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Capital Gains Grantor Trusts

Rivkin Radler LLP

Estate, Gift, GST & Related Income Tax Proposals – What is the White House Doing?

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Earlier this week the White House released its Fiscal Year 2025 Budget. Of course, the federal government has not yet adopted a budget for the Fiscal Year 2024 even as we approach that year’s halfway mark. But I digress. The...more

Husch Blackwell LLP

Understanding the Unique Benefits of Beneficiary Intentionally Defective Irrevocable Trusts (BIDITs)

Husch Blackwell LLP on

A Beneficiary Intentionally Defective Irrevocable Trust (BIDIT) provides a unique planning opportunity because it allows a beneficiary to continue to benefit from his or her own assets while maintaining some level of control...more

Adler Pollock & Sheehan P.C.

It’s Time to Take Another Look at the Stepped-Up Basis Rules

Thanks to a generous federal gift and estate tax exemption amount ($13.61 million for 2024), only the wealthiest of families are exposed to estate tax liability. For many, this means that estate planning now has a stronger...more

Rivkin Radler LLP

The President’s 2024 Federal Budget: “Reforming” the Taxation of High-Income Taxpayers

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The Budget and Accounting Act of 1921 established the requirement that the President submit a budget to Congress for the upcoming fiscal year. Among other things, the proposed federal budget affords the President an...more

Rivkin Radler LLP

Planning for the Interest Charge on Installment Sales: Decanting a Grantor Trust?

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I recently encountered an interesting situation in which someone suggested that a grantor trust be decanted into a non-grantor trust before the end of the taxable year. The reason? To avoid the special interest charge that...more

Rivkin Radler LLP

Attention Congress: Focus On the Estate Tax Regime; Leave the Income Tax Alone

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“Déjà vu All Over Again”- The White House last week released the President’s Budget for the Fiscal Year 2023. The Budget is ambitious, but its “investments,” we are told, “are more than paid for with tax reforms focused on...more

Pillsbury Winthrop Shaw Pittman LLP

Proposed House Tax Plan, Now Being Updated by the Senate, Is in Flux: Year-End Update

Despite Senator Joe Manchin’s (D-West Virginia) recent announcement that he would not support a comprehensive version of Build Back Better, we expect Congress will advance some parts of the legislation early in 2022. The...more

Rivkin Radler LLP

The 2022 Federal Budget, Including Tax Changes – Are We There Yet?

Rivkin Radler LLP on

It Seemed Like a Good Idea- In July of this year, one of my partners, who chairs the board of a local grantmaking public charity, asked if I would present at a CLE program to be sponsored by the charity on October 28 (last...more

Rivkin Radler LLP

Gifts, Sales and Effective Dates: The Race Against the Clock the Taxpayer Cannot See

Rivkin Radler LLP on

It was quite a week, wasn’t it?- Manchin- Senator Manchin continued to attract a lot of attention. To the dismay of his fellow Democrats, the West Virginian – who also chairs the Senate Energy and Natural Resources...more

Bowditch & Dewey

Impact of House Ways and Means Tax Proposals for Trusts, Estates, and Retirement Accounts

Bowditch & Dewey on

In this second blog post on the House Ways and Means Tax proposals, we address the proposed changes that will affect the taxation of trusts, estates, and retirement plans. As we discussed, on September 13, 2021, the...more

Verrill

House Democrats Propose Estate and Gift Tax Law Changes: Important Estate Planning Implications

Verrill on

What you need to know: On September 13, 2021, the House Ways and Means Committee released its proposed tax plan to fund President Biden’s $3.5 trillion “Build Back Better” social and economic spending package. If enacted as...more

Morgan Lewis

Tax Proposals May Affect Exchange-Traded Funds

Morgan Lewis on

Recently proposed tax legislation, if enacted, would fundamentally alter the taxation of exchange‑traded funds. This LawFlash discusses the potential consequences of such legislation on industry participants, including retail...more

Levenfeld Pearlstein, LLC

Better Act Before The Build Back Better Act

It is said that two things are certain in life: death and taxes. True, but incomplete. What is missing from this short list is a third inevitable occurrence – tax law changes. We now have a new and pressing series of proposed...more

Rivkin Radler LLP

Disposing Of Assets Under The Ways and Means Committee’s Proposals

Rivkin Radler LLP on

First Step- Last Wednesday, the House Ways and Means Committee approved that portion of the 2022 budget legislation with which it was tasked by the Congressional Budget resolution of August 24. The text of the bill...more

Rivkin Radler LLP

Increased Capital Gain Rate, Nonresident Aliens, And ESBTs

Rivkin Radler LLP on

Compare and Contrast- Have you spoken to anybody about the infrastructure bill on which the Senate is about to vote? I know I haven’t, except to explain that Speaker Pelosi has stated the House will not consider the bill...more

Davis Wright Tremaine LLP

Impact of Washington State Capital Gains Tax on Trusts

As a result of Governor Jay Inslee signing S.B. 5096 on May 4, 2021, Washington state will begin imposing a 7 percent tax on certain long-term capital gains beginning January 1, 2022. For a detailed overview of the new law,...more

Farrell Fritz, P.C.

The Federal Estate Tax In 2021: What Might We Expect? What Can We Do?

Farrell Fritz, P.C. on

Happy New Year? Ask anyone outside the United States what comes to mind when they think about an American New Year’s celebration, and the odds are pretty good they will mention the ball drop in New York City’s Times Square. ...more

Proskauer Rose LLP

Personal Planning Strategies - October 2020

Proskauer Rose LLP on

Top Ten Estate Planning Recommendations before the End of 2020 - If you have not already been inundated with invitations to webinars, articles and newsletters regarding the estate planning you should consider doing before...more

Shumaker, Loop & Kendrick, LLP

The Estate Planner - March/April 2020

Creating an education legacy - For many people, an important goal of estate planning is to leave a legacy for their children, grandchildren and future generations. And what better way to do that than to help provide for...more

Troutman Pepper

Did You Create a Grantor Trust? - Trust and Estates Update Vol. 2015, Issue 1

Troutman Pepper on

Because of the increases to the income tax rates and the reduction in the estate tax rates in recent years, anyone holding appreciated assets in a grantor trust should consider exchanging high-basis assets that have less...more

Adler Pollock & Sheehan P.C.

Insight on Estate Planning - August/September 2013: Estate Planning Pitfall - You haven’t reviewed your trusts this year

If an estate plan includes one or more trusts, it’s a good idea to review them in light of recent tax law changes. Higher income taxes — on individuals as well as trusts — may make it advisable to rethink the way the trusts...more

Katten Muchin Rosenman LLP

Estate Planning After the Fiscal Cliff Deal

Now that a deal averting the fiscal cliff has finally been reached, many of the tax and planning issues that have been mired in uncertainty for the past two years (and even longer in some cases) may be resolved. Numerous tax...more

Holland & Knight LLP

The American Taxpayer Relief Act of 2012: What It Means for You

Holland & Knight LLP on

In the final hour of January 1, 2013, Congress passed The American Taxpayer Relief Act of 2012 (the "Act"), which in part addressed the dramatic sunset of favorable federal estate, gift and generation-skipping tax exemption...more

Gerald Nowotny - Law Office of Gerald R....

The Dynasty Annuity — Multi-Generational Tax Deferral for High-Net-Worth Families

Originally published in Tax Management Estates, Gifts, and Trusts Journal, x, 11/08/2012. OVERVIEW - The current tax environment suffers from a lot of economic and political uncertainty. The general consensus...more

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