News & Analysis as of September 24, 2024

Tax Reform

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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 -

Is Your Estate Plan Ready for Future Estate Tax Law Changes?

Adler Pollock & Sheehan P.C. on 9/16/2024

The year 2017, when the Tax Cuts and Jobs Act was signed into law, seems like a long time ago. As you may be aware, many of the tax provisions of that law are set to expire in a relatively short amount of time — on January 1,...more

The Sunset of the TCJA – Tax Cuts and Jobs Act of 2017 – Is Scheduled for the End of 2025

Allen Barron, Inc. on 4/19/2024

The sunset of the TCJA – the Tax Cuts and Jobs Act of 2017, is currently scheduled for the end of 2025. The TCJA contributed substantial changes to the US tax code that have benefited many US taxpayers. How should a US...more

Are Changes Coming for the Gift and Estate Tax Exemption?

Adler Pollock & Sheehan P.C. on 7/26/2023

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

2022 Year-End Estate Planning Advisory

Katten Muchin Rosenman LLP on 11/18/2022

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

Trusts and Estates 2021 Tax Update

Downs Rachlin Martin PLLC on 1/22/2021

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

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

Year-End Estate Planning in an Election Year

Farella Braun + Martel LLP on 10/15/2020

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

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

Polsinelli on 1/3/2020

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

Kiddie Tax Changes May Increase Burden for Families with SNTs

Chambliss, Bahner & Stophel, P.C. on 3/13/2019

Major changes to the “kiddie tax” could significantly increase the tax liability of assets placed in special needs trusts if the trust’s beneficiary is a minor and the income the trust earns is high enough. Congress...more

Are You Giving Your Heirs an Unanticipated Tax Bill?

Saul Ewing LLP on 3/1/2019

Traditional estate plans written under pre-2017 tax laws may generate significant and unnecessary income tax liability for heirs. The adoption of the 2017 Tax Act raised the federal estate tax exemption to approximately...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

The Federal Gift (Tax) That Keeps On Giving

Fox Rothschild LLP on 12/13/2018

To resolve concerns that arose over the calculation of gift taxes, the IRS recently issued proposed regulations that would allow estates to leverage favorable gift exclusion amounts from the Tax Cuts and Jobs Act that are set...more

Is Your Estate Plan Getting the Most Out of the New Tax Laws?

Baker Donelson on 12/13/2018

Sweeping changes to federal tax laws have introduced certain estate planning opportunities that can be implemented now and over the next few years. Here are tips to ensure your plans are as financially sound and tax efficient...more

In the Holiday Spirit, Give While You Can

Bond Schoeneck & King PLLC on 12/6/2018

The 2017 Tax Cuts and Jobs Act (the “Act” or “Tax Reform”) increased the basic exclusion amount for decedents dying and gifts made between January 1, 2018 and December 31, 2025, from $5 million to $10 million, before...more

Tax Reform and Estate Planning: How the 2017 Tax Cuts and Jobs Act Impacts Estate Plans for McNair Clients

Burr & Forman on 10/5/2018

When the 2017 Tax Cuts and Jobs Act was passed, significant changes were made to the Federal Estate, Gift and Generation-Skipping Transfer Tax, the most prominent of which is the increased applicable exclusion amount, which...more

Future Connecticut Estate Tax Still Unclear after Two New Public Acts

Pullman & Comley, LLC on 8/24/2018

Following the passage of the Federal Tax Cuts and Jobs Act in late 2017, the Connecticut legislature attempted to modify Connecticut estate tax law and make it more consistent with the new, much higher $11.2 million federal...more

Impact of US Tax Reform on Cross-Border Estate Planning

Skadden, Arps, Slate, Meagher & Flom LLP on 6/20/2018

The U.S. tax act enacted in December 2017 includes a number of provisions that impact high net worth families with U.S. connections. For families with U.S. members, changes to the estate, gift and generation-skipping transfer...more

Transfer Taxes and the Tax Act: An Overview and Three Possible Responses

Womble Bond Dickinson on 5/14/2018

Individuals and businesses continue to evaluate the Tax Cuts and Jobs Act of 2017 (the “Tax Act” or “Act”) and, in particular, the specific effects on personal and business tax planning. Our clients are asking us daily how...more

Impact of New Tax Laws on Estate Planning

Polsinelli on 4/9/2018

The Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law by the President on December 22, 2017, and represents one of the most significant rewritings of the federal tax code since 1986. ...more

Federal Estate, Gift and GST Tax Exemption Amounts Spike

Harris Beach PLLC on 3/14/2018

On December 22, 2017, President Trump enacted the Tax Cuts and Jobs Act, (“TCJA”) ushering in significant changes to the federal estate, gift and generation-skipping transfer tax laws. Through December 31, 2017, the federal...more

Benefits of Trusts Over 529 Plans and UTMA (Custodial) Accounts for Children and Grandchildren

Kramer Levin Naftalis & Frankel LLP on 3/12/2018

When parents and grandparents (or other generous benefactors) want to transfer wealth to a minor child, the primary decision they will face is whether to set up a Section 529 Plan, a custodial account under the Uniform...more

Evaluating The Fitness Of Your Estate Plan For 2018 In Light Of The Tax Cuts And Jobs Act

Roetzel & Andress on 3/8/2018

The recent passage of the federal Tax Cuts and Jobs Act (TCJA) significantly altered federal estate tax laws effective January 1, 2018. The TCJA increased exemption amounts for federal estate, gift, and generation-skipping...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

The Impact of Tax Reform on Estate Planning

Mitchell, Williams, Selig, Gates & Woodyard,... on 2/9/2018

Tax Act of 2017: Transfer Tax Provisions - The Tax Cuts and Jobs Act of 2017 (the “Tax Act of 2017”) was signed by the President on December 22, 2017. The transfer tax provisions of the Tax Act of 2017 (i.e. the estate,...more

Insight on Estate Planning - February/March 2018

Adler Pollock & Sheehan P.C. on 2/7/2018

In This Issue: - Sudden impact: When a spouse unexpectedly dies - New tax law affects estate planning strategies - All in the family: Transferring your vacation home - Estate planning pitfall: You haven’t planned for...more

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