News & Analysis as of September 20, 2024

Tax Exemptions

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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 -

Build Back Better Act and What the Changes to Gift and Estate Taxes Could Mean for Your Family Business

Davis Wright Tremaine LLP on 10/26/2021

The House Ways and Means Committee recently released its plan to pay for President Biden's proposed Build Back Better Act. While the plan is still in negotiations and changes to the legislation are likely, many of the...more

A Farewell to the Current Gift and Estate Tax Exemption?

Ward and Smith, P.A. on 4/1/2021

We recently wrote about a window of opportunity to take advantage of the rising estate and gift tax exemption before it sets. It is becoming clearer that the window may be shutting fast. The opportunity to take advantage...more

Impact of New US Tax Law on High Net Worth Individuals, Trusts and Family Offices

Skadden, Arps, Slate, Meagher & Flom LLP on 1/24/2018

The newly enacted U.S. tax law makes significant changes to provisions of the Internal Revenue Code affecting high net worth individuals, their investment entities and family offices. These changes are likely to spur gift...more

Private Wealth Updates - Fall 2017

Arnall Golden Gregory LLP on 10/23/2017

The gift tax annual exclusion will increase from $14,000 to $15,000 next year, allowing donors to give up to $15,000 ($30,000 combined for married couples) per donee each year without incurring gift tax or using lifetime gift...more

Tax Law Uncertainty Should Not Delay Farming Business Succession Planning

Downey Brand LLP on 9/27/2017

President Trump promised and will pursue tax reform, but Congress must agree to any proposal. For the most part, a majority vote in both houses would allow tax reform for about a decade, and at least sixty Senate votes would...more

Personal Planning Strategies - December 2016

Proskauer Rose LLP on 12/6/2016

2017 Estate, Gift and GST Tax Update: What This Means for Your Current Will, Revocable Trust and Estate Plan - As we previously reported, the American Taxpayer Relief Act of 2012 (the "Act") made the following permanent:...more

2016 Year-End Estate Planning Advisory

Katten Muchin Rosenman LLP on 11/22/2016

In 2016, we continued to experience a period of relative stability in our federal transfer tax system and have been able to plan without expecting imminent significant changes to the system. Under the American Taxpayer Relief...more

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