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.

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

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

Key Federal Inflation-Adjusted Amounts for 2018

by Charles (Chuck) Rubin on

In Rev.Proc. 2018-18, the IRS has released various tax rates, brackets, and threshold amounts for 2018, incorporating inflation adjustments and the new tax act....more

Estate Planning after The Tax Cuts and Jobs Acts of 2017

by Lathrop Gage on

The Tax Cuts and Jobs Act of 2017 (the “Act”) doubled the amount of property that an individual can transfer without incurring federal estate, gift or generation-skipping transfer tax (“Exemption Amount”) from $5,490,000 in...more

Evaluating The Fitness Of Your Estate Plan For 2018 In Light Of The Tax Cuts And Jobs Act

by Roetzel & Andress on

The recent passage of the federal Tax Cuts and Jobs Act (TCJA) significantly altered federal estate tax laws effective January 1, 2018. The TCJA increased exemption amounts for federal estate, gift, and generation-skipping...more

Finishing SALT: March State Focus & February Wrap-Up

by McDermott Will & Emery on

A Grain of SALT: March State Focus – New York - On January 19, a New York qui tam complaint was unsealed. This was unremarkable in and of itself, as there are many qui tam complaints progressing through the courts. ...more

2018 Estate Tax Changes

by Jaburg Wilk on

Under the new tax law, estate tax has not been repealed. However, there is relief for higher net worth individuals, business owners and people with large estates that have little or no liquidity who previously might have...more

MoFo New York Tax Insights - Volume 9, Issue 3

by Morrison & Foerster LLP on

NYC TRIBUNAL IMPOSES ITS OWN SOURCING METHODOLOGY FOR RECEIPTS FROM SERVICES - In a case involving the sourcing of lump sum payments for the performance of services, the New York City Tax Appeals Tribunal took the unusual...more

Decoding the Tax Cuts and Jobs Act of 2017 for Estate and Wealth Planning

As many of you are already aware, the Tax Cuts and Jobs Act of 2017 (Tax Act) was signed into law on December 22, 2017. The Tax Act makes a wide variety of changes to the Internal Revenue Code covering a broad range of...more

2018 Summary of Changes to Gift, Estate & GST Taxes

The Tax Cuts and Jobs Act of 2017 (Tax Act) substantially increases the exemption amounts for the estate, gift, and generation-skipping transfer (GST) taxes. The Tax Act also retains the income tax basis adjustment on death....more

Estate Tax Changes Past, Present, and Future (Updated)

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

The Tax Cuts and Jobs Act: Gift, Estate and Generation-Skipping Transfer Tax Reform

The Tax Cuts and Jobs Act (Act), passed at the end of 2017 by Congress and signed into law by President Trump on December 22, 2017, provides far-reaching changes to the federal tax landscape. Much has been written regarding...more

Important Information about the 2017 Tax Cuts & Jobs Act: Regulatory Outlook

by Tucker Arensberg, P.C. on

The Internal Revenue Service and the Treasury Department released an updated Priority Guidance Plan outlining the regulatory projects that have become necessary in light of the passage of the 2017 Tax Cuts and Jobs Act (the...more

Changes in Planning for Closely Held Businesses Under the New Tax Law

The tax changes recently signed into law increased the exemption from federal estate and gift taxes to about twice the prior level. Even though the increase is temporary and will expire at the end of 2025, it changes some of...more

Important Information about the 2017 Tax Cuts & Jobs Act: Estate & Gift Tax Provisions

by Tucker Arensberg, P.C. on

Exemption Amount Doubled: A simple but powerful change was made to the Federal Estate and Gift Tax: Starting in 2018, the amount that an individual can transfer free from estate tax (the "exclusion amount") increased from a...more

The New Estate Tax Law – Here Today, Gone Tomorrow

by Proskauer Rose LLP on

Increase in Exemption from Estate, Gift and Generation-Skipping Transfer Taxes - On December 22, 2017, the Tax Cuts and Jobs Act (the "Act") was signed into law. The Act implements a variety of significant tax reforms....more

Let's All Wait Until After 2023 to Die in Connecticut

by Murtha Cullina on

Until the passage of the 2017 Tax Cuts and Jobs Act, the federal applicable exclusion amount for the estate of a person dying in 2018 was scheduled to be $5.6M. The federal applicable exclusion amount sets (i) the applicable...more

Budget 2018

by Hogan Lovells on

The 2018 tax proposals are projected to raise ZAR36 billion. The key changes announced are: Donations tax will increase to 25% in respect of any donations exceeding ZAR30 million. There have been no increases in the corporate...more

Tax Reform: Impact on Businesses and Individuals

The 2017 Tax Act - Signed into law on December 22, 2017 - Provisions apply NOW – to taxable years beginning after December 31, 2017 - Corporate and International Changes are “permanent;” almost all individual changes...more

Updated Historical Federal Transfer Tax Rates, Exemptions, and Related Information Table

by Charles (Chuck) Rubin on

I have updated this table to include 2018 data based on inflation adjustments and changes in the 2017 Tax Act. The $11,180,000 exemption and exemption equivalent amounts for estate, gift and GST tax are not yet out, so...more

More Planning Tips for Individuals Under New Tax Act

by Ruder Ware on

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

2018 Federal and Maryland Legislation Changes Regarding Estate and Gift Tax

by Pessin Katz Law, P.A. on

An abundance of tax legislation was signed into law in the final days of 2017. In terms of estate and gift tax, here is what individuals need to keep in mind: Under the new law, which took effect on January 1, 2018, the...more

Estate Planning is Still Important Even with the Passage of the Tax Cuts and Jobs Act

The Tax Cuts and Jobs Act of 2017 (the Act) signed into law by President Trump on December 22, 2017 made sweeping changes that affect individuals, businesses, trusts and estates. This alert focuses on the impact of the Act on...more

US “TCJ Act” Tightening of CFC Rules Eliminates Common Approach To Post-Death Avoidance Of US Beneficiary Taxation

by Bryan Cave on

On December 22, 2017, President Trump signed into law H.R. 1 (Pub. L. No. 115-97), known as the Tax Cuts and Jobs Act (the “Act”). The Act is the first major overhaul of the Internal Revenue Code (the “Code”) in more than 30...more

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