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Wills, Trusts, & Estate Planning Tax

Read Wills, Trusts, & Estate Planning updates, articles, and legal commentary from leading lawyers and law firms:

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

More Scrutiny of Donor Advised Funds

by Bryan Cave on

Notice 2017-73, released on December 4, 2017, describes potential approaches that may be taken to address issues raised regarding the use of donor advised funds (“DAF”). The Treasury and IRS are considering developing...more

Estate Planning Pitfall - You’re retiring to a foreign country

If plans call to relocate to another country after retirement, be aware that they may be tarnished if a person doesn’t look into all potential estate tax and income tax implications first. This brief article explores three...more

Proposed Federal Estate & Gift Tax Reform – What You Need To Know Now

by Tonkon Torp LLP on

The U.S. House of Representatives and the U.S. Senate have now passed separate versions of the "Tax Cuts and Jobs Act." The proposals that are being discussed in the news as "repeal of the death tax" are much more complex...more

Senate Passes Tax Reform Bill

by Dechert LLP on

The U.S. Senate passed its version of the GOP tax reform bill, the Tax Cuts and Jobs Act (the “Senate Bill”), on Saturday, December 2, 2017. Shortly before approving the Senate Bill, the U.S. Senate adopted a Manager’s...more

Year end is an ideal time to review your estate plan

As of this writing, it’s still anybody’s guess as to whether Congress will enact major tax reform legislation affecting federal gift and estate taxes. This situation casts a large shadow over estate planning at the end of...more

When should you turn down an inheritance?

If a person expects to receive an inheritance from a family member, he or she might choose to use a qualified disclaimer to refuse the bequest. As a result, the assets will bypass their estate and go directly to the next...more

Trust and Estate Planning 2017 Year End Update

As we approach the end of the year, we thought you would find it useful to have the following summary of recent developments and updates that may affect your trust and estate planning....more

Why Estate Planning Is Still, And More Important Under New Tax Law

After much wrangling and dealmaking, both houses of Congress have passed bills making substantial changes to federal tax law. Although it's not entirely certain, it seems likely that there will shortly be agreement on a tax...more

Insight on Estate Planning - Year End 2017

In This Issue: - When should you turn down an inheritance? - Addressing intellectual property requires careful estate planning - Year end is an ideal time to review your estate plan - Estate planning pitfall: You’re...more

The Tax Cuts And Jobs Act: Trust & Estate Planning Considerations

by Lewitt Hackman on

This week was supposed to be the week Republicans passed a tax bill. It’s unclear what exactly will happen in the immediate future, or if we’ll have to wait for the New Year to see any type of tax reform. If or when we do get...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

Disabled Veterans Property Tax Exemption Complicates Revocable Trust Planning

by Fraser Trebilcock on

What does it mean to “own” something? Owning something means different things to different people. Owning something suggests a sense of full control over something. It also implies being able to enjoy the benefits of it...more

The Tax Bill Cometh

It now seems more likely that a tax bill of some kind will be passed by Congress this year. One prominent DC tax lobbyist told me: "This is happening." Whether or not you agree with all of the provisions now being offered...more

Estate Planning Under the Tax Cuts and Jobs Act

If enacted, the Tax Cuts and Jobs Act could open up significant estate planning opportunities. The House bill doubles the exemptions from estate, gift and generation-skipping transfer taxes, creating new opportunities for...more

In Pursuit of Portability

by Stinson Leonard Street on

The concept of portability, permanently enacted as part of the amendments to the estate tax law under the American Taxpayer Relief Act of 2012, allows the deceased spousal unused exclusion amount (DSUEA) of a decedent to be...more

How To Manage Foreign Trusts With U.S. Beneficiaries

by Carlton Fields on

Do you or did you have a wealthy relative from a different country? Did that relative make you a beneficiary of a non-U.S. trust? Lucky you. But beware that free wealth....more

Failure To Plan and Inaction Lead To Increased New Jersey Estate Tax

by Cole Schotz on

The New Jersey Tax Court recently released its opinion in Estate of Ruth Oberg, NJ Tax Court, Docket No 000240 (October 24, 2017), upholding the Division of Taxation’s assessment of additional New Jersey estate tax. The case...more

Personal Planning Strategies - December 2017

by Proskauer Rose LLP on

2018 Estate, Gift and GST Tax Update: What This Means for Your Current Will, Revocable Trust and Estate Plan - As we previously reported, the American Taxpayer Relief Act of 2012 (the "Act") made the following permanent:...more

2017 Year-End Estate Planning Advisory

by Katten Muchin Rosenman LLP on

The fourth quarter of 2017 concludes a unique year in the planning arena. With the new administration and a Republican-led Congress in power, both taxpayers and tax professionals have kept a close eye on the potential for tax...more

House and Senate Legislators Take Significant Steps Toward Tax Reform

by Ropes & Gray LLP on

On Thursday, November 16, 2017, House and Senate legislators took significant steps towards achieving the most extensive tax reform in over a decade, with the passage of the Tax Cuts and Jobs Act by the House of...more

Estate and Gift Tax Audits: TIGTA Report Exposes Need for Improvement

by M. Robinson & Company, P.C. on

While proposals for the eventual elimination of the estate tax are being hashed out in Congress, the IRS effort of auditing estate tax returns continues – business as usual. A recent report by the Treasury Inspector General...more

Trusts and Estates Newsletter 2017

by Shipman & Goodwin LLP on

After months of delay, the Connecticut General Assembly passed, and the Governor signed in large part, a budget bill in the last days of October. The bill increases the Connecticut estate and gift tax exemption to meet the...more

House Passes Tax Cuts and Jobs Act: How the Senate Proposal Compares

by Shearman & Sterling LLP on

On November 2, 2017, the House Ways and Means Committee (the “House Committee”) released its plan for comprehensive tax reform: the “Tax Cuts and Jobs Act of 2017” (H.R. 1) (the “House Bill”). Following a week of hearings,...more

2018 Inflation Adjustments to Transfer Tax Items

by Charles (Chuck) Rubin on

The IRS released its 2018 tax adjustments - the following table summarizes the transfer tax adjustments. Note that some of these adjustments will become moot if the changes in the House and Senate versions of the pending tax...more

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