News & Analysis as of September 22, 2024

Internal Revenue Code (IRC)

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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 -

Estate Planning for Founders - Part II: Planning with Qualified Small Business Stock

Pillsbury - Propel on 8/22/2024

This is the second of a four-part series focusing on estate planning fundamentals for founders. This article will address an important topic for owners of Qualified Small Business Stock (QSBS) as defined in Section 1202 of...more

Understanding the 2026 Changes to the Estate, Gift, and Generation-Skipping Tax Exemptions

Husch Blackwell LLP on 6/13/2024

The Tax Cuts and Jobs Act of 2017 provided major changes to the Internal Revenue Code, specifically doubling the federal estate, gift, and generation-skipping transfer (GST) tax exemption (collectively, the exemption) from...more

Maximizing QSBS Benefits with Estate Planning: The Art of Stacking

DarrowEverett LLP on 5/21/2024

The number of taxpayers seeking the benefits of Qualified Small Business Stock (“QSBS”) has picked up steam in recent years, particularly since the Tax Cuts and Jobs Act (“TCJA”) lowered the federal corporate tax rates to...more

U.S.-Based Statutory Foundations: the Best of a Trust and a Non-Trust?

Pillsbury Winthrop Shaw Pittman LLP on 1/24/2024

A trust structure, commonly used for estate planning, can be problematic in certain civil law jurisdictions, such as those in many European countries. Recent acts enacted in Wyoming and New Hampshire allow for the...more

West Coast Forum 2023 | Key Takeaways

McDermott Will & Emery on 12/4/2023

McDermott’s Private Client Practice led interactive discussions on a broad range of topics pertinent to ultra-high-net-worth families, their family office representatives and other advisors at our Private Client West Coast...more

Transferee Liability for Estate Tax: The Downside of Being a Beneficiary

Rivkin Radler LLP on 8/11/2023

Death of a Parent- In the context of a family-owned business, it is often the case that the matriarch or patriarch of the family is also the chief executive of the business. They may have founded the business, or they may...more

Potential Changes Threaten Estate Planning Strategies, Create Urgency to Act

DarrowEverett LLP on 5/25/2023

Actor Will Rogers is widely credited with stating that “the only difference between death and taxes is that death doesn’t get worse every time Congress meets.” While most taxpayers fear tax laws changing for the worse, estate...more

‘Tis the Season (For Charitable Giving)

Woods Rogers on 10/26/2022

The year-end is approaching, but you still have time to work on your 2022 tax planning. Consider giving to your favorite charity to make this holiday season merry. Planned charitable giving provides you a way to maximize...more

What is a Trust?

Freeman Law on 2/9/2022

Trusts - Trusts play an important role in estate and tax planning. A trust is a fiduciary arrangement that allows a trustee to hold legal title to assets for the benefit of a beneficiary. The beneficiary is, in turn, said...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

Highlights from the Final Opportunity Zone Regulations

McDermott Will & Emery on 1/29/2020

The US Treasury released Final Regulations providing guidance under Subchapter Z (the Opportunity Zone Provisions) of the Internal Revenue Code in December of 2019. The Final Regulations clarify many portions of two earlier...more

Proposed Tax Reform Regulations: Application of Section 199A to Estates, Trusts, and Beneficiaries

Dentons on 8/23/2018

This update covers the proposed Treasury regulations associated with the new IRS Code 199A as it relates to estates, trusts, and beneficiaries. An overview of Section 199A can be found here....more

2016 Year-End Estate Planning Advisory

Katten Muchin Rosenman LLP on 11/22/2016

In 2016, we continued to experience a period of relative stability in our federal transfer tax system and have been able to plan without expecting imminent significant changes to the system. Under the American Taxpayer Relief...more

McNees Insights Newsletter – Estate Planning: November 2016

McNees Wallace & Nurick LLC on 11/11/2016

IRS Simplifies Rules for Correcting Late Rollovers - On August 24, 2016, the Internal Revenue Service (the “IRS”) issued Revenue Procedure 2016-47, which greatly simplifies the procedure for correcting late rollover...more

Transferee Liability: The [Unlikely] Situation that your Nonprofit Receives a Charitable Gift with Expensive Tax Strings Attached

Coblentz Patch Duffy & Bass on 10/12/2016

The case of Salus Mundi Foundation et al v. Commissioner - On August 15, 2016, the Tax Court decided in Salus Mundi Foundation et al v. Commissioner, T.C. Memo. 2016-154, that two foundations were liable as transferees...more

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