News & Analysis as of

Gift-Tax Exemption Internal Revenue Service Tax Exemptions

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

Adler Pollock & Sheehan P.C.

Gifting Made Easy: Max Out Your Annual Gift Tax Exclusion Amount

The annual gift tax exclusion amount has increased for the second straight year. The IRS raised the exclusion amount for 2023 to $17,000 per recipient, up from $16,000 per recipient in 2022. In the recent past, adjustments...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

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

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

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

Polsinelli

IRS Confirms No “Clawback” for Gifts Made Under the Increased Estate and Gift Tax Exclusion

Polsinelli on

On November 26, 2019, the Treasury Department and the IRS issued final regulations under IR-2019-189 confirming that there will be no “clawback” for gifts made under the increased estate and gift tax exclusion put in place by...more

Katten Muchin Rosenman LLP

2019 Year-End Private Wealth Advisory

In 2019, the Tax Cuts and Jobs Act (the Act) and its resulting tax reform continued to dominate the planning landscape. As outlined in our 2018 Year-End Estate Planning Advisory, the Act made significant changes to individual...more

Adler Pollock & Sheehan P.C.

Insight on Estate Planning - April/May 2019: Expiration date: IRS provides estate tax protection against sunsetting TCJA...

Beginning in 2018, the Tax Cuts and Jobs Act (TCJA) effectively removed gift and estate tax liability concerns for many families. However, the favorable estate tax changes in the TCJA are currently scheduled to sunset after...more

Farrell Fritz, P.C.

To Gift Or Not To Gift? The Time May Have Arrived

Farrell Fritz, P.C. on

The Joy – and Tax Benefits – of Gifting As we enter the “season of giving” and the end of yet another year, the thoughts of many tax advisers turn to . . . tax planning. In keeping with the spirit of the season, an adviser...more

Verrill

2018 Year-End Estate Planning Update

Verrill on

Federal Transfer Taxes - The Internal Revenue Service has announced the annual inflation adjustments for the 2019 tax year... Federal unified gift and estate tax exclusion increasing to $11,400,000: As of January 1,...more

Williams Mullen

Estate Planning Adjustments for Tax Year 2019

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

Burr & Forman

Projected Estate and Gift Tax Exemptions for 2018 – How Much Can You Transfer?

Burr & Forman on

The Consumer Price Index was released by the Labor Department in August 2017. Not everyone anxiously awaits the release of these numbers but the experts have now made estimates of how they will impact estate, gift, and...more

Katten Muchin Rosenman LLP

2016 Year-End Estate Planning Advisory

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

Lewitt Hackman

Trusts, Estates, Exemptions and Taxes

Lewitt Hackman on

It may be hard to believe that in 2001, the estate and gift tax exemption, also known as the unified credit, was a mere $675K. In 2016 that credit is anticipated to go up to $5.45M for single filers; potentially $10.9M...more

Morrison & Foerster LLP

New Tax Act Provides Long-Awaited Clarity and Certainty on Estate, Gift and Generation-Skipping Transfer Taxes, and Income Tax...

On January 1, 2013, the Senate and the House of Representatives passed the American Taxpayer Relief Act of 2012 (ATRA), averting the so-called “fiscal cliff.” The legislation, which was signed by President Obama on January 2,...more

Ervin Cohen & Jessup LLP

IRS Reaffirms It Will Challenge Formula Gifts

Ervin Cohen & Jessup LLP on

With December 31st approaching quickly and the large $5,120,000 gift tax exemption disappearing, many clients are scrambling to make year-end gifts. Our advice has been to make every effort to get appraisals by the end of...more

18 Results
 / 
View per page
Page: of 1

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide