federal tax code, congressional Republicans unveiled their plans for sweeping tax change on November 2nd. The Tax Cuts and Jobs Act (H.R. 1) is being billed as “real...more

Summary of New Tax Bill Proposal

by Bryan Cave on

House Republicans released their new tax bill on November 2, 2017. As expected for such a significant proposal, the final bill, if passed, will likely look different. Nonetheless, the bill, in its current form, provides the...more

Federal Tax Reform: Initial Steps Toward Changes to Gift, Estate and Generation-Skipping Transfer Tax

by Ballard Spahr LLP on

House Republicans unveiled the full text yesterday of their proposed tax legislation—titled the Tax Cuts and Jobs Act—which includes dramatic changes to the gift, estate, and generation-skipping transfer (GST) tax. ...more

A Pleasant Surprise

by Charles (Chuck) Rubin on

Many commentators expected that the new tax bill would pair the repeal of basis step-up at death with the repeal of the estate tax. They were pleasantly surprised to see that basis step-up at death remains unaltered under the...more

Undisclosed Foreign Accounts

by Moskowitz LLP on

Serving as Executor can at times be more of a headache than an honor. On top of a pile of paperwork and dealing with a multitude of family issues, you can be sued!...more

House Republicans Release (Simplified?) Tax Reform Bill

The House Republican’s tax reform bill – the Tax Cuts and Jobs Act – was released yesterday. This bill is 429 pages (this is simplifying?) and provides for extensive tax reform. ...more

Estate Planning Inflation Adjustments for Tax Year 2018 & 2017-2018 Priority Guidance Plan

by Williams Mullen on

Many estate planning provisions of the Internal Revenue Code contain brackets, exemptions, exclusions, deductions, or other figures that the IRS adjusts annually for inflation. Every year around this time, the IRS releases...more

Proposed 2017 Tax Act Revealed – Death Tax Repeal Included

by Tucker Arensberg, P.C. on

A summary of the proposed Tax Cuts and Jobs Act was released this morning (11/2/17) and reveals some major changes. The federal estate tax and generation-skipping transfer tax exclusions are increased from the current $5...more

Are You Looking Forward To 2018? We Are!

by Murtha Cullina on

To assist you in your planning, we are happy to report the following inflation adjustments to key estate, gift, and generation-skipping transfer tax (“GST”) exclusion amounts for 2018. FEDERAL LAW - For the estate of...more

Gift and Estate Tax Exclusion Amounts Set to Increase in 2018

by Nutter McClennen & Fish LLP on

Around this time every year, the IRS looks at whether there has been a year-over-year increase in the Consumer Price Index and announces inflation adjustments to the federal gift and estate tax exclusion amounts for the...more

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