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Estate Planning › Tax Cuts and Jobs Act › Tax Exemptions

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 -
Brooks Pierce

Changing Laws Present Unique Estate Planning Opportunities for Married Couples

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Today’s federal estate and gift tax laws may be remembered as the most generous to wealthy families since the Great Depression. The 2017 Tax Cuts and Jobs Act (TCJA) doubled the federal estate, gift, and generation skipping...more

Dunlap Bennett & Ludwig PLLC

Estate Tax “Cinderella” Story: Millions Of Dollars Disappearing At The Stroke Of Midnight On January 1, 2026!

Dunlap Bennett & Ludwig PLLC on

The classic children’s tale of Cinderella has the magic spell that transformed Cinderella expiring at the stroke of midnight after the ball. Her magnificent coach turned back into a pumpkin, inspiring a commonly used phrase....more

Dunlap Bennett & Ludwig PLLC

The Strategy Behind Spousal Lifetime Access Trusts (SLATS)

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With continuing uncertainty regarding the federal estate tax laws, the Spousal Lifetime Access Trust (SLAT) is a popular option that helps high net-worth individuals maintain flexibility while maximizing their financial...more

Brooks Pierce

Planning for the Sunset of the Gift and Estate Tax Exemption

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Today’s federal estate and gift tax laws may be remembered as the most generous to wealthy families since the Great Depression. The 2017 Tax Cuts and Jobs Act (TCJA) doubled the federal estate, gift, and generation skipping...more

Pierce Atwood LLP

Sunset and Cloudy Skies on Horizon for Federal Estate Taxation

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Estate planning and wealth transfer professionals have their eyes on the sky as the future of federal estate taxation grows increasingly nebulous. Background - The federal gift and estate tax exemption is the amount...more

Lasher Holzapfel Sperry & Ebberson PLLC

Avoid the Estate Planning Exemption Cliff: Plan to Take Advantage of the Current Exemption Before it Expires

Lasher Holzapfel Sperry & Ebberson PLLC on

In an effort to provide Americans with various forms of tax relief, in 2017 Congress enacted the Tax Cuts and Jobs Act (“Tax Act”). This act provided tax reductions in many different categories, but one of the most...more

Adler Pollock & Sheehan P.C.

Bringing Back the Bypass Trust

Adler Pollock & Sheehan P.C. on

According to some people, the bypass trust (sometimes referred to as a credit shelter trust) has gone the way of the dodo bird in the current estate tax environment. However, this “dinosaur” of a technique for married couples...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

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

Husch Blackwell LLP

Maximizing Your Wealth Transfer Potential: Updates to Gift, Estate, and GST Tax Exemptions for 2024

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When it comes to passing wealth to the next generation, one of the most powerful tools in our toolbox is the use of your lifetime gift, estate, and generation-skipping transfer tax (GST) exemption amounts. While the...more

Proskauer Rose LLP

Personal Planning Strategies - November 2023

Proskauer Rose LLP on

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

Ward and Smith, P.A.

Is Your Estate Plan Past Due for a Check-Up?

Ward and Smith, P.A. on

Estate planning professionals help clients look ahead and anticipate future contingencies. By necessity, however, estate plans are crafted based on laws and circumstances existing at the time they are put in place. This...more

Davis Wright Tremaine LLP

DWT Estate Planning Update

Davis Wright Tremaine LLP on

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

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

Downs Rachlin Martin PLLC

Trusts and Estates 2021 Tax Update

Downs Rachlin Martin PLLC on

Potential Acceleration of Federal Estate Tax Exemption Decrease and Increase of Income Tax Rates - Now that the votes have been counted and our government has transitioned to a new administration, significant tax changes...more

Bowditch & Dewey

When to Take Advantage of a Spousal Lifetime Access Trust (SLAT)

Bowditch & Dewey on

Under the Tax Cuts and Jobs Act, in 2020 each person may transfer up to $11,580,000 without incurring a gift or estate tax. This generous exemption amount will sunset at the end of 2025, which means that in 2026, the...more

Farella Braun + Martel LLP

Year-End Estate Planning in an Election Year

Farella Braun + Martel LLP on

The 2020 election is less than a month away and year-end estate planning is already underway for many. Under current law, the estate, gift and GST (generation-skipping transfer) tax exemptions for 2020 are set at $11,580,000...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?"

Ward and Smith, P.A. on

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

Polsinelli

IRS Confirms No “Clawback” for Gifts Made Under the Increased Estate and Gift Tax Exclusion

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On November 26, 2019, the Treasury Department and the IRS issued final regulations under IR-2019-189 confirming that there will be no “clawback” for gifts made under the increased estate and gift tax exclusion put in place by...more

Proskauer Rose LLP

Personal Planning Strategies - December 2019

Proskauer Rose LLP on

Estate, Gift and GST Tax Update - 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...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

Adler Pollock & Sheehan P.C.

Insight on Estate Planning - June/July 2019: When to elect the alternate valuation date

Adler Pollock & Sheehan P.C. on

Because of the fluctuation in the value of assets, specifically stocks, federal tax laws provide relief to taxable estates that may be negatively affected by fluctuating market conditions. Instead of using the value of assets...more

Shumaker, Loop & Kendrick, LLP

The Estate Planner - July/August 2019

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Below is a brief glance of what you'll find in the July/August 2019 issue of The Estate Planner. SLATs offer an estate planning safety net - Can multiple trusts be used to maximize the pass-through deduction? -...more

Adler Pollock & Sheehan P.C.

Insight on Estate Planning - April/May 2019: Expiration date: IRS provides estate tax protection against sunsetting TCJA...

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Beginning in 2018, the Tax Cuts and Jobs Act (TCJA) effectively removed gift and estate tax liability concerns for many families. However, the favorable estate tax changes in the TCJA are currently scheduled to sunset after...more

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