News & Analysis as of

Generation-Skipping Transfer Gift-Tax Exemption Internal Revenue Service

Husch Blackwell LLP

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

Husch Blackwell LLP on

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

Rosenberg Martin Greenberg LLP

Seize the Moment: Maximizing Your Estate Planning Before 2026

In a significant legislative shift, the Tax Cuts and Jobs Act of 2017 doubled the exemption amounts for estate, gift, and generation-skipping transfer taxes (collectively known as “Death Taxes”). As of 2024, the federal...more

Ballard Spahr LLP

Increases to Gift and Estate Tax Exemption, Generation Skipping Transfer Tax Exemption, and Annual Gift Tax Exclusion

Ballard Spahr LLP on

In 2024, the federal estate, gift, and Generation Skipping Transfer tax exemption amount increased from $12.92 million to $13.61 million per individual (a combined $27.22 million for a married couple), representing an...more

Hinckley Allen

Understanding 2024 Estate, Gift, and Generation-Skipping Transfer Tax Exemptions

Hinckley Allen on

Each year, certain estate, gift, and generation-skipping transfer (“GST”) tax figures are subject to inflation adjustments that go in effect on January 1. Below are the current adjustments for 2024....more

McDermott Will & Emery

Prepare for Soaring Estate and Gift Tax Exclusions and GST Tax Exemption to Close After 2025

McDermott Will & Emery on

On January 1, 2024, the amounts that individuals can gift free of federal gift and generation-skipping transfer (GST) tax rose to $13,610,000 for individuals and $27,220,000 for married couples due to inflation adjustments....more

McGuireWoods LLP

Once Removed Episode 17: Annual Gifting to Individuals: Options, Opportunities and Pitfalls

McGuireWoods LLP on

The beginning of the year is a good time to think about annual gifts to descendants and other beneficiaries. Episode 17 will walk through some options to make efficient use of annual gifting and also address some potential...more

Cole Schotz

2024 Estate and Gift Tax Update

Cole Schotz on

The IRS has announced the official estate and gift exclusion amounts for 2024. For an estate of any decedent dying during calendar year 2024, the Federal applicable exemption will increase from $12.92 million to $13.61...more

Pillsbury Winthrop Shaw Pittman LLP

Estate and Tax Planning 2023 Update: Act While You Can

Although the IRS is now on high alert for wealthy individuals, new and existing planning opportunities are available, such as tax-free gifts and other advantageous planning. Wealthy individuals and families should take...more

McDermott Will & Emery

Soaring Estate and Gift Tax Exclusions and GST Tax Exemption Offer Temporary Window for Maximizing Wealth Transfer

At the beginning of 2023, the Internal Revenue Service (IRS) increased the amounts individuals can gift free of federal gift and generation-skipping transfer (GST) tax. The amounts now stand at $12,920,000 for individuals and...more

Ward and Smith, P.A.

Gifts That Keep On Giving

Ward and Smith, P.A. on

With the summer almost in the rearview, gift-giving may not feel like a top priority.  From a tax planning perspective, however, it might be the perfect season to consider making substantial gifts to benefit your family....more

Lathrop GPM

Estate Planning 2023 Federal Tax Update

Lathrop GPM on

As we start the new year, this Federal Tax Update highlights estate planning-related federal tax information that may be helpful as you consider planning options for 2023. Because Congress could pass legislation that changes...more

Katten Muchin Rosenman LLP

2022 Year-End Estate Planning Advisory

During 2022, COVID-19, the war in Ukraine, global inflation, the Tax Cuts and Jobs Act (TCJA), the uncertainty about the Build Back Better Act (BBBA), the Corporate Transparency Act (CTA), and the Inflation Reduction Act...more

Lasher Holzapfel Sperry & Ebberson PLLC

Estate Planning 101: Making Exempt Gifts

I have yet to meet a client who wants to pay estate taxes. Tax avoidance is among the primary reasons people meet with estate planning attorneys and develop estate plans. In 2022, the federal gift, estate, and generation...more

Blank Rome LLP

2022 California Estate and Tax Planning Newsletter

Blank Rome LLP on

Our annual estate and tax planning newsletter discusses certain concepts and techniques that should be considered in 2022 by our clients and friends in California. Perhaps the most important recent development was the failure...more

Lathrop GPM

Estate Planning 2022 Federal Tax Update

Lathrop GPM on

As we start the new year, this Federal Tax Update highlights estate planning-related federal tax information that may be helpful as you consider planning options for 2022. Because Congress could pass legislation that changes...more

Proskauer Rose LLP

Personal Planning Strategies - December 2021

Proskauer Rose LLP on

The estate and gift tax regimes have been permanent and unified since the passage of The American Taxpayer Relief Act of 2012 (the "2012 Act"). In 2017, the Tax Cuts and Jobs Act (the "2017 Act") significantly increased the...more

Greenberg Glusker LLP

IRS Announces 2022 Inflation Adjusted Amounts For Transfer Taxes

Greenberg Glusker LLP on

The IRS recently confirmed that, for 2022, the aggregate amount that can be given away without being subject to the gift or estate tax will increase to $12.06 million per individual. Thus, as of 2022, a married couple...more

Gibney Anthony & Flaherty, LLP

Use it or Lose it: Utilizing Estate Tax Exemption Before it Goes Away

The U.S. imposes an estate tax of approximately 40% on the net estate of U.S. tax residents. The current exemption from estate tax is $11,700,000 per person, leaving very few estates actually subject to the tax. Under current...more

Katten Muchin Rosenman LLP

2020 Year-End Estate Planning Advisory

In 2020, COVID-19, the US presidential election, the Tax Cuts and Jobs Act (the TCJA), and the Coronavirus Aid, Relief and Economic Security Act (the CARES ACT) dominated the planning landscape....more

Levenfeld Pearlstein, LLC

Post-Election Estate Planning Updates and What to Consider Before Year-End

Now that the election is over, it looks like we are going to have a Democratic President while the control of the Senate is still uncertain. If control of the Senate remains Republican, any immediate or significant changes to...more

Williams Mullen

Estate Planning Inflation Related Adjustments for Tax Year 2021

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 (IRS) adjusts annually for inflation. Recently, the IRS...more

Lathrop GPM

Trusts, Estates and Legacy Planning Updates – Fall 2020

Lathrop GPM on

Impact of the Election on Current Transfer Tax Laws - The results of the upcoming presidential and congressional elections may impact current transfer tax laws. From a policy and political standpoint, historically the...more

Goodwin

Estate Planning Considerations For Year End 2020

Goodwin on

As the 2020 United States election and the end of the year approach, you may wish to consider making changes to your estate plan and/or making gifts to transfer assets to younger generations now. ...more

Foley & Lardner LLP

Estate Planning in 2020

Foley & Lardner LLP on

In December 2017, President Trump signed the Tax Cuts and Jobs Act (“TCJA”) into law. As a result, the lifetime gifting and estate tax exemption (“Estate Tax Exemption”), as well as the generation-skipping transfer tax...more

Arnall Golden Gregory LLP

Possible Limited Duration of Increased Wealth Transfer Tax Exemptions Strongly Encourages Immediate Action

The current tax laws, which took effect on January 1, 2018, temporarily double the estate, gift, and generation-skipping transfer (GST) tax exemptions from $5 million (adjusted annually for inflation) to $10 million (also...more

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