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Estate Planning › Gift Tax › Family Businesses

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 -
Holland & Knight LLP

Tennessee Trust Bill Takes Effect and Makes Important Changes to the State's Trust Laws

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Tennessee Gov. Bill Lee approved Public Chapter No. 695 on April 11, 2024, as passed by the Tennessee General Assembly (Trust Bill). The new law became effective on July 1, 2024, and it made several important changes to...more

Rivkin Radler LLP

Disclaiming to Save Taxes

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It’s not enough for the founder of a closely held business to have successfully established the business. The business has to grow, not only to increase profits, but also to make it more competitive and to diversify its...more

Davis Wright Tremaine LLP

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

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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

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

Cole Schotz

Business Succession Planning – Should I Own My Business In A Trust?

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Closely-held businesses come in all shapes and sizes. Some owners own 100% of their businesses. Some have partners. Some have children in the business. Some do not. A common question that a client asks the business and...more

Foley & Lardner LLP

Helping Clients Identify Estate Planning Opportunities in a Low Interest Rate and Depressed Value Environment

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Today’s historically low interest rates and depressed asset values make this an excellent time to engage in various estate planning techniques. Current conditions present several planning opportunities for transferring wealth...more

Stinson LLP

IRS Eliminates Worry About "Clawback"

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In response to Internal Revenue Code Section 2001(g)(2), enacted as part of the 2017 Tax Act, in which the Secretary of the Treasury was directed to prescribe regulations to carry out IRC Section 2001(g) with respect to the...more

Gray Reed

Family Matters: Can a Family Business Succeed Without Maximum Valuation and Sound Estate Planning

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Struggling these last several months with the family dynamics and dilemmas of transitioning his family business to the next generation, Big Daddy Ernest Bux, 65, now turns to ordinary, practical considerations. What are...more

Farella Braun + Martel LLP

Succession Planning for Wineries and Vineyards - As wine families tend their grapes, so too should they tend their business...

Farella Braun + Martel LLP on

Wineries and vineyards are unique assets to consider when crafting personal financial, estate and business succession plans for clients, both of which are crucial components of wealth management....more

Ward and Smith, P.A.

The Gifts of a Family Business: A Talk with Karen Albritton and Deana Labriola

Ward and Smith, P.A. on

This is the fourth article in a series about transitions and transactions for midsized companies... Karen Albritton: Growing up in a family business, and now advising closely held companies as a consultant, has given me an...more

Adler Pollock & Sheehan P.C.

Insight on Estate Planning - October/November 2018

Adler Pollock & Sheehan P.C. on

In This Issue: - Who needs an estate plan? Quick answer: Everyone - NINGs, DINGs and WINGs: Understanding the tax angles of self-settled trusts - Securities laws can derail your estate plan - ESTATE PLANNING...more

Saul Ewing LLP

Changes in Planning for Closely Held Businesses Under the New Tax Law

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The tax changes recently signed into law increased the exemption from federal estate and gift taxes to about twice the prior level. Even though the increase is temporary and will expire at the end of 2025, it changes some of...more

Skadden, Arps, Slate, Meagher & Flom LLP

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

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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

Holland & Knight LLP

Transfer Tax Considerations Under the Tax Cuts and Jobs Act

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• The U.S. House of Representatives and Senate ushered H.R. 1, the Tax Cuts and Jobs Act (the Act), through conference committee, and President Donald Trump signed the Act into law on Dec. 22, 2017. • Most of the Act's...more

McGuireWoods LLP

Ron Aucutt’s “Top Ten” Estate Planning and Estate Tax Developments of 2017

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In an annual tradition, Ronald Aucutt, a McGuireWoods partner and chair emeritus of the firm’s private wealth services group, with help from his McGuireWoods colleagues, has identified the following as the top ten estate...more

Arnall Golden Gregory LLP

Private Wealth Updates - Fall 2017

Arnall Golden Gregory LLP on

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

Cole Schotz

IRS Withdraws Proposed Code §2704 Regulations On Lapsing Rights And Restrictions

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The IRS has withdrawn the controversial proposed regulations under Code §2704 that would have significantly affected the use of discounts in US estate planning. Code §2704 provides that certain “applicable restrictions” on...more

Butler Snow LLP

Proposed Section 2704 Regulations to be Withdrawn

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Remember all that time and energy you put into figuring out what the proposed regulations under Section 2704 were all about? Well, you’re going to want to try to find a way to get that back. The proposed regulations, the...more

Lowndes

Treasury Plans to Pull Unpopular Discount Regulation

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As discussed earlier this summer, Treasury and the IRS identified as a burdensome regulation the Proposed Regulations under Section 2704 of the Internal Revenue Code, which regulations would severely impact discounts on gifts...more

Downey Brand LLP

Tax Law Uncertainty Should Not Delay Farming Business Succession Planning

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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

McGuireWoods LLP

Estate Tax Changes Past, Present and Future

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I. INTRODUCTION - This outline is a selective and evolving review of the history of the modern federal estate tax. It originated during the attempts to repeal the estate tax in President Clinton’s second term and...more

Dickinson Wright

Update on 2704 Proposed Regulations and Impact on 2016 Gift Tax Reporting

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Following the December 1, 2016 public hearing, the IRS reportedly began working on revisions to and clarifications of the new 2704 proposed regulations. While the uproar from the estate planning and accounting communities...more

Blank Rome LLP

2017 California Estate and Tax Planning Newsletter

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Blank Rome’s annual estate and tax planning newsletter addresses estate planning concepts and techniques that should be considered in 2017 by our clients and friends. Transfer Taxes. The major changes made in 2010 in the...more

McGuireWoods LLP

Ron Aucutt’s “Top Ten” Estate Planning and Estate Tax Developments of 2016

McGuireWoods LLP on

In an always-anticipated annual tradition, Ronald Aucutt, a McGuireWoods partner and co-chair of the firm’s private wealth services group, has identified the following as the top ten estate planning and estate tax...more

Patterson Belknap Webb & Tyler LLP

2016 Year-End Trusts & Estates Update

Patterson Belknap Webb & Tyler LLP on

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

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