News & Analysis as of September 18, 2024

Tax Deductions

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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 -

2023 Year-End Estate Planning Advisory

Katten Muchin Rosenman LLP on 11/21/2023

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

2022 Year End Estate Planning Advisory

A&O Shearman on 12/15/2022

The current estate planning landscape is drastically different than it was at the beginning of this year. After an extended period of historically low rates of interest and inflation, this year the Federal Reserve began...more

‘Tis the Season (For Charitable Giving)

Woods Rogers on 10/26/2022

The year-end is approaching, but you still have time to work on your 2022 tax planning. Consider giving to your favorite charity to make this holiday season merry. Planned charitable giving provides you a way to maximize...more

Fall 2022 Estate Planning Update

Keating Muething & Klekamp PLL on 10/25/2022

This Estate Planning Update reviews the newly-released estate tax exemption and gifting adjustments for 2023, the extended deadline to make a portability election, and simple ways that business owners and professionals can...more

2022 California Estate and Tax Planning Newsletter

Blank Rome LLP on 1/26/2022

Our annual estate and tax planning newsletter discusses certain concepts and techniques that should be considered in 2022 by our clients and friends in California. Perhaps the most important recent development was the failure...more

Estate Planning Advisory - House Ways and Means Proposal

A&O Shearman on 10/29/2021

The House Ways and Means Committee recently proposed sweeping changes to the tax code that would significantly impair fundamental wealth transfer planning techniques. We recommend that you consider taking action now....more

House of Representatives 5376: Current Tax Legislation Pending in the U.S. House of Representatives

Foster Garvey PC on 10/15/2021

...The federal tax laws are certainly about to change. With the need to raise revenue as a top priority for the Biden Administration, everyone is expecting dramatic changes to the Internal Revenue Code. Tax legislation is...more

Impact of House Ways and Means Tax Proposals for Trusts, Estates, and Retirement Accounts

Bowditch & Dewey on 9/29/2021

In this second blog post on the House Ways and Means Tax proposals, we address the proposed changes that will affect the taxation of trusts, estates, and retirement plans. As we discussed, on September 13, 2021, 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

Three Estate Planning Proposals to Watch

Schwabe, Williamson & Wyatt PC on 9/17/2021

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

Estate Planning Pitfall: You Don’t Meet the Tax Requirements For Splitting Gifts

Adler Pollock & Sheehan P.C. on 6/8/2021

The annual gift tax exclusion is a powerful tool in the estate planning toolbox. When using your annual exclusion, you don’t owe any gift tax on amounts transferred to another person up to a specified limit. The limit is...more

Four Key Estate Planning Issues We're Following in 2021

Pullman & Comley, LLC on 3/8/2021

The past twelve months have demonstrated that a solid estate plan, which includes steps to protect your wealth, can help you feel better prepared and provide a sense of control during times of economic uncertainty. As we...more

Valuing Business Interests for Gift and Estate Tax Purposes: Examining the Austen Family

Burns & Levinson LLP on 3/5/2021

Administering an estate can be time consuming, complicated and overwhelming, particularly when there are different types of assets involved. Additionally, estate administration frequently implicates lifetime gifting by a...more

Holiday Giving: Will My Gifts Have Tax Consequences?

Ruder Ware on 12/15/2020

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

2020 Year-End Estate Planning Advisory

Katten Muchin Rosenman LLP on 11/25/2020

In 2020, COVID-19, the US presidential election, the Tax Cuts and Jobs Act (the TCJA), and the Coronavirus Aid, Relief and Economic Security Act (the CARES ACT) dominated the planning landscape....more

The Clock Is Ticking on Estate and Gift Planning

Cozen O'Connor on 9/1/2020

November’s election results could have a profound effect on the estate and gift tax laws. Among a number of significant issues are...more

Tax and Estate Planning in the Current Environment

Snell & Wilmer on 3/25/2020

In response to the COVID-19 pandemic and the resulting financial market turmoil, taxpayers are left with many questions regarding their obligations and the future of their holdings. In the near term, taxing authorities across...more

Wills, Trusts & Estates: Plain and Simple – Year End Gifting

Farrell Fritz, P.C. on 12/18/2019

Now is the time that many people think about gifting to loved ones, especially with the holidays upon us. In addition to making you, as well as the beneficiary of your gift, feel good, lifetime gifts can help reduce your...more

Federal Estate Tax Exclusion Rises to $11,580,000 for 2020 (and more inflation adjustments)

Tucker Arensberg, P.C. on 11/7/2019

The IRS published Revenue Procedure 2019-44 on November 6, 2019, to set the inflation adjustments for 2020. The exclusion from federal estate will increase to $11,580,000, up from $11,400,000 in 2019....more

2019 Estate and Tax Planning Newsletter

Blank Rome LLP on 1/9/2019

Blank Rome’s annual estate and tax planning newsletter addresses estate planning concepts and techniques that should be considered in 2019 by our clients and friends. 1. Transfer Taxes. The major changes made in 2010 in...more

Future Connecticut Estate Tax Still Unclear after Two New Public Acts

Pullman & Comley, LLC on 8/24/2018

Following the passage of the Federal Tax Cuts and Jobs Act in late 2017, the Connecticut legislature attempted to modify Connecticut estate tax law and make it more consistent with the new, much higher $11.2 million federal...more

Estate Planning for a Non-U.S. Citizen Spouse

Bowditch & Dewey on 6/22/2018

There are special estate tax planning considerations when a non-U.S. citizen spouse is part of the picture. To be clear, a non-U.S. citizen spouse may be living in the U.S. and even hold a green card, but he or she does not...more

Impact of US Tax Reform on Cross-Border Estate Planning

Skadden, Arps, Slate, Meagher & Flom LLP on 6/20/2018

The U.S. tax act enacted in December 2017 includes a number of provisions that impact high net worth families with U.S. connections. For families with U.S. members, changes to the estate, gift and generation-skipping transfer...more

Tax Cuts and Jobs Act supercharges exemption portability

Adler Pollock & Sheehan P.C. on 6/8/2018

Somewhat lost in the clamor of the tax changes enacted by the Tax Cuts and Jobs Act is the fact that the new law preserves the “portability” provision for married couples. Portability allows an estate to elect to permit the...more

Transfer Taxes and the Tax Act: An Overview and Three Possible Responses

Womble Bond Dickinson on 5/14/2018

Individuals and businesses continue to evaluate the Tax Cuts and Jobs Act of 2017 (the “Tax Act” or “Act”) and, in particular, the specific effects on personal and business tax planning. Our clients are asking us daily how...more

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