News & Analysis as of September 24, 2024

Proposed Regulation

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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 -

Personal Planning Strategies - December 2019

Proskauer Rose LLP on 11/27/2019

Estate, Gift and GST Tax Update - What This Means for Your Current Will, Revocable Trust and Estate Plan - The estate and gift tax regimes have been permanent and unified since the passage of The American Taxpayer...more

Proposed Tax Regulations Eliminate Possibility of Clawback of Lifetime Gifts for Estate Tax Purposes

Bradley Arant Boult Cummings LLP on 8/16/2019

As previously posted, the Tax Cuts and Jobs Act signed into law in December 2017 (the “2017 Act”) made significant changes to the federal wealth transfer system with respect to gift and estate tax transfers during the...more

Increased Estate/Gift Tax Exemptions Under TCJA: No-Clawback, but Use it or Lose It

Mitchell, Williams, Selig, Gates & Woodyard,... on 2/13/2019

The Tax Cuts and Jobs Act (“TCJA”) passed in December, 2017, doubled the estate and gift tax basic exclusion amount from $5.0 million to $10.0, coupled with a cost of living adjustment. For 2019, the basic exclusion amount is...more

IRS Issues Proposed Regulations Alleviating "Clawback" Concerns

Winstead PC on 12/19/2018

On Dec. 22, 2017, President Trump signed the Tax Cuts and Jobs Act (the 2017 Act) into law. The 2017 Act roughly doubled the estate, gift, and generation-skipping transfer (GST) tax exemption amounts from $5.49 million per...more

2018 Year-End Estate Planning Update

Verrill on 12/4/2018

Federal Transfer Taxes - The Internal Revenue Service has announced the annual inflation adjustments for the 2019 tax year... Federal unified gift and estate tax exclusion increasing to $11,400,000: As of January 1,...more

Private Clients Update - Volume 2018, Issue 1

Troutman Pepper on 12/4/2018

Year-End Reminders For 2018, the estate, gift and generation-skipping transfer tax exemption is $11.18 million per person ($22.36 million for a married couple). ...more

Personal Planning Strategies - December 2018

Proskauer Rose LLP on 11/29/2018

Time to Transfer Early Stage Investments?

Jackson Walker on 10/10/2016

New rules may stop “cheap” transfers of business interests to kids and grandkids. Proposed IRS regulations that may be effective as early as the end of 2016 are designed to severely limit use of discounts on gifts or sales...more

IRS Proposes Regulations That Would Increase Wealth Transfer Taxes in Family-Controlled Entities

Skadden, Arps, Slate, Meagher & Flom LLP on 9/28/2016

The Internal Revenue Service (IRS) proposed regulations on August 2, 2016, under which transfers to family members of interests in family-controlled entities — including partnerships, limited liability companies (LLCs) and...more

Proposed Section 2704 Regulations Would Impose Significant Restrictions on Valuation Discount Planning for Family Controlled...

Farella Braun + Martel LLP on 8/15/2016

High net worth families often utilize family entity structures, such as limited partnerships or limited liability companies, in order to provide for the coordinated management of family assets and move wealth to younger...more

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