News & Analysis as of September 26, 2024

Tax Deductions

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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 -

2023 Year-End Estate Planning Advisory

Katten Muchin Rosenman LLP on 11/21/2023

We have certainly had our share of turbulent waters in the estate planning world from 2020-2022. With two significant elections, it is hard to remember a previous time with such substantial uncertainty about how tax planning...more

IRS to Leave More in Our Paychecks in 2024

Allen Barron, Inc. on 11/17/2023

Is it possible for the IRS to leave more in our paychecks in 2024? What has changed for the 2024 federal income tax brackets and how will these apply to the tax return(s) you’ll file in 2025?...more

2022 Year End Estate Planning Advisory

A&O Shearman on 12/15/2022

The current estate planning landscape is drastically different than it was at the beginning of this year. After an extended period of historically low rates of interest and inflation, this year the Federal Reserve began...more

Fall 2022 Estate Planning Update

Keating Muething & Klekamp PLL on 10/25/2022

This Estate Planning Update reviews the newly-released estate tax exemption and gifting adjustments for 2023, the extended deadline to make a portability election, and simple ways that business owners and professionals can...more

House of Representatives 5376: Current Tax Legislation Pending in the U.S. House of Representatives

Foster Garvey PC on 10/15/2021

...The federal tax laws are certainly about to change. With the need to raise revenue as a top priority for the Biden Administration, everyone is expecting dramatic changes to the Internal Revenue Code. Tax legislation is...more

Impact of House Ways and Means Tax Proposals for Trusts, Estates, and Retirement Accounts

Bowditch & Dewey on 9/29/2021

In this second blog post on the House Ways and Means Tax proposals, we address the proposed changes that will affect the taxation of trusts, estates, and retirement plans. As we discussed, on September 13, 2021, the...more

Four Key Estate Planning Issues We're Following in 2021

Pullman & Comley, LLC on 3/8/2021

The past twelve months have demonstrated that a solid estate plan, which includes steps to protect your wealth, can help you feel better prepared and provide a sense of control during times of economic uncertainty. As we...more

Wills, Trusts & Estates: Plain and Simple – Year End Gifting

Farrell Fritz, P.C. on 12/18/2019

Now is the time that many people think about gifting to loved ones, especially with the holidays upon us. In addition to making you, as well as the beneficiary of your gift, feel good, lifetime gifts can help reduce your...more

Federal Estate Tax Exclusion Rises to $11,580,000 for 2020 (and more inflation adjustments)

Tucker Arensberg, P.C. on 11/7/2019

The IRS published Revenue Procedure 2019-44 on November 6, 2019, to set the inflation adjustments for 2020. The exclusion from federal estate will increase to $11,580,000, up from $11,400,000 in 2019....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

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

Estate Planning under the New Tax Law

Blank Rome LLP on 1/24/2018

This client alert is part of a special series on the Tax Cuts and Jobs Act and related changes to the tax code, where Blank Rome’s lawyers share their analysis of different provisions in the Act and how they may affect you...more

The Tax Cuts and Jobs Act: An Overview and Four 2018 Planning Suggestions

Faegre Drinker Biddle & Reath LLP on 1/24/2018

For the first time in more than 30 years, the countdown to the New Year was also the countdown to major revisions to the tax code. The Tax Cuts and Jobs Act (Act) became law in late December 2017 and contains sweeping changes...more

2018 Key Trust & Estate Planning and Corporate Ownership Implications of the New Tax Law

Perkins Coie on 1/18/2018

With the passage of Public Law no. 115-97, commonly referred to as the Tax Cuts and Jobs Act of 2017 (the 2017 Tax Act), attorneys in Perkins Coie’s Trust & Estate Planning practice, along with our clients running closely...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

Impact of the Tax Law on Estate Planning

Kramer Levin Naftalis & Frankel LLP on 1/3/2018

President Trump signed sweeping tax legislation into law on Dec. 22, 2017, resulting in several significant changes to the wealth transfer tax system, effective as of Jan. 1, 2018....more

Tax Reform 101 – Estate Planning For High Net Worth Individuals

Sheppard Mullin Richter & Hampton LLP on 12/26/2017

The new tax bill passed by Congress and signed into law by the President today has increased the amount individuals can transfer free of Gift, Estate and Generation Skipping Transfer (“GST”) taxes....more

Trust and Estate Planning 2017 Year End Update

Kramer Levin Naftalis & Frankel LLP on 12/4/2017

As we approach the end of the year, we thought you would find it useful to have the following summary of recent developments and updates that may affect your trust and estate planning....more

Estate Planning NOW: Preparing for a New Government

Lewitt Hackman on 12/1/2016

It’s impossible to predict what any future president will do, or what Congress will approve. But in light of comments president-elect Donald J. Trump made on the campaign trail, and given that Grand Old Party members will...more

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