News & Analysis as of September 20, 2024

Generation-Skipping Transfer

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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 -

Personal Planning Strategies - November 2023

Proskauer Rose LLP on 11/6/2023

What This Means for Your Current Will, Revocable Trust and Estate Plan - The estate and gift tax regimes have been permanent and unified since the passage of The American Taxpayer Relief Act of 2012 (the “2012 Act”). In...more

Estate and Tax Planning 2023 Update: Act While You Can

Pillsbury Winthrop Shaw Pittman LLP on 10/19/2023

Although the IRS is now on high alert for wealthy individuals, new and existing planning opportunities are available, such as tax-free gifts and other advantageous planning. Wealthy individuals and families should take...more

Artificial Intelligence in the Family Office: Risks and Rewards

ArentFox Schiff on 8/8/2023

Generative artificial intelligence (AI) is computer software that can create new content or data by tracking patterns from existing data. AI is dominating public discourse: across all media, all industries, and all segments...more

DWT Estate Planning Update

Davis Wright Tremaine LLP on 5/31/2023

From time to time, we provide updates in the estate planning area. While the November 2022 federal elections resulted in a divided Congress that dampens the likelihood of major federal tax legislation, we thought this would...more

Use It or (Potentially) Lose It: Inflation Hikes Provide Unprecedented Estate Planning Opportunities

Dechert LLP on 11/23/2022

There are more estate planning opportunities as a result of inflation-adjusted figures recently released by the IRS. The gift, estate, and generation-skipping transfer (“GST”) tax exemption amounts are each increasing to...more

Current Status of Federal Estate and Gift Tax Proposals

Ruder Ware on 2/11/2022

You likely are aware, from the news and our prior communications, that Congress currently is considering proposals that may have a significant impact on many estate plans. Although we still cannot be certain which, if any, of...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

Proposed Tax Legislation May Significantly Impact Estate Planning Options

Ballard Spahr LLP on 10/1/2021

Summary - Proposed legislation introduced in Congress could dramatically alter major estate and gift planning strategies. ...more

Personal Planning Strategies - September 2021

Proskauer Rose LLP on 9/22/2021

You have probably heard that the House Ways and Means Committee released proposals for increasing gift and estate taxes in order support legislation being advanced by the Democratic majority in Congress. ...more

Let the Estate Tax Planning Games Begin - But Where Will They Land - the House Ways and Committee Has Spoken

Proskauer Rose LLP on 9/17/2021

“President Biden and Democrats in the Congress have been working on a $3.5 trillion spending and tax package, and the details are starting to be revealed. Indeed, on Sunday, September 12th, the House Ways and Means Committee...more

Proposed Tax Legislation Could Significantly Impact Your Estate Plan

Manatt, Phelps & Phillips, LLP on 8/6/2021

Recent news stories have been published about two bills introduced in the Senate that, if enacted, could have a significant impact on many estate plans. These bills include proposed changes that many estate planning...more

Impact Of President Biden’s Tax Plan On Estate Planning

Polsinelli on 7/26/2021

With Democratic control of the White House and Congress, there has been much speculation on what President Biden’s tax proposal will look like, as well as the likelihood that President Biden’s tax plan will be enacted into...more

Wealth Planning and the New Administration: Potential Individual Income & Transfer Tax Changes

Goulston & Storrs PC on 5/12/2021

On April 28, 2021, in an address to a Joint Session of Congress and a Fact Sheet published by the White House, President Biden introduced the “American Families Plan,” the President’s plan for spending and a series of tax...more

U.S. Senate Introduces Legislation for Higher Taxes on Wealth

Greenberg Glusker LLP on 3/29/2021

On March 25, 2021, Senator Bernie Sanders introduced the For the 99.5 Percent Act (the “99.5 Percent Act”) which proposes to modify the estate, gift and generation-skipping transfer tax. Proposed Estate and Gift Tax Rates...more

Estate Planning Ramifications of a Democratic Sweep

Winstead PC on 1/21/2021

On January 5, 2021, Georgia Democrats Jon Ossoff and Raphael Warnock defeated GOP incumbents David Perdue and Kelly Loeffler in their Senate runoff elections, giving the Democrats 50 seats in the Senate. Vice President Kamala...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

Estate Planning Alert: Take Advantage of 2020 Planning Opportunities Now

Baker Donelson on 8/28/2020

If you are a high-net worth individual, 2020 may be the time to take advantage of the opportunity created under a confluence of low applicable federal rates, valuation opportunities, and the temporarily increased Unified...more

Estate Planning Tips in a COVID-19 Economy

Pillsbury Winthrop Shaw Pittman LLP on 3/31/2020

Taking advantage of present economic opportunities. Now is the time to take advantage of opportunities to save on transfer taxes....more

Estate Planning In Turbulent Times

Sheppard Mullin Richter & Hampton LLP on 3/29/2020

As we all learn to cope with the unprecedented changes to our daily lives imposed by the COVID-19 crisis, we want to assure you that the Sheppard Mullin estate planning team is thinking of you and stands ready to assist you...more

Estate, Gift, and Income Tax Planning in the Time of COVID-19

Lowenstein Sandler LLP on 3/24/2020

First, and most important, we are thinking of all of our clients and friends and hoping everyone is safe and healthy at this challenging time. We have heard the following statement frequently of late: “Never let a crisis...more

Private Wealth Newsletter - Three Reasons to Revisit Your Estate Plan in 2020

Arnall Golden Gregory LLP on 1/7/2020

The current estate planning environment, with low interest rates and high estate, gift, and generation-skipping transfer tax exemptions, provides excellent planning opportunities for wealth transfer tax savings. ...more

Wealth Management Update - December 2019

Proskauer Rose LLP on 12/3/2019

December 2019 Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split-Interest Charitable Trusts - The December Section 7520 rate for use with estate planning techniques such as CRTs,...more

Grantor Retained Annuity Trusts (GRATs) and Sales to Grantor Trusts

McGuireWoods LLP on 3/6/2019

I. Introduction - A grantor retained annuity trust (GRAT) or an installment sale to a grantor trust can be useful in transmitting wealth in a tax-efficient way, and often one of these techniques is superior to other estate...more

Wealth Management Update - December 2017

Proskauer Rose LLP on 12/19/2017

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

Trust and Estate Planning 2017 Year End Update

Kramer Levin Naftalis & Frankel LLP on 12/4/2017

As we approach the end of the year, we thought you would find it useful to have the following summary of recent developments and updates that may affect your trust and estate planning....more

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