News & Analysis as of September 25, 2024

Sunset Provisions

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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 -

Estate Tax “Cinderella” Story: Millions Of Dollars Disappearing At The Stroke Of Midnight On January 1, 2026!

Dunlap Bennett & Ludwig PLLC on 9/9/2024

The classic children’s tale of Cinderella has the magic spell that transformed Cinderella expiring at the stroke of midnight after the ball. Her magnificent coach turned back into a pumpkin, inspiring a commonly used phrase....more

“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

Venable LLP on 8/21/2024

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

Plan Now for Sunsetting Estate & Gift Tax Exemption

Rivkin Radler LLP on 2/12/2024

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

The Time to Plan for Tax Code Changes Is Now

Rivkin Radler LLP on 10/19/2020

The election is only weeks away, and with it is likely to come significant changes to the tax code. Many economists anticipate that, regardless of the outcome, there will likely be tax increases to reduce the federal deficit,...more

Insight on Estate Planning - April/May 2019: Expiration date: IRS provides estate tax protection against sunsetting TCJA...

Adler Pollock & Sheehan P.C. on 4/2/2019

Beginning in 2018, the Tax Cuts and Jobs Act (TCJA) effectively removed gift and estate tax liability concerns for many families. However, the favorable estate tax changes in the TCJA are currently scheduled to sunset after...more

Wealth Management Update - July 2017

Proskauer Rose LLP on 8/2/2017

August Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The August § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and...more

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