News & Analysis as of September 20, 2024

Trusts

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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 -

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

Husch Blackwell LLP on 6/13/2024

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

Trusts 101: Living or Testamentary; Revocable or Irrevocable; Grantor and Non-Grantor – What Does All of This Mean?

Warner Norcross + Judd on 2/6/2024

Trusts are described in multiple ways, including: living or testamentary, revocable or irrevocable and grantor or non-grantor. These terms are not always mutually exclusive. A trust can be living, revocable and a grantor...more

U.S.-Based Statutory Foundations: the Best of a Trust and a Non-Trust?

Pillsbury Winthrop Shaw Pittman LLP on 1/24/2024

A trust structure, commonly used for estate planning, can be problematic in certain civil law jurisdictions, such as those in many European countries. Recent acts enacted in Wyoming and New Hampshire allow for the...more

[Webinar] Trust Planning 101: Grantor Trusts - June 20th, 12:00 pm - 12:45 pm ET

Cohen Seglias Pallas Greenhall & Furman PC on 6/16/2023

Grantor trusts allow for tax deductions on income generated by trust assets whereas non-grantor trusts do not allow for these deductions. It is crucial for people to carefully decide which type of trust is best for their...more

You “Placed Your Trust” In New York? You May Be Sorry You Did

Rivkin Radler LLP on 2/3/2023

According to a report issued by the National Association of Realtors a couple of days ago, last year saw a large outmigration of people from California and New York, while Florida and Texas experienced a comparably large...more

Update - Tax Proposals of the House Ways and Means Committee: Reconciliation Bill to Target Trusts, Estates, and the Wealthy

Winstead PC on 10/6/2021

Last month, the House Ways & Means Committee (the "Committee") approved draft legislation (the “Legislation”) as part of Congress' ongoing $3.5 trillion budget reconciliation process. The Legislation includes significant tax...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

House Ways and Means Advances Draft Tax Legislation with Dramatic Impact on Estate, Gift and Trust Taxation

Greenberg Glusker LLP on 9/21/2021

Last week, the House Ways and Means Committee released, and advanced out of committee, draft tax legislation intended to form a part of the Democratic budget reconciliation bill. At almost 900 pages in length, this draft...more

Tax Proposals of the House Ways and Means Committee: Reconciliation Bill to Target Trusts, Estates, and the Wealthy

Winstead PC on 9/20/2021

On Sunday, September 12, 2021, the House Ways & Means Committee (the "Committee") released draft legislation as part of Congress' ongoing $3.5 trillion budget reconciliation process. The legislation, as approved by the...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 Tax Planning for Large Company Stock Holdings: Four Tips for Using Record-High Lifetime Exemptions

Farella Braun + Martel LLP on 9/29/2020

- Annual inflation-indexing continues to increase the historically high lifetime exemption amount for gift, estate, and generation-skipping transfer taxes. Those of considerable wealth who have not yet made gifts, such as...more

The Estate Planner - March/April 2020

Shumaker, Loop & Kendrick, LLP on 2/4/2020

Creating an education legacy - For many people, an important goal of estate planning is to leave a legacy for their children, grandchildren and future generations. And what better way to do that than to help provide for...more

Insight on Estate Planning - Year End 2019: IDGT: This trust is supposed to “fail”

Adler Pollock & Sheehan P.C. on 12/5/2019

Trusts come in all shapes and sizes. However, from an income tax perspective, there are basically two types: grantor trusts and nongrantor trusts. An intentionally defective grantor trust (IDGT) has the best attributes of...more

Insight on Estate Planning - Year End 2019

Adler Pollock & Sheehan P.C. on 12/4/2019

We are pleased to present the Year End 2019 issue of Insight on Estate Planning We encourage you to read through it for ideas about ways you can minimize taxes on your estate and maximize its value for your loved ones. In...more

Wealth Management Update - April 2019

Proskauer Rose LLP on 4/12/2019

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

Trusts And The Corporate Lawyer

Farrell Fritz, P.C. on 3/5/2018

Corporate attorneys usually think of trusts as estate planning tools: they are the vehicles through which the owner of a business may pass along to their family a beneficial interest in the business without actually giving...more

Lessons to be Learned From the Power of Attorney

Farrell Fritz, P.C. on 1/20/2017

Powers of attorney and trust instruments have each been the subject of many an estate plan. They each have also been the subject of multiple estate litigations. In combination, the two have served as fodder for controversies...more

Personal Planning Strategies - July 2015

Proskauer Rose LLP on 7/22/2015

Income Tax Considerations of Estate Planning Are More Important Than Ever - Gifting assets during life will reduce the size of your taxable estate at death and, correspondingly, reduce your estate tax liability. But with...more

Changes May Lie Ahead for Certain Wealth Transfer and Succession Planning Strategies

Baker Donelson on 5/1/2014

In March, the Department of Treasury issued the administration's 2015 fiscal year revenue proposals for the federal government. Those proposals are described in General Explanations of the Administration's Fiscal Year 2015...more

Wealth Management Update - March 2014

Proskauer Rose LLP on 3/14/2014

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

Thanks, Grandma and Grandpa! 3 estate-planning-friendly strategies to pay for a grandchild’s college education

Adler Pollock & Sheehan P.C. on 1/29/2014

It’s no secret that the cost of a college education continues to soar. But this article offers three options to help one’s grandchildren deal with this burden while saving gift and estate taxes: direct tuition payments to the...more

Wealth Management Update - September 2013

Proskauer Rose LLP on 9/18/2013

The September §7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 2.0%, which is the same as the August rate and an increase from July's rate of 1.2%. The applicable federal rate ("AFR")...more

Insight on Estate Planning - June/July 2013: Shipping your trust over the state line to realize tax savings

Adler Pollock & Sheehan P.C. on 6/11/2013

It’s not uncommon for families to relocate to another state to enjoy lower state income taxes. But trusts can follow a similar strategy. This article takes a closer look at how to change a trust’s residence, or “situs,” to a...more

Wealth Management Update - June 2013

Proskauer Rose LLP on 6/6/2013

The June § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 1.2%, which is a slight decrease from April's rate of 1.4% but remains the same as May's rate of 1.2%. The applicable federal...more

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