News & Analysis as of September 20, 2024

New Legislation

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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 -

Massachusetts Estate Tax Changes

Partridge Snow & Hahn LLP on 10/19/2023

Governor Maura Healey signed a tax relief package into law on October 4, 2023, making changes to how the Massachusetts estate tax is calculated. The new law doubles the Massachusetts estate tax exemption from $1 million to...more

Massachusetts Doubles Estate Tax Threshold as Part of $1 Billion Tax Reform Act

Goulston & Storrs PC on 10/5/2023

On October 4, 2023, Massachusetts enacted a new law called “An Act to improve the Commonwealth’s competitiveness, affordability, and equity” (the “Act”). The Act makes several tax law changes relevant to Massachusetts...more

Changes Under Secure Act 2.0

Stoel Rives LLP on 1/18/2023

The SECURE 2.0 Act was signed into law in late December 2022. While the legislation contains a number of provisions, this alert focuses on the changes most relevant to individuals in their personal planning....more

Enactment of FUDTA and CPTA Change the Rules on Florida Trusts

Bilzin Sumberg on 7/1/2021

On June 29, 2021, Florida enacted the Florida Uniform Directed Trust Act ("FUDTA") and the Community Property Trust Act ("CPTA"). Florida will now have a more robust law whereby “trust directors” can be granted powers in a...more

The Time to Plan for Tax Code Changes Is Now

Rivkin Radler LLP on 10/19/2020

The election is only weeks away, and with it is likely to come significant changes to the tax code. Many economists anticipate that, regardless of the outcome, there will likely be tax increases to reduce the federal deficit,...more

SECURE Act Impact on Estate Planning

Stinson LLP on 3/4/2020

The Setting Every Community Up for Retirement Enhancement (SECURE) Act was made a part of the appropriations bill late in 2019 and was signed into law on December 20, 2019....more

McNees Insights – Estate Planning: March 2020

McNees Wallace & Nurick LLC on 3/3/2020

The current year sees us coming off a good year in the stock market and an economy that is strong. However, in November there is another presidential election cycle, which could bring change to which political party controls...more

Estate Planning Impact Of The Secure Act

Polsinelli on 2/19/2020

The ‘Setting Every Community Up for Retirement Enhancement’ Act (the “SECURE Act”) was signed into law on December 20, 2019 and became effective January 1, 2020....more

If Your Estate Plan Includes IRAs, a New Law Means It Is Time to Reevaluate

Chambliss, Bahner & Stophel, P.C. on 2/18/2020

Both workers and retirees may need to rethink some of their estate planning in light of the newest spending bill. The Setting Every Community Up for Retirement Enhancement (SECURE) Act, part of the massive bill, makes major...more

Estate Planning Implications of the SECURE Act

Troutman Pepper on 2/13/2020

On December 20, 2019, President Trump signed into law the Setting Every Community Up for Retirement Enhancement Act (SECURE Act). The SECURE Act substantially changes the law applicable to IRAs and other retirement vehicles....more

Your Retirement Planning and the SECURE Act

Farella Braun + Martel LLP on 2/3/2020

The Setting Every Community Up for Retirement Enhancement Act (or SECURE Act), signed into law on December 20, 2019, changes retirement planning significantly and unexpectedly. The bulk of the changes become effective as of...more

An Overview of Certain Changes Impacting Estate Planning under The SECURE Act

ArentFox Schiff on 1/13/2020

The Setting Every Community Up for Retirement Enhancement Act (the SECURE Act) was passed on December 20, 2019, with most of its provisions taking effect as of January 1, 2020. The SECURE Act introduces a number of changes...more

New Retirement Distribution Rules Begin in 2020: The SECURE Act Giveth and Taketh Away: Pullman & Comley

Pullman & Comley, LLC on 1/9/2020

The first important new law impacting retirement distributions in over a decade was enacted on December 20, 2019 as the SECURE Act (“Setting Every Community Up for Retirement Enhancement Act of 2019”). ...more

SECURE Act Creates Need for Estate Plan Review

Lewitt Hackman on 1/7/2020

Congress recently passed the Setting Every Community Up for Retirement Enhancement Act (SECURE Act, or the “Act”) implementing one of the most substantial pieces of retirement plan legislation in years, into law....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

SECURE Act: Significant Changes to Beneficiary Distributions

Tucker Arensberg, P.C. on 1/2/2020

The SECURE Act – the “Setting Every Community Up for Retirement Enhancement” Act – was signed into law by President Trump on December 20, 2019. The law generally took effect on January 1, 2020....more

Major Changes to Retirement Plans Affect Estate Planning

Pierce Atwood LLP on 12/31/2019

On December 20, 2019 the SECURE Act was signed into law, making major changes to retirement planning for persons who die after December 31, 2019. The SECURE Act will impact estate planning with retirement accounts in a number...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 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

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

More Planning Tips for Individuals Under New Tax Act

Ruder Ware on 2/15/2018

As Shanna Yonke mentioned in her January 22, 2018 Legal Update The New Tax Law Provides Estate Planning Opportunities, President Trump signed the Tax Cuts and Jobs Act into law on December 22, 2017. The Act (officially,...more

The New Tax Law Provides Estate Planning Opportunities

Ruder Ware on 1/29/2018

Shortly before Christmas, Congress approved and President Trump signed into law the Tax Cut and Jobs Act. The new law increases the federal estate, gift, and generation-skipping transfer tax exemptions from $5 million to $10...more

What You Should Know About Estate and Gift Tax Reform

Stinson LLP on 1/8/2018

The tax bill recently passed by the U.S. Congress and signed by President Trump retains the gift and estate tax, but substantially curtails its reach. The new tax legislation represents a dramatic change to our transfer tax...more

Impact on Gift, Estate, and GST Taxes Under the Tax Cuts and Jobs Act (H.R. 1)

Ballard Spahr LLP on 1/5/2018

The tax law known as the Tax Cuts and Jobs Act (H.R. 1), signed by President Trump on December 22, 2017, contains important changes to provisions governing gift, estate, and generation-skipping transfer (GST) taxes...more

Effect of the Tax Cuts and Jobs Act on Trust and Estate Planning

Patterson Belknap Webb & Tyler LLP on 1/3/2018

The Tax Cuts and Jobs Act, signed into law on December 22, 2017, includes significant changes to the U.S. federal gift, estate, and generation-skipping transfer (GST) tax laws, effective as of January 1, 2018. In addition,...more

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