News & Analysis as of September 23, 2024

Gift Tax

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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 Planning Pitfall: You Didn’t Retitle Assets to be Included in a Trust

Adler Pollock & Sheehan P.C. on 1/23/2024

There are numerous benefits of using trusts in your estate plan. For example, trusts can maximize the tax code provisions shielding assets from gift and estate taxes, protect assets from the clutches of creditors or...more

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

Why You Should Hire a Tax Professional to Review Your Trust

Freeman Law on 12/7/2022

Trusts come in many variations, rendering them often difficult for non-attorneys to follow and comprehend. Indeed, this variation can often be seen in the nomenclature used for trust arrangements, which includes terms such...more

Intra-Family Loan: A Gift Alternative In Turbulent Times?

Farrell Fritz, P.C. on 9/28/2020

Woe to Us? We live in strange times. The coronavirus pandemic hit the United States hard, the scientific community fears a second round later this year, and there have been wildly differing estimates over when an...more

Wills, Trusts & Estates: Plain and Simple – Estate Planning In The Time Of Coronavirus

Farrell Fritz, P.C. on 5/21/2020

This is a surrealistic time for most of us, but we will come out on the “other side” and we still need to plan for the future. We should continue to take at least basic steps to plan our estates, like preparing wills and/or...more

Estate Planning Tips for Food and Beverage Entrepreneurs

Nutter McClennen & Fish LLP on 3/10/2020

Q: What is estate planning? Johanna Wise Sullivan: Estate planning entails planning for the care of your family and your assets in the event of your death or incapacity as efficiently and seamlessly as possible. This includes...more

2020 California Estate and Tax Planning Newsletter

Blank Rome LLP on 1/6/2020

Blank Rome’s annual estate and tax planning newsletter addresses certain concepts and techniques that should be considered in 2020 by our clients and friends in California. Perhaps the most important and troublesome...more

Wealth Management Update - October 2019

Proskauer Rose LLP on 9/30/2019

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

Insight on Estate Planning - October/November 2018

Adler Pollock & Sheehan P.C. on 10/1/2018

In This Issue: - Who needs an estate plan? Quick answer: Everyone - NINGs, DINGs and WINGs: Understanding the tax angles of self-settled trusts - Securities laws can derail your estate plan - ESTATE PLANNING...more

Warning: $10 Million Estate Tax Exemption Can Overfund Trusts at Death and Harm Your Surviving Family

Ward and Smith, P.A. on 8/7/2018

Congress's recent increase in the federal estate, gift, and generation-skipping transfer ("GST") tax exemption to $10 million per person adjusted annually for inflation ($11.18 million in 2018) is a welcome sweetener for many...more

When to Gift – Now or Later? (The Step-Up in Basis Dilemma)

Dickinson Wright on 6/4/2018

The estate and gift tax exemption was raised to $11,180,000 per person for 2018, and will increase based on inflation each year until 2026 when it will return to the amount before it was increased (approximately $6,000,000),...more

Impact of New US Tax Law on High Net Worth Individuals, Trusts and Family Offices

Skadden, Arps, Slate, Meagher & Flom LLP on 1/24/2018

The newly enacted U.S. tax law makes significant changes to provisions of the Internal Revenue Code affecting high net worth individuals, their investment entities and family offices. These changes are likely to spur gift...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

"New Connecticut Laws Limit Transfer Taxes for Some Decedents, Increase Probate Fees for Most Estates"

Skadden, Arps, Slate, Meagher & Flom LLP on 4/26/2016

Connecticut has implemented changes to its transfer tax and probate laws that affect nearly every decedent leaving even a modest estate via will or nonprobate transfer (such as a revocable trust). A new $20 million cap for...more

Careful Planning Required to Avoid New York’s Estate Tax

BakerHostetler on 6/12/2013

Now that Congress has implemented a relatively large per person federal gift/estate tax exemption (i.e., the per person federal gift/estate tax exemption is $5,250,000 in 2013, indexed for inflation), many think that estate...more

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