News & Analysis as of September 25, 2024

Internal Revenue Service

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Estate Planning is a process where individuals prepare or plan for the settlement of their personal affairs in the event of incapacitation or death. Estate plans typically include provisions relating to the disposition of assets, guardianship of minor children, and appointment of representatives to make medical and financial decisions. Effective estate planning can decrease tax liability and facilitate the probate process. less -

Avoiding Zero Basis for Inherited Assets

Blank Rome LLP on 2/14/2024

Practitioners involved with the administration of trusts and estates of a decedent may be confronted with the issue of dealing with one or more assets of a decedent discovered after the administration is believed to have been...more

Top Tax and Legal Considerations for Wealthy Families Going Global

Greenberg Glusker LLP on 10/5/2023

In recent years, we have seen high net-worth and ultra-high-net-worth families become, increasingly, “global citizens.” As families and their assets touch multiple jurisdictions, a myriad of issues become especially important...more

Massachusetts Doubles Estate Tax Threshold as Part of $1 Billion Tax Reform Act

Goulston & Storrs PC on 10/5/2023

On October 4, 2023, Massachusetts enacted a new law called “An Act to improve the Commonwealth’s competitiveness, affordability, and equity” (the “Act”). The Act makes several tax law changes relevant to Massachusetts...more

Why You Should Hire a Tax Professional to Review Your Trust

Freeman Law on 12/7/2022

Trusts come in many variations, rendering them often difficult for non-attorneys to follow and comprehend. Indeed, this variation can often be seen in the nomenclature used for trust arrangements, which includes terms such...more

Estate Planning and Cryptocurrency

Mitchell, Williams, Selig, Gates & Woodyard,... on 11/17/2022

Digital assets, such as cryptocurrency, are becoming a larger component of investors’ portfolios. More and more people are owning some form of cryptocurrency....more

The Estate Planner, November/December 2022

Shumaker, Loop & Kendrick, LLP on 10/25/2022

Rising rates spark interest in charitable remainder trusts - If you wish to leave a charitable legacy while generating income during your lifetime, a charitable remainder trust (CRT) may be a viable solution. In addition...more

Passing Down Cryptocurrency Assets: Gifting And Estate Planning Considerations

Kohrman Jackson & Krantz LLP on 4/11/2022

WHAT IS CRYPTOCURRENCY? Cryptocurrency is a digital asset that is created and traded online. Miners (computer operators) establish new units of digital currency and record them on a blockchain, a string of verified public...more

What is a Trust?

Freeman Law on 2/9/2022

Trusts - Trusts play an important role in estate and tax planning. A trust is a fiduciary arrangement that allows a trustee to hold legal title to assets for the benefit of a beneficiary. The beneficiary is, in turn, said...more

The Robins Kaplan Spotlight - VOL. 5, NO. 3 Fall 2020

Robins Kaplan LLP on 10/22/2020

The Spotlight is the result of ongoing collaboration between our national trial practice and estate planning groups, with the goal of providing a forum to discuss the latest news and other issues impacting the trusts and...more

Selling Assets to Reduce Your Estate Tax Exposure - Act Before September 30

Steptoe & Johnson PLLC on 9/17/2020

If you have an estate that may be subject to estate tax next year, particularly if the November election results in a greatly reduced federal estate tax exemption in 2021, now is the time to remove assets from your taxable...more

This is the Time to Update Important Documents

Foodman CPAs & Advisors on 6/17/2020

By unexpectedly raising apprehensions regarding mortality and quality of life issues that many Individuals were not addressing prior to the pandemic, the Covid-19 pandemic is provoking individuals to think about their...more

IRA News: Beware, the IRS May be Your New Biggest Beneficiary

Cohen Seglias Pallas Greenhall & Furman PC on 12/9/2019

In May, the U.S. House of Representatives passed the “Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019.” If it becomes law, the SECURE Act will bring changes for individuals with retirement accounts....more

Tax Reform and Estate Planning: How the 2017 Tax Cuts and Jobs Act Impacts Estate Plans for McNair Clients

Burr & Forman on 10/5/2018

When the 2017 Tax Cuts and Jobs Act was passed, significant changes were made to the Federal Estate, Gift and Generation-Skipping Transfer Tax, the most prominent of which is the increased applicable exclusion amount, which...more

Projected Estate and Gift Tax Exemptions for 2018 – How Much Can You Transfer?

Burr & Forman on 9/22/2017

The Consumer Price Index was released by the Labor Department in August 2017. Not everyone anxiously awaits the release of these numbers but the experts have now made estimates of how they will impact estate, gift, and...more

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