News & Analysis as of September 18, 2024

Gift Tax

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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 -

Window Closing for New Yorkers to Take Advantage of Expanded Federal Tax Exclusions and Exemptions

McDermott Will & Emery on 1/18/2024

The federal gift and estate tax exclusions and the generation-skipping transfer (GST) tax exemption increased significantly under the Tax Cuts and Jobs Act of 2017 (TCJA). Recent inflation adjustments have expanded them even...more

Disclaiming to Save Taxes

Rivkin Radler LLP on 11/6/2023

It’s not enough for the founder of a closely held business to have successfully established the business. The business has to grow, not only to increase profits, but also to make it more competitive and to diversify its...more

Expanded Federal Tax Exclusions and Exemptions Mean Greater Opportunities for New Yorkers

McDermott Will & Emery on 9/1/2023

Some Estate Planning and Business Transition Issues Not to Overlook Before 2021 Year-End

Schwabe, Williamson & Wyatt PC on 9/27/2021

As we enter the final quarter of 2021, there are many things still to do and plan for before the end of the year. There are also some timing considerations given proposed legislative changes and the lead time needed to...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

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