News & Analysis as of September 21, 2024

Internal Revenue Code (IRC)

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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 -

Updated Reporting Requirements for Foreign Gifts and Foreign Trusts

Blank Rome LLP on 7/11/2024

Proposed Treasury Regulations (the “Proposed Regulations”) have recently been issued to update and clarify existing reporting obligations for U.S. persons who receive gifts from abroad or who are owners or beneficiaries of...more

Maximizing QSBS Benefits with Estate Planning: The Art of Stacking

DarrowEverett LLP on 5/21/2024

The number of taxpayers seeking the benefits of Qualified Small Business Stock (“QSBS”) has picked up steam in recent years, particularly since the Tax Cuts and Jobs Act (“TCJA”) lowered the federal corporate tax rates to...more

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

Hinckley Allen on 1/22/2024

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

Top Tax and Legal Considerations for Wealthy Families Going Global

Greenberg Glusker LLP on 10/5/2023

In recent years, we have seen high net-worth and ultra-high-net-worth families become, increasingly, “global citizens.” As families and their assets touch multiple jurisdictions, a myriad of issues become especially important...more

The IRS and Abusive Trust Arrangements: Non-Grantor Trusts

Freeman Law on 1/27/2023

Under federal tax law, there are significant differences between grantor and non-grantor trusts. Grantor trusts are treated as disregarded entities. In layman’s terms, this means that the grantor (i.e., the creator or the...more

[Webinar] Gifting Beyond the Holidays - December 12th, 12:00 pm - 1:00 pm EST

UB Greensfelder LLP on 12/5/2022

Gifting is a critical element of estate planning for high net worth individuals. Ulmer Trust and Estate attorneys Kim Stein, Abbie Pappas, and Erica Carducci will discuss gifting methods, including gifts utilizing the annual...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

"Generation-Sharing" - Tax Planning That Benefits the Entire Family

Ward and Smith, P.A. on 7/18/2022

Historically, only the very wealthy engaged in generation-skipping estate planning. Families and individuals who do not think of themselves as "very wealthy," however, also can reap significant benefits from this type of...more

What is a Trust?

Freeman Law on 2/9/2022

Trusts - Trusts play an important role in estate and tax planning. A trust is a fiduciary arrangement that allows a trustee to hold legal title to assets for the benefit of a beneficiary. The beneficiary is, in turn, said...more

The IRS’s Renewed Focus on Abusive Trust Arrangements

Freeman Law on 1/14/2022

Taxpayers have long utilized trust arrangements for the transfer of wealth to beneficiaries or for the protection of assets from creditors. Generally, there is nothing nefarious about these types of arrangements. Rather,...more

The Claim-Of-Right Deduction: Grantor Trust’s Prohibited Sale of Restricted Stock Did Not Give Rise to Relief Under Section 1341

Freeman Law on 1/13/2022

In the recent case of Heiting v. United States, the Seventh Circuit Court of Appeals denied the taxpayer’s claim-of-right deduction pursuant to Internal Revenue Code section 1341. The case stemmed from the taxpayer’s attempt...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

U.S. House Proposals Would Significantly Impact Estate Planning for High Net Worth Individuals If Enacted

Goodwin on 9/30/2021

The U.S. House Committee on Ways and Means’ tax proposals would significantly impact estate planning for high net worth individuals if enacted. Gift, estate and GST exemption amounts would be decreased; grantor trusts would...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

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

What Makes a Trust a "Foreign" Trust?

Bilzin Sumberg on 2/25/2021

In a previous post, we discussed the tax implications for U.S. beneficiaries who receive a distribution from a foreign trust. That discussion assumed that the trust in question was, in fact, a foreign trust for U.S. federal...more

2020 Tax Planning: Benefits of GRATs

Coblentz Patch Duffy & Bass on 9/4/2020

Now may be an opportune time to gift assets out of your estate, particularly through an estate planning technique known as the Grantor Retained Annuity Trust (“GRAT“)—a small silver lining of the alarming pandemic and down...more

Seven Tips for Tribal Governments to Reduce Tribal Member Taxes in 2019

Holland & Knight LLP on 2/5/2019

• With Democrats taking control of the U.S. House of Representatives, tax provisions affecting tribal governments and their members are once again on the table for discussion. • This notice provides an overview of seven...more

Personal Planning Strategies - September 2018

Proskauer Rose LLP on 9/10/2018

With over a century of combined experience, the lawyers of Proskauer's Private Client Services Department regularly provide their diverse clientele – from business entrepreneurs and corporate executives to sports figures and...more

Wealth Management Update - July 2018

Proskauer Rose LLP on 7/6/2018

July Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-family Loans and Split Interest Charitable Trusts (Rev. Rul. 2018-16) - The July § 7520 rate for use with estate planning techniques such as CRTs,...more

Dramatic Change to Federal Estate, Gift and Generation-Skipping Tax Exemptions

Akin Gump Strauss Hauer & Feld LLP on 2/14/2018

• Each individual’s exemptions from federal estate, gift and GST taxes have roughly doubled to approximately $11,200,000 • The increased exemptions are available only temporarily, through 2025 • We recommend that you...more

2016 Year-End Estate Planning Advisory

Katten Muchin Rosenman LLP on 11/22/2016

In 2016, we continued to experience a period of relative stability in our federal transfer tax system and have been able to plan without expecting imminent significant changes to the system. Under the American Taxpayer Relief...more

Transferee Liability: The [Unlikely] Situation that your Nonprofit Receives a Charitable Gift with Expensive Tax Strings Attached

Coblentz Patch Duffy & Bass on 10/12/2016

The case of Salus Mundi Foundation et al v. Commissioner - On August 15, 2016, the Tax Court decided in Salus Mundi Foundation et al v. Commissioner, T.C. Memo. 2016-154, that two foundations were liable as transferees...more

Personal Planning Strategies - August 2016

Proskauer Rose LLP on 8/1/2016

Low Interest Rates Yield Wealth Transfer Opportunities - Low interest rates can create wealth transfer opportunities. For various wealth transfer techniques, the IRS assumes that a certain minimum interest rate is in...more

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