Although the IRS is now on high alert for wealthy individuals, new and existing planning opportunities are available, such as tax-free gifts and other advantageous planning. Wealthy individuals and families should take...more
There are more estate planning opportunities as a result of inflation-adjusted figures recently released by the IRS. The gift, estate, and generation-skipping transfer (“GST”) tax exemption amounts are each increasing to...more
Now that the election is over, it looks like we are going to have a Democratic President while the control of the Senate is still uncertain. If control of the Senate remains Republican, any immediate or significant changes to...more
As we all learn to cope with the unprecedented changes to our daily lives imposed by the COVID-19 crisis, we want to assure you that the Sheppard Mullin estate planning team is thinking of you and stands ready to assist you...more
First, and most important, we are thinking of all of our clients and friends and hoping everyone is safe and healthy at this challenging time. We have heard the following statement frequently of late: “Never let a crisis...more
In This Issue: - Exemption portability: Should you rely on it? - Decant a trust to add trustee flexibility - Using the GST tax exemption to build a dynasty - Estate Planning Red Flag: Your plan includes a...more
Now that the election is over, we anticipate having some guidance soon with respect to the numerous tax and planning issues that have been mired in uncertainty for the past two years. Many tax benefits are scheduled to...more
The next six months provide a short window of opportunity to make substantial gifts without incurring any gift tax. The Federal gift tax exemption is currently $5,120,000, enabling an individual to make aggregate lifetime...more