News & Analysis as of September 23, 2024

Trump Administration

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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 -

Year-End Estate Planning in an Election Year

Farella Braun + Martel LLP on 10/15/2020

The 2020 election is less than a month away and year-end estate planning is already underway for many. Under current law, the estate, gift and GST (generation-skipping transfer) tax exemptions for 2020 are set at $11,580,000...more

Personal Planning Strategies - September 2018

Proskauer Rose LLP on 9/10/2018

With over a century of combined experience, the lawyers of Proskauer's Private Client Services Department regularly provide their diverse clientele – from business entrepreneurs and corporate executives to sports figures and...more

Impact of New Tax Laws on Estate Planning

Polsinelli on 4/9/2018

The Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law by the President on December 22, 2017, and represents one of the most significant rewritings of the federal tax code since 1986. ...more

Dramatic Change to Federal Estate, Gift and Generation-Skipping Tax Exemptions

Akin Gump Strauss Hauer & Feld LLP on 2/14/2018

• Each individual’s exemptions from federal estate, gift and GST taxes have roughly doubled to approximately $11,200,000 • The increased exemptions are available only temporarily, through 2025 • We recommend that you...more

Favorable Changes to Estate, Gift and GST Tax Laws Under the Tax Cuts and Jobs Act

Mintz on 2/5/2018

The Tax Cuts and Jobs Act (the “Act”), signed into law on December 22, 2017, significantly increased the exemption amounts for the federal estate, gift, and generation-skipping transfer taxes. These increases may present...more

The New Tax Law Provides Estate Planning Opportunities

Ruder Ware on 1/29/2018

Shortly before Christmas, Congress approved and President Trump signed into law the Tax Cut and Jobs Act. The new law increases the federal estate, gift, and generation-skipping transfer tax exemptions from $5 million to $10...more

Trump Administration Signs 2017 Tax Act

Davis Wright Tremaine LLP on 1/17/2018

On December 22, 2017, President Trump signed a tax bill that had been passed by the Senate and House called “An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for...more

What You Should Know About Estate and Gift Tax Reform

Stinson LLP on 1/8/2018

The tax bill recently passed by the U.S. Congress and signed by President Trump retains the gift and estate tax, but substantially curtails its reach. The new tax legislation represents a dramatic change to our transfer tax...more

Impact on Gift, Estate, and GST Taxes Under the Tax Cuts and Jobs Act (H.R. 1)

Ballard Spahr LLP on 1/5/2018

The tax law known as the Tax Cuts and Jobs Act (H.R. 1), signed by President Trump on December 22, 2017, contains important changes to provisions governing gift, estate, and generation-skipping transfer (GST) taxes...more

Effect of the Tax Cuts and Jobs Act on Trust and Estate Planning

Patterson Belknap Webb & Tyler LLP on 1/3/2018

The Tax Cuts and Jobs Act, signed into law on December 22, 2017, includes significant changes to the U.S. federal gift, estate, and generation-skipping transfer (GST) tax laws, effective as of January 1, 2018. In addition,...more

Impact of the Tax Law on Estate Planning

Kramer Levin Naftalis & Frankel LLP on 1/3/2018

President Trump signed sweeping tax legislation into law on Dec. 22, 2017, resulting in several significant changes to the wealth transfer tax system, effective as of Jan. 1, 2018....more

Tax Reform 101 – Estate Planning For High Net Worth Individuals

Sheppard Mullin Richter & Hampton LLP on 12/26/2017

The new tax bill passed by Congress and signed into law by the President today has increased the amount individuals can transfer free of Gift, Estate and Generation Skipping Transfer (“GST”) taxes....more

New Tax Law Provides Major Estate and Gift Planning Opportunities

Kelley Drye & Warren LLP on 12/22/2017

On December 20, 2017, Congress delivered to President Trump the Tax Cuts and Jobs Act (the “Act”), which includes provisions that affect the Federal estate, gift and generation skipping transfer, or “GST”, taxes. ...more

Trust and Estate Planning 2017 Year End Update

Kramer Levin Naftalis & Frankel LLP on 12/4/2017

As we approach the end of the year, we thought you would find it useful to have the following summary of recent developments and updates that may affect your trust and estate planning....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

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

Estate Planning Still Critical in Uncertain Times

Bowditch & Dewey on 6/23/2017

The “plan” unveiled by the Trump administration in late April to repeal the federal estate tax was a broadly vague outline of tax reform goals. The proposed changes did not mention the federal gift tax or generation skipping...more

Planning and the Death of the Death Tax

BCLP on 5/1/2017

On Wednesday afternoon the White House again proposed eliminating the death tax as part of its tax reform plan, but the details of the repeal remain sparse. When pressed for specifics Director Cohn simply stated that with...more

Potential Repeal of the ‘Death’ Tax

Burr & Forman on 2/23/2017

Assuming you have not been living under a rock for the last two years you have heard of Donald J. Trump, now President Trump, speak about the need to repeal the so-called “Death tax”. In addition, you are likely aware that...more

2016 Year-End Trusts & Estates Update

Patterson Belknap Webb & Tyler LLP on 12/19/2016

As 2016 comes to a close, we would like to share with you a number of recent developments affecting trust and estate planning that may be of interest: Final regulations restricting valuation discounts unlikely to be...more

What Proposed Tax Plans by Trump Administration and House Republicans Mean for Personal Planning

Perkins Coie on 11/28/2016

The election of Donald Trump and Republican majorities in U.S. Congress make the future of the federal transfer tax system (gift, estate and generation-skipping transfer (GST) taxes) uncertain. President-elect Trump and...more

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