News & Analysis as of September 20, 2024

Transfer Taxes

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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 -

2024 Estate Planning Opportunities

Lasher Holzapfel Sperry & Ebberson PLLC on 2/21/2024

The start of a new year is a great time to review your current estate plan or consider creating one. 2024 brings a number of opportunities for creating an estate plan, pursuing gifting strategies, and considering...more

Estate Planning 2024 Federal Tax Update

Lathrop GPM on 1/2/2024

As we start the new year, this Federal Tax Update highlights estate planning-related federal tax information that may be helpful as you consider planning options for 2024. ...more

Maximizing Your Wealth Transfer Potential: Updates to Gift, Estate, and GST Tax Exemptions for 2024

Husch Blackwell LLP on 11/13/2023

When it comes to passing wealth to the next generation, one of the most powerful tools in our toolbox is the use of your lifetime gift, estate, and generation-skipping transfer tax (GST) exemption amounts. While the...more

Disclaiming to Save Taxes

Rivkin Radler LLP on 11/6/2023

It’s not enough for the founder of a closely held business to have successfully established the business. The business has to grow, not only to increase profits, but also to make it more competitive and to diversify its...more

Transferee Liability for Estate Tax: The Downside of Being a Beneficiary

Rivkin Radler LLP on 8/11/2023

Death of a Parent- In the context of a family-owned business, it is often the case that the matriarch or patriarch of the family is also the chief executive of the business. They may have founded the business, or they may...more

Three Estate and Gift Tax Strategies to Consider Before Selling Your Business

Warner Norcross + Judd on 8/10/2023

For a business owner considering the sale of their business, there are two competing goals: maximizing the proceeds from the sale and minimizing the estate and gift taxes that will be due on the owner’s enhanced estate....more

Keep It in the Family: Three Tips for Preserving Family Business Interests

Katten Muchin Rosenman LLP on 7/13/2023

As a family business owner, are you missing out on valuable estate and wealth transfer planning opportunities or jeopardizing your current plan altogether? Katten recently hosted a program that addressed common concerns,...more

Estate Planning Solutions for Year-End 2022 and Beyond

Husch Blackwell LLP on 12/6/2022

By most accounts, 2022 has been a tumultuous year from a planning perspective: the uncertainty of the midterm elections, stock market volatility, rising interest rates and the highest level of inflation in recent history have...more

Moving to the U.S.? Have You Planned for the Estate and Gift Taxes?

Rivkin Radler LLP on 8/23/2022

It is a fact that the phenomenon of human migration has been a major force in the history of the world. Indeed, among the themes that have remained constant during my years of practice, there are two that may be...more

Taking the Sting Out of Death Taxes with Dylan Metzner, Jones & Keller

Jones & Keller, P.C. on 4/6/2022

High-net worth individuals have an opportunity to take advantage of high transfer tax exemptions if they act fast. Set to expire in 2026, unless Congress acts sooner, the time is now to implement strategies that make the most...more

Will Massachusetts Finally Overhaul the Estate Tax?

Bowditch & Dewey on 1/25/2022

Estate taxes are generally thought of as a tax on the wealthy, but wealthy is a relative term. The Massachusetts Estate Tax applies to a surprisingly large portion of the middle class, not just the top 1%. The estate tax is...more

Personal Planning Strategies - October 2021

Proskauer Rose LLP on 10/5/2021

Act Now Before the Window of Opportunity Closes - By now you have probably heard that the House Ways and Means Committee introduced legislation a few weeks ago (see Let the Estate Tax Planning Games Begin - But Where Will...more

Draft Legislation in U.S. House of Representatives Would Dramatically Alter Estate Planning Strategies

Akerman LLP on 9/30/2021

On September 10, 2021, the U.S. House Committee on Ways and Means released a draft of proposed legislation that, if enacted into law, would reduce the estate tax exemption and significantly limit the effectiveness of certain...more

Personal Planning Strategies - September 2021

Proskauer Rose LLP on 9/22/2021

You have probably heard that the House Ways and Means Committee released proposals for increasing gift and estate taxes in order support legislation being advanced by the Democratic majority in Congress. ...more

Legislative Proposal Would Significantly Impact Wealth Transfer Planning—Prompt Consideration is Warranted

Arnall Golden Gregory LLP on 9/20/2021

This week, the House Ways and Means Committee released draft tax legislation. The legislative draft includes several provisions especially relevant to high-net-worth families and estate planning, including reducing the wealth...more

Impact Of President Biden’s Tax Plan On Estate Planning

Polsinelli on 7/26/2021

With Democratic control of the White House and Congress, there has been much speculation on what President Biden’s tax proposal will look like, as well as the likelihood that President Biden’s tax plan will be enacted into...more

No Time Like the Present: Estate Planning Strategies for Potential Changes in 2021 and Beyond

Davis Wright Tremaine LLP on 5/4/2021

The Estate Planning Team at Davis Wright Tremaine LLP issues advisories regularly to communicate important law changes and other matters of interest to our clients, their advisors, and our friends. The 2020 presidential...more

The Time to Plan for Tax Code Changes Is Now

Rivkin Radler LLP on 10/19/2020

The election is only weeks away, and with it is likely to come significant changes to the tax code. Many economists anticipate that, regardless of the outcome, there will likely be tax increases to reduce the federal deficit,...more

Estate Tax Planning for Large Company Stock Holdings: Four Tips for Using Record-High Lifetime Exemptions

Farella Braun + Martel LLP on 9/29/2020

- Annual inflation-indexing continues to increase the historically high lifetime exemption amount for gift, estate, and generation-skipping transfer taxes. Those of considerable wealth who have not yet made gifts, such as...more

Beware of the Generation-Skipping Transfer Tax

Adler Pollock & Sheehan P.C. on 5/8/2020

Thanks to recent tax law changes, most families can avoid liability for federal estate and gift taxes. However, there’s a lesser-known tax whammy that can hit wealthy individuals without warning: the generation-skipping...more

Helping Clients Identify Estate Planning Opportunities in a Low Interest Rate and Depressed Value Environment

Foley & Lardner LLP on 3/31/2020

Today’s historically low interest rates and depressed asset values make this an excellent time to engage in various estate planning techniques. Current conditions present several planning opportunities for transferring wealth...more

Insight: Transfer Tax and Estate Planning Considerations for Clients with Cryptoassets (Part 1)

Alston & Bird on 1/22/2020

Cryptoassets make up a modern, rapidly expanding asset class that is challenging jurisdictions across the globe to come up with appropriate regulatory and tax regimes that fit its nuanced contours. Originally published in...more

Understanding a Personal Representative

Foodman CPAs & Advisors on 4/15/2019

A Personal Representative (PR) is in charge of the property (estate) of an individual who has died (known as the decedent). When a person passes away, their assets become property of their estate....more

The Federal Generation-Skipping Transfer Tax: the Often Forgotten Transfer Tax

Burr & Forman on 4/12/2019

Many people are aware of the federal gift tax and the federal estate tax (sometimes referred to as the ‘death tax’). These are the transfer taxes which are imposed on transfers during life, by gift, or at death. In 2019, a...more

Private Wealth Newsletter - Increased Wealth Transfer Tax Exemptions Impact Estate Plans—Action Recommended

Arnall Golden Gregory LLP on 4/8/2019

The Tax Cuts and Jobs Act, which took effect on January 1, 2018, temporarily doubled the estate, gift, and generation-skipping transfer (GST) tax exemptions from $5 million (adjusted annually for inflation) to $10 million...more

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