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Estate Planning › Gift-Tax Exemption › Tax Exemptions

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... more +
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 -
Lasher Holzapfel Sperry & Ebberson PLLC

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

Lasher Holzapfel Sperry & Ebberson PLLC on

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

Blank Rome LLP

Making Sense of New York’s Estate Tax “Cliff”

Blank Rome LLP on

In addition to the federal estate tax, which may be levied upon a decedent’s estate, New York imposes a separate state estate tax regime. Generally a decedent’s estate is subject to the New York State estate tax if such...more

Rosenberg Martin Greenberg LLP

Seize the Moment: Maximizing Your Estate Planning Before 2026

Rosenberg Martin Greenberg LLP on

In a significant legislative shift, the Tax Cuts and Jobs Act of 2017 doubled the exemption amounts for estate, gift, and generation-skipping transfer taxes (collectively known as “Death Taxes”). As of 2024, the federal...more

Ballard Spahr LLP

Increases to Gift and Estate Tax Exemption, Generation Skipping Transfer Tax Exemption, and Annual Gift Tax Exclusion

Ballard Spahr LLP on

In 2024, the federal estate, gift, and Generation Skipping Transfer tax exemption amount increased from $12.92 million to $13.61 million per individual (a combined $27.22 million for a married couple), representing an...more

Lasher Holzapfel Sperry & Ebberson PLLC

2024 Estate Planning Opportunities

Lasher Holzapfel Sperry & Ebberson PLLC on

The start of a new year is a great time to review your current estate plan or consider creating one. 2024 brings a number of opportunities for creating an estate plan, pursuing gifting strategies, and considering...more

K&L Gates LLP

2024 Tax and Estate Planning Opportunities

K&L Gates LLP on

A New Year is upon us, it is an election year, and a rollback of the federal estate, gift, and generation-skipping transfer taxes is scheduled for the not too distant future. State and federal estate and gift taxes are an...more

Stoel Rives LLP

Planning for College Kids and Young Adults

Stoel Rives LLP on

As young family members head off to school or leave home for a job, parents and other relatives may wonder how they can continue to support a child or assist with health care or other decisions. Many parents are surprised...more

Davis Wright Tremaine LLP

DWT Estate Planning Update

Davis Wright Tremaine LLP on

From time to time, we provide updates in the estate planning area. While the November 2022 federal elections resulted in a divided Congress that dampens the likelihood of major federal tax legislation, we thought this would...more

Foley & Lardner LLP

Increased Gift and Estate Tax Exemption Amounts for 2023

Foley & Lardner LLP on

The gift tax annual exclusion and the gift and estate tax exemption increased significantly for 2023. Effective January 1, 2023, the following amounts may be helpful in considering estate planning options for the new year: ...more

K&L Gates LLP

Year-End Estate Planning Update

K&L Gates LLP on

As the end of the calendar year approaches, we would like to remind our clients of some year-end estate planning ideas to consider. A person can currently make annual gifts of up to US$16,000 per recipient to an unlimited...more

Dechert LLP

Use It or (Potentially) Lose It: Inflation Hikes Provide Unprecedented Estate Planning Opportunities

Dechert LLP on

There are more estate planning opportunities as a result of inflation-adjusted figures recently released by the IRS. The gift, estate, and generation-skipping transfer (“GST”) tax exemption amounts are each increasing to...more

Rivkin Radler LLP

Besides Saving Estate Taxes, What Should Be on Your Estate Planning Checklist?

Rivkin Radler LLP on

The federal estate tax exemption provisions are set to expire at the end of 2025, potentially requiring more people to pay estate taxes. In view of the uncertainty of the estate tax laws, it is important to have estate...more

Lasher Holzapfel Sperry & Ebberson PLLC

Estate Planning 101: Making Exempt Gifts

Lasher Holzapfel Sperry & Ebberson PLLC on

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

Adler Pollock & Sheehan P.C.

Decisions, Decisions: Many Factors Go Into Deciding When to Transfer Wealth

Adler Pollock & Sheehan P.C. on

A critical estate planning decision is whether to transfer wealth during your lifetime or keep your assets in your estate and transfer your wealth to loved ones after your death. Some say it would be wise to make gifts now to...more

Ward and Smith, P.A.

Make Estate Planning a Point of Focus in 2022

Ward and Smith, P.A. on

Even if your 2022 New Year's resolutions have long since gone by the wayside, as most have, now can and should be a time of renewed focus on family and self-betterment.  In the midst of economic uncertainty, geopolitical...more

Morgan Lewis

IRS Announces Increased Gift and Estate Tax Exemption Amounts

Morgan Lewis on

The Internal Revenue Service has announced that the annual gift tax exclusion is increasing next year due to inflation. After four years of being at $15,000, the exclusion will be $16,000 per recipient for 2022—the highest...more

Goodwin

U.S. House Proposals Would Significantly Impact Estate Planning for High Net Worth Individuals If Enacted

Goodwin on

The U.S. House Committee on Ways and Means’ tax proposals would significantly impact estate planning for high net worth individuals if enacted. Gift, estate and GST exemption amounts would be decreased; grantor trusts would...more

Stoel Rives LLP

Proposed Legislation to Change Estate and Gift Tax Planning

Stoel Rives LLP on

Democrats recently unveiled the Build Back Better Act, which, if passed, would bring significant changes to the Tax Code and would have a drastic impact on common estate planning techniques, including gifts to trusts. The...more

Schwabe, Williamson & Wyatt PC

Three Estate Planning Proposals to Watch

Schwabe, Williamson & Wyatt PC on

House Democrats recently released additional legislative proposals that, if passed, would affect several commonly used estate planning techniques. Among those proposals are three that would significantly impact some of the...more

Ward and Smith, P.A.

A Farewell to the Current Gift and Estate Tax Exemption?

Ward and Smith, P.A. on

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

Faegre Drinker Biddle & Reath LLP

The 2020 Election and the Effect on Current Gift, Estate and Generation-Skipping Transfer Taxes

Faegre Drinker Biddle & Reath LLP on

Based on recent election results, attention has focused on what is in store for the federal transfer tax system. This article discusses the status of the current transfer tax laws and President Biden’s proposals for changes....more

Ruder Ware

What is the Estate Tax and How Does it Work?

Ruder Ware on

Earlier this month, I provided a very brief overview of the estate tax in a vlog. In this blog post, I’ll expand on estate tax basics. What is the estate tax? At its foundation, the estate tax is a tax imposed on the...more

Ward and Smith, P.A.

The Exemption Also Rises (But Could Set Soon)

Ward and Smith, P.A. on

The amount that you can give to your children during life or leave to them after death estate tax-free currently is at a historically high level. As of January 1, 2021, an individual can give or leave $11.7 million and a...more

Gibney Anthony & Flaherty, LLP

Use it or Lose it: Utilizing Estate Tax Exemption Before it Goes Away

Gibney Anthony & Flaherty, LLP on

The U.S. imposes an estate tax of approximately 40% on the net estate of U.S. tax residents. The current exemption from estate tax is $11,700,000 per person, leaving very few estates actually subject to the tax. Under current...more

Ruder Ware

Holiday Giving: Will My Gifts Have Tax Consequences?

Ruder Ware on

The holiday season is a time of giving! With Christmas arriving next week, you might be rushing to find last minute gifts for the special people in your life. Have you considered potential tax consequences of those gifts? ...more

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