News & Analysis as of September 20, 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 -

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

Estate Planning Advisory - House Ways and Means Proposal

A&O Shearman on 10/29/2021

The House Ways and Means Committee recently proposed sweeping changes to the tax code that would significantly impair fundamental wealth transfer planning techniques. We recommend that you consider taking action now....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

Proposed Tax Law Changes Impacting Estate and Gift Taxes

Pullman & Comley, LLC on 9/23/2021

As many people are aware, Congress is considering changes to the federal tax code to support President Biden’s Build Back Better spending plan. As of this writing, on September 22, 2021, no bill has been enacted....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

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

2019 Estate and Tax Planning Newsletter

Blank Rome LLP on 1/9/2019

Blank Rome’s annual estate and tax planning newsletter addresses estate planning concepts and techniques that should be considered in 2019 by our clients and friends. 1. Transfer Taxes. The major changes made in 2010 in...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

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

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

Favorable Changes to Estate, Gift and GST Tax Laws Under the Tax Cuts and Jobs Act

Mintz on 2/5/2018

The Tax Cuts and Jobs Act (the “Act”), signed into law on December 22, 2017, significantly increased the exemption amounts for the federal estate, gift, and generation-skipping transfer taxes. These increases may present...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

Impact of New US Tax Law on High Net Worth Individuals, Trusts and Family Offices

Skadden, Arps, Slate, Meagher & Flom LLP on 1/24/2018

The newly enacted U.S. tax law makes significant changes to provisions of the Internal Revenue Code affecting high net worth individuals, their investment entities and family offices. These changes are likely to spur gift...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

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: Federal Gift, Estate and Generation-Skipping Transfer Taxes - No Permanent Repeal, but Double Exemptions Create...

Dechert LLP on 1/2/2018

On December 22, 2017, President Trump signed into law new tax legislation (the “2017 Tax Bill”). The 2017 Tax Bill makes sweeping changes to the U.S. tax code, including a reduction in corporate tax rates, significant changes...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

Wealth Management Update - December 2017

Proskauer Rose LLP on 12/19/2017

December Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The December § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs...more

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