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Estate Planning › Gift Tax › Internal Revenue Service

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 -
Venable LLP

“Don’t Let the Sun Go Down on Me” - Plan Ahead for the Sunset of Federal Estate and Gift Tax Exemptions at the End of 2025

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The Tax Cuts and Jobs Act of 2017 (TCJA) enacted significant changes in the federal estate and gift tax laws commencing in 2018. One of the most notable changes was that the TCJA doubled the federal lifetime gift tax...more

Pierce Atwood LLP

Sunset and Cloudy Skies on Horizon for Federal Estate Taxation

Pierce Atwood LLP on

Estate planning and wealth transfer professionals have their eyes on the sky as the future of federal estate taxation grows increasingly nebulous. Background - The federal gift and estate tax exemption is the amount...more

Holland & Knight LLP

Maximize Your Legacy: Take Advantage of the High Estate and Gift Tax Exemption Sunset

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As part of the Tax Cuts and Jobs Act (TCJA), the estate and gift tax exemption was doubled for tax years 2018-2025. In 2018, the exemption doubled from $5.49 million in 2017 to $11.18 million in 2018, and that amount has been...more

Husch Blackwell LLP

Understanding the 2026 Changes to the Estate, Gift, and Generation-Skipping Tax Exemptions

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The Tax Cuts and Jobs Act of 2017 provided major changes to the Internal Revenue Code, specifically doubling the federal estate, gift, and generation-skipping transfer (GST) tax exemption (collectively, the exemption) from...more

Strafford

[Webinar] New IRS Guidance on Basis Adjustments for Irrevocable Grantor Trusts: Key Issues for U.S. and Non-U.S. Persons - June...

Strafford on

This CLE/CPE webinar will provide estate planners insight on recently issued IRS guidance regarding basis adjustments for irrevocable grantor trusts. The panelist will discuss key items and challenges stemming from Revenue...more

Rosenberg Martin Greenberg LLP

Seize the Moment: Maximizing Your Estate Planning Before 2026

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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

Freeman Law

IRS Form 709 | Gift and Generation | Skipping Transfers: Recent Updates and Common Mistakes

Freeman Law on

Fewer taxpayers are subject to gift taxes thanks to a $12,920,000.00 lifetime gift tax exemption for 2023. Because many taxpayers do not fall under the exemption amount, they do not necessarily have to file a gift tax return....more

Lippes Mathias LLP

Looming Changes to Federal Estate & Gift Tax – Act Now!

Lippes Mathias LLP on

Following the enactment of the Tax Cuts and Jobs Act in 2017, the federal estate and gift tax exemption was increased from $5.49 million per person to $11.18 million, which allowed for a substantial increase in what taxpayers...more

Ballard Spahr LLP

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

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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

Blank Rome LLP

Is CCA 202352018 the Death of Irrevocable Trust Decantings?

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For years, practitioners have freely used irrevocable trust decantings as a means to make various changes to irrevocable trusts without concern of giving rise to gift tax consequences. However, the Internal Revenue Service’s...more

Rivkin Radler LLP

Plan Now for Sunsetting Estate & Gift Tax Exemption

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As we’ve previously discussed, portability is an important feature of an estate plan. Portability allows the surviving spouse to die to “save” any of their predeceased spouse’s unused federal estate and gift exemption amount....more

Hinckley Allen

Understanding 2024 Estate, Gift, and Generation-Skipping Transfer Tax Exemptions

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Each year, certain estate, gift, and generation-skipping transfer (“GST”) tax figures are subject to inflation adjustments that go in effect on January 1. Below are the current adjustments for 2024....more

McDermott Will & Emery

Prepare for Soaring Estate and Gift Tax Exclusions and GST Tax Exemption to Close After 2025

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On January 1, 2024, the amounts that individuals can gift free of federal gift and generation-skipping transfer (GST) tax rose to $13,610,000 for individuals and $27,220,000 for married couples due to inflation adjustments....more

Rivkin Radler LLP

Consider Making Large Gifts before the 2026 Exemption Reduction Kicks In

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The current combined federal estate and gift tax exemption amount of $13.61 million per person ($27.22 million per married couple) is scheduled to “sunset” automatically on January 1, 2026, and revert to $5 million indexed...more

Pullman & Comley, LLC

Ringing in 2024 with Updates on Estate and Gift Taxes

Pullman & Comley, LLC on

The New Year brings with it new estate and gift tax exemption and exclusion amounts.   In 2017, a new tax law doubled the federal estate and gift tax exemption. And that exemption amount has increased each year between 2018...more

Bilzin Sumberg

Take Care When Utilizing Tax Reimbursement Clauses in Trusts…Even If You Are a Cross-Border Practitioner

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Until recently, there was a fair amount of comfort amongst practitioners that, when structured correctly, utilizing a tax reimbursement clause for a grantor trust did not produce any negative U.S. gift or estate tax results....more

Davidoff Hutcher & Citron LLP

If It's Too Good To Be True...The Latest Guidelines from the IRS

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There are a lot of very smart tax attorneys out there who are trying to figure out something new, and yet there’s very little innovation.  Almost all techniques that we use are incremental variations of an older technique...more

McGuireWoods LLP

Once Removed Episode 16: Gift and Estate Tax, Inflation Adjustments for 2024

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In previous episodes, we discussed the exemptions that apply for gift, estate and generation-skipping transfer tax. Many of these exemptions are adjusted for inflation each year. In Episode 16, we’ll review those exemptions...more

McGuireWoods LLP

Once Removed Episode 17: Annual Gifting to Individuals: Options, Opportunities and Pitfalls

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The beginning of the year is a good time to think about annual gifts to descendants and other beneficiaries. Episode 17 will walk through some options to make efficient use of annual gifting and also address some potential...more

Amundsen Davis LLC

New Gift and Estate Tax Exemption Limits for 2024

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The Internal Revenue Service has announced the new limits for the Gift and Estate Tax Exemption for 2024, the amount of taxable gifts that can be made during lifetime and/or the amount that can be passed at death without...more

Cole Schotz

2024 Estate and Gift Tax Update

Cole Schotz on

The IRS has announced the official estate and gift exclusion amounts for 2024. For an estate of any decedent dying during calendar year 2024, the Federal applicable exemption will increase from $12.92 million to $13.61...more

Neal, Gerber & Eisenberg LLP

Client Alert: 2024 Inflation Adjustments That Impact Current Estate Planning Opportunities

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The Internal Revenue Service recently announced increased transfer tax exclusions for calendar year 2024 as part of Revenue Procedure 2023-34. The significant increases in the unified credit against estate, gift and...more

Seyfarth Shaw LLP

Year-End Estate Planning for 2023

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A strong stock market and “soft landing” have generated significant wealth this year. The gift tax, estate tax and generation-skipping transfer tax are all imposed on the fair market value of assets at the time of transfer....more

Katten Muchin Rosenman LLP

2023 Year-End Estate Planning Advisory

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We have certainly had our share of turbulent waters in the estate planning world from 2020-2022. With two significant elections, it is hard to remember a previous time with such substantial uncertainty about how tax planning...more

Miller Canfield

IRS Announced 2024 COL Adjustments for Estate, Gift Tax Exclusion Amounts

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The Internal Revenue Service recently announced the 2024 cost of living adjustments for the estate and gift tax exclusion amounts. Gift Tax Exclusion Amount - The Gift Tax Exclusion Amount is the amount an individual...more

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