News & Analysis as of September 23, 2024

Individual Retirement Account (IRA)

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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 -

Wealth Management Update - September 2023

Proskauer Rose LLP on 9/13/2023

September 2023 AFRs and 7520 Rate - The September 2023 Section 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 5%, which was the same as the August 2023 rate...more

What Now? Estate Planning in 2022

Pullman & Comley, LLC on 1/18/2022

After months of speculation, 2022 began with no new federal estate and gift tax legislation. As the proposed legislation wended its way through the legislative process in 2021, the major proposed changes to federal estate...more

Personal Planning Strategies - December 2021

Proskauer Rose LLP on 12/15/2021

The estate and gift tax regimes have been permanent and unified since the passage of The American Taxpayer Relief Act of 2012 (the "2012 Act"). In 2017, the Tax Cuts and Jobs Act (the "2017 Act") significantly increased the...more

Proposed Tax Law Changes Impacting Estate and Gift Taxes

Pullman & Comley, LLC on 9/23/2021

As many people are aware, Congress is considering changes to the federal tax code to support President Biden’s Build Back Better spending plan. As of this writing, on September 22, 2021, no bill has been enacted....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

2020 Tax Planning: Techniques that May Not Exist in 2021

Coblentz Patch Duffy & Bass on 9/4/2020

Major tax reform discussions are ongoing in Washington and Sacramento while everyone at home is busy navigating the pandemic. Many commentators are predicting that budgetary pressures resulting from the COVID-19 stimulus...more

Estate Planning In Turbulent Times

Sheppard Mullin Richter & Hampton LLP on 3/29/2020

As we all learn to cope with the unprecedented changes to our daily lives imposed by the COVID-19 crisis, we want to assure you that the Sheppard Mullin estate planning team is thinking of you and stands ready to assist you...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

Should a tax apportionment clause be in your estate plan?

Adler Pollock & Sheehan P.C. on 8/2/2018

Even though the Tax Cuts and Jobs Act doubled the gift and estate tax exemption to $10 million beginning this year, there are many families that still have to contend with significant federal estate tax liability. Plus, there...more

Personal Planning Strategies - December 2017

Proskauer Rose LLP on 11/22/2017

2018 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

Alert: Estate Planning - January 2013

Pullman & Comley, LLC on 2/5/2013

For the first time in more than a decade, clients and advisors can plan their estates with a significant degree of certainty. The new tax law passed by Congress on January 1, 2013 and signed into law by President Obama...more

Estate Planning After the Fiscal Cliff Deal

Katten Muchin Rosenman LLP on 1/17/2013

Now that a deal averting the fiscal cliff has finally been reached, many of the tax and planning issues that have been mired in uncertainty for the past two years (and even longer in some cases) may be resolved. Numerous tax...more

Significant Estate Planning Developments in 2013

Foley & Lardner LLP on 1/10/2013

The American Taxpayer Relief Act of 2012 (Act) was enacted on January 2, 2013....more

Insight on Estate Planning - Year End 2012

Adler Pollock & Sheehan P.C. on 12/6/2012

In This Issue: - The spousal lifetime access trust: A safety net in uncertain times - Be prepared for a triggering event: If you own interests in a closely held business, consider a buy-sell agreement - Is your...more

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