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Estate Planning › Tax Cuts and Jobs Act › Estate-Tax Exemption

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... more +
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 -
Venable LLP

“Don’t Let the Sun Go Down on Me” - Plan Ahead for the Sunset of Federal Estate and Gift Tax Exemptions at the End of 2025

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The Tax Cuts and Jobs Act of 2017 (TCJA) enacted significant changes in the federal estate and gift tax laws commencing in 2018. One of the most notable changes was that the TCJA doubled the federal lifetime gift tax...more

Kohrman Jackson & Krantz LLP

Navigating Section 1014 and the TCJA: A Deep Dive into the IRS Ruling on Basis Adjustments

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Understanding the nuances of the Internal Revenue Code (I.R.C.) is crucial for effective estate planning and tax strategy. For example, estate planners must be familiar with the tax basis adjustment provisions in 26 U.S.C. §...more

Kohrman Jackson & Krantz LLP

The Future of Estate Planning: Preparing for Upcoming and Uncertain Legal Changes

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The American housing market is grappling with escalating interest rates and limited inventory, pricing many Americans out of home ownership. Massachusetts’s senior Senator Elizabeth Warren seeks to address this issue in the...more

Husch Blackwell LLP

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

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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

Rosenberg Martin Greenberg LLP

Seize the Moment: Maximizing Your Estate Planning Before 2026

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In a significant legislative shift, the Tax Cuts and Jobs Act of 2017 doubled the exemption amounts for estate, gift, and generation-skipping transfer taxes (collectively known as “Death Taxes”). As of 2024, the federal...more

DarrowEverett LLP

Maximizing QSBS Benefits with Estate Planning: The Art of Stacking

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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

Lathrop GPM

Estate Tax Sunset Encourages Strategic Asset Retitling

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Current tax laws provide historically high exclusion amounts for the federal estate and generation skipping transfer tax. These exclusion amounts, however, are slated to sunset by roughly 50% at the end of 2025. ...more

Kohrman Jackson & Krantz LLP

IRS Increases 2024 Federal Estate Tax Exemption and Gift Tax Exclusions: Key Points for Taxpayers

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Estate planning is a lot like putting together a puzzle. The client provides you with their box lid showing what they want the ultimate result of their plan to look like. Then, estate planners are tasked to identify and...more

Adler Pollock & Sheehan P.C.

Are Changes Coming for the Gift and Estate Tax Exemption?

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Under current estate tax law, taxpayers benefit from the most generous gift and estate tax regime in history. Indeed, in 2023, an individual can shield assets worth up to $12.92 million from federal gift and estate tax....more

Davis Wright Tremaine LLP

DWT Estate Planning Update

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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

DarrowEverett LLP

Potential Changes Threaten Estate Planning Strategies, Create Urgency to Act

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Actor Will Rogers is widely credited with stating that “the only difference between death and taxes is that death doesn’t get worse every time Congress meets.” While most taxpayers fear tax laws changing for the worse, estate...more

Katten Muchin Rosenman LLP

2022 Year-End Estate Planning Advisory

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During 2022, COVID-19, the war in Ukraine, global inflation, the Tax Cuts and Jobs Act (TCJA), the uncertainty about the Build Back Better Act (BBBA), the Corporate Transparency Act (CTA), and the Inflation Reduction Act...more

Tucker Arensberg, P.C.

Gifting and Estate Tax in Period of Big Changes

Tucker Arensberg, P.C. on

​​​​​​​The Tax Cuts and Jobs Act of 2017 increased the federal estate and gift tax exclusion amount (sometimes called the “basic exclusion amount” or “BEA”) from $5 million to $10 million. (Those numbers are adjusted for...more

Davis Wright Tremaine LLP

Not So Fast! IRS Releases Proposed Clawback Regulations

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The IRS recently released proposed clawback regulations on the treatment of gifts that are complete at the time of transfer but are potentially included in the donor's gross estate at death. Such gifts will likely get the...more

Adler Pollock & Sheehan P.C.

Small Business Owners May Qualify For The Special Use Valuation Method

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The need for estate planning is essential for small business owners who have most of their personal fortune tied up in the operation. This is compounded by the looming reduction of the federal gift and estate tax exemption...more

Katten Muchin Rosenman LLP

2021 Year-End Estate Planning Advisory

Katten Muchin Rosenman LLP on

Overview During 2021, COVID-19, the new Biden administration, the Tax Cuts and Jobs Act (TCJA), the Coronavirus Aid, Relief and Economic Security Act (CARES ACT), the American Rescue Plan (ARP), and the uncertainty about the...more

Ward and Smith, P.A.

The Exemption Also Rises (But Could Set Soon)

Ward and Smith, P.A. on

The amount that you can give to your children during life or leave to them after death estate tax-free currently is at a historically high level. As of January 1, 2021, an individual can give or leave $11.7 million and a...more

Katten Muchin Rosenman LLP

2020 Year-End Estate Planning Advisory

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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

Farrell Fritz, P.C.

The Loss Of The Favorable Capital Gain Rate, The Exclusion Of Gain under Section 1202, And The Incorporation Of The Partnership

Farrell Fritz, P.C. on

If the Democrats Win- Science has not established – at least to my knowledge – any correlation between the pre-election year-end activities of individual business owners, on the one hand, and election outcomes, on the...more

Faegre Drinker Biddle & Reath LLP

Use It or Lose It? Plan Now for a Potential Reduction in Estate, Gift and GST Tax Exemptions

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The federal government taxes the transfer of assets via three separate but interrelated taxes: the estate tax, which taxes the transfer of assets at death, the gift tax, which taxes gratuitous transfers during your lifetime,...more

Ward and Smith, P.A.

Is it Time to "Use it or Lose it?"

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In the wake of COVID-19, we may see significant statutory changes to the federal estate, gift, and generation-skipping transfer tax exemptions. Spousal Lifetime Access Trusts and other planning techniques provide...more

BCLP

IRS Issues Final Regulations Quashing Taxpayer Fears of Clawback on Gifts

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The Treasury Department issued final regulations, citing the Tax Cuts and Jobs Act (TCJA), on  November 26, 2019 (Treasury Decision 9884) confirming that taxpayers will not be subject to “clawback” of the value of their...more

Genova Burns LLC

Estate Tax "Clawback" Relief Announced; But of Limited Application

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For those of sufficient wealth to be concerned about federal estate taxes, lifetime gift giving can be an effective strategy. Although the estate tax is imposed on the aggregate of the taxable estate and lifetime taxable...more

Weintraub Tobin

With New Tax Law, Your Estate Planning May Need Some Revisions

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You may have heard by now that the Gift and Estate Tax exemption amount was increased by the Tax Cuts and Jobs Act of 2017, which became effective on January 1, 2018. This article is to highlight some of the key estate...more

Shumaker, Loop & Kendrick, LLP

The Estate Planner - November/December 2019

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What’s a clawback ? and should you be worried about it? By temporarily doubling the gift and estate tax exemption amount, the Tax Cuts and Jobs Act created an historic opportunity for affluent families to shelter wealth...more

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