News & Analysis as of

Estate Tax

Estate taxes, also known as inheritance or death taxes, are taxes on an individual's right to transfer property at death.

What Does the Tax Cuts and Jobs Act Mean For You?

by Sands Anderson PC on

On December 22, 2017 President Trump signed into law H.R. 1 (P.L. 115-97), the “Tax Cuts and Jobs Act,” which some consider to be the largest major tax reform in over three decades. This article summarizes some of the...more

Estate Tax Account Transcripts Available on IRS.gov

Estate tax transcripts can now be accessed online through the IRS website. “The ability to access those transcripts online is a significant milestone in the Internal Revenue Service’s effort to reduce the number of estate...more

McGuireWoods LLP State Death Tax Chart (Updated)

by McGuireWoods LLP on

This State Death Tax chart is maintained for the McGuireWoods LLP Website and is updated regularly. Please see full chart below for more information....more

Transfer Taxes and the Tax Act: An Overview and Three Possible Responses

by Womble Bond Dickinson on

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

[Event] Spring 2018 Tax Forum - May 17th, Richmond, VA

by Williams Mullen on

Please join us for the Spring Tax Forum to be held at the Williams Mullen Center on Thursday, May 17, 2018. We will provide an overview of the impact of The Tax Cuts and Jobs Act and share our best practices on tax...more

Impact to Charitable Organizations under the Tax Cuts and Jobs Act

While many businesses and individuals will see a lower tax bill as a result of the 2017 Tax Cuts and Jobs Act, charitable organizations may ultimately be the biggest losers from the sweeping tax reform. The Tax Act includes...more

Estate Tax Implications of the 2017 Tax Cuts and Jobs Act

by Davis Brown Law Firm on

The Tax Cuts and Jobs Act includes changes that may impact your income-tax liability—the increased standard deduction, decreased corporate income-tax rate, new individual income-tax rates, and grain-glitch issue for farmers,...more

Wealth Management Update - May 2018

by Proskauer Rose LLP on

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

Impact of Recent Federal and State Tax Legislation on Professional Service Firms and Their Owners

by Taylor English Duma LLP on

On December 22, 2017 President Trump signed into law the Tax Reform Reconciliation Act, also known as the Tax Cuts and Jobs Act (“the Act”). The Act is a major overhaul of the tax system and contains numerous revisions of tax...more

New Maryland Estate Tax Exemption for 2019, Signals Trend Following 2017 Tax Act

On April 5, 2018, legislation passed in Maryland that will set the amount exempt from Maryland estate tax at $5 million for decedents who die on or after January 1, 2019. Previously, the exemption would equal the federal...more

IRS Rules Gift Splitting Differs for Gift and GST Tax Purposes

by Genova Burns LLC on

In PLR 201811002 the IRS has ruled that gift splitting works differently when applied to Gift taxes and Generation Skipping Transfer (GST) taxes. Gift splitting is authorized by IRC Section 2513(a)(1) and states, generally,...more

What Could Go Wrong? The Importance of Business Succession Planning

by Ward and Smith, P.A. on

Most business owners expect that their company will continue to operate after they stop working. However, successfully transitioning control of a business rarely occurs without thoughtful planning. Consideration must be...more

Basis Consistency – Between Corporations And Shareholders?

by Farrell Fritz, P.C. on

Estates and Beneficiaries- I recently encountered a situation in which the so-called “basis consistency” rule was implicated. This rule requires consistency between the estate tax value of a decedent’s property – its fair...more

Practical Insights on Tax Reform: Impact on Individuals

On December 22, 2017, President Trump signed into law legislation, known as the Tax Cuts and Jobs Act (“TCJA”), which is the most extensive overhaul of the United States of the Internal Revenue Code (the “Code”) in 30 years....more

Estate Tax Changes Past, Present and Future

by McGuireWoods LLP on

I. INTRODUCTION - This outline is a selective and evolving review of the history of the modern federal estate tax. It originated during the attempts to repeal the estate tax in President Clinton’s second term and...more

Estate Tax Changes Past, Present and Future

by McGuireWoods LLP on

I. INTRODUCTION - This outline is a selective and evolving review of the history of the modern federal estate tax. It originated during the attempts to repeal the estate tax in President Clinton’s second term and...more

Impact of New Tax Laws on Estate Planning

by Polsinelli on

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

Estate Planning Pitfall - You haven’t transferred ownership of a life insurance policy to a trust

After recent tax legislation, including the Tax Cuts and Jobs Act, few tax shelters are left standing. One key exception is life insurance. This brief article details that, if certain requirements are met, the buildup of...more

Decoding the Tax Cuts and Jobs Act – Part VIII: Charitable and Tax-Exempt Organizations / Estate and Gift Taxes

by Garvey Schubert Barer on

Charitable organizations work hard to maintain exempt status. These organizations operate in a highly regulated landscape: In exchange for enjoying freedom from income taxes, they must comply with strict organizational and...more

Estate Planning for Millennials and the “Middle Class”

With all the changes in the new tax laws, some people may be hesitant to move forward with an estate plan. It is important, however, to keep in mind that most clients will not be subject to the federal estate tax and...more

The Tax Laws Changed. Should Your Business and Estate Plans Change Too?

by Thompson Coburn LLP on

On January 1, 2018, the most significant changes to the U.S. tax code in 30 years took effect. While the permanency of these changes varies, they are all currently scheduled to continue until at least 2026, which is long...more

McGuireWoods LLP State Death Tax Chart (Updated)

by McGuireWoods LLP on

This State Death Tax chart is maintained for the McGuireWoods LLP Website and is updated regularly. Please see full chart below for more information....more

2018 Annual Gift Tax Exclusion

by Dickinson Wright on

Under the new tax law enacted effective January 1, 2018, Congress doubled the gift, estate and generation-skipping transfer (GST) exemptions. Based on inflation adjustment information available at that time, those amounts...more

Estate Planning Adjustments for Tax Year 2018 & Chained CPI Under New Tax Act

by Williams Mullen on

Many estate planning provisions of the Internal Revenue Code contain brackets, exemptions, exclusions, deductions, or other figures that the Internal Revenue Service adjusts annually for inflation. On December 22, 2017,...more

Federal Estate, Gift and GST Tax Exemption Amounts Spike

by Harris Beach PLLC on

On December 22, 2017, President Trump enacted the Tax Cuts and Jobs Act, (“TCJA”) ushering in significant changes to the federal estate, gift and generation-skipping transfer tax laws. Through December 31, 2017, the federal...more

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