News & Analysis as of September 22, 2024

Gift Tax

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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 -

Avoid the Estate Planning Exemption Cliff: Plan to Take Advantage of the Current Exemption Before it Expires

Lasher Holzapfel Sperry & Ebberson PLLC on 8/6/2024

In an effort to provide Americans with various forms of tax relief, in 2017 Congress enacted the Tax Cuts and Jobs Act (“Tax Act”). This act provided tax reductions in many different categories, but one of the most...more

Window Closing for New Yorkers to Take Advantage of Expanded Federal Tax Exclusions and Exemptions

McDermott Will & Emery on 1/18/2024

The federal gift and estate tax exclusions and the generation-skipping transfer (GST) tax exemption increased significantly under the Tax Cuts and Jobs Act of 2017 (TCJA). Recent inflation adjustments have expanded them even...more

New Gift and Estate Tax Exemption Limits for 2024

Amundsen Davis LLC on 12/20/2023

The Internal Revenue Service has announced the new limits for the Gift and Estate Tax Exemption for 2024, the amount of taxable gifts that can be made during lifetime and/or the amount that can be passed at death without...more

Expanded Federal Tax Exclusions and Exemptions Mean Greater Opportunities for New Yorkers

McDermott Will & Emery on 9/1/2023

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

The Gift, Estate, and GST Tax Exclusion Increased by an Unprecedented $860,000 in 2023: How You Can Make the Most of It

Levenfeld Pearlstein, LLC on 1/12/2023

$860,000 – that is the amount of the increase in the gift, estate, and generation-skipping transfer (“GST”) tax exclusion that came into effect on January 1st when the exclusion increased from $12.06 million for 2022 to...more

IRS Announces Increases to Estate, Gift and Generation Skipping Transfer Tax Amounts for 2023

Saiber LLC on 11/3/2022

The basic exclusion amount is the total amount that an individual may pass by gifts made during his or her lifetime or by devises and bequests at his or her death without liability for federal estate, gift or generation...more

‘Tis the Season (For Charitable Giving)

Woods Rogers on 10/26/2022

The year-end is approaching, but you still have time to work on your 2022 tax planning. Consider giving to your favorite charity to make this holiday season merry. Planned charitable giving provides you a way to maximize...more

Estate Planning 101: Making Exempt Gifts

Lasher Holzapfel Sperry & Ebberson PLLC on 6/8/2022

I have yet to meet a client who wants to pay estate taxes. Tax avoidance is among the primary reasons people meet with estate planning attorneys and develop estate plans. In 2022, the federal gift, estate, and generation...more

Lowered Interest Rates Due To Coronavirus Makes Intra-family Loans an Effective Estate Planning Tool

Proskauer Rose LLP on 3/19/2020

As a result of the Federal Reserve Bank's recent stimulus and interest rate decreases in response to the coronavirus, intra-family loans can be used to transfer wealth to future generations with no gift tax consequences as...more

Top 5 Tax Considerations Related to Your Estate Planning

Chambliss, Bahner & Stophel, P.C. on 1/30/2019

It's time to start the conversation with your tax advisor. The 2019 filing deadline is Monday, April 15. Note the new tax brackets. The new law imposes a new tax rate structure with seven tax brackets for 2018: 10%, 12%, 22%,...more

IRS Raises Impetus to Make Gifts Now With Proposed Regulations Protecting Gifts From Double Tax

Snell & Wilmer on 12/13/2018

On November 23, 2018, the Internal Revenue Service (“IRS”) proposed new regulations that prevent individuals who make a gift of more than $5,000,000 before 2026 from being double taxed on those gifts if they die after 2026.1...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

Unified Credit for Estates & Annual Exclusions for Gifts Increased for 2018

Tucker Arensberg, P.C. on 10/20/2017

The IRS announced that the Unified Credit for Estates and Annual Exclusion for Gifts will be higher in 2018. Unified Credit Against Estate Tax. For an estate of any decedent dying in calendar year 2018, the basic...more

DID YOU KNOW? News You Need Now From Perkins Coie's Family Office Services Group

Perkins Coie on 10/25/2013

Welcome to the Family Office Services Group's new update series "Did You Know?" It is an easy-to-read, timely and brief focus on legal issues and developments facing you and Family Offices throughout the year. ...more

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