News & Analysis as of

Generation-Skipping Transfer

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

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

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

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

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

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

Benefits of Trusts Over 529 Plans and UTMA (Custodial) Accounts for Children and Grandchildren

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

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

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

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: 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

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

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

Dramatic Change to Federal Estate, Gift and Generation-Skipping Tax Exemptions

• Each individual’s exemptions from federal estate, gift and GST taxes have roughly doubled to approximately $11,200,000 • The increased exemptions are available only temporarily, through 2025 • We recommend that you...more

Personal Impacts of Tax Reform: Should You Adjust Your Wealth & Succession Plan?

While there are many ways that the 2017 Tax Act impacts businesses, business owners and high net worth individuals may also be affected individually as a result of the changes. Although the income tax changes under the 2017...more

Federal Transfer Tax Exemptions Increased … Temporarily

With the passage of the Tax Cuts and Jobs Act (Reconciliation Act of 2017) on December 19, 2017 (the Act), Congress provided increased, albeit temporary, relief to taxpayers who otherwise might be subject to federal transfer...more

The Impact of Tax Reform on Estate Planning

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

How the New Tax Law May Impact Your Estate Plan

On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act (the “2017 Act”) which, among other items, made several changes to the federal wealth transfer tax system with respect to transfers occurring...more

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