The basic exclusion amount is the total amount that an individual may pass by gifts made during his or her lifetime or by devises and bequests at his or her death without liability for federal estate, gift or generation...more
The House Ways and Means Committee recently proposed new draft federal tax legislation that would dramatically affect the Private Wealth area. Many of the changes are time sensitive. Thankfully, unlike previously publicized...more
“President Biden and Democrats in the Congress have been working on a $3.5 trillion spending and tax package, and the details are starting to be revealed. Indeed, on Sunday, September 12th, the House Ways and Means Committee...more
Four months into the 117th United States Congress, the anticipated federal legislative proposals to restructure the federal estate tax are finally seeing the light of day. Senator Bernie Sanders and others recently...more
On November 6, the IRS announced the official estate and gift exclusion amounts for 2020 in Revenue Procedure 2019-44. For an estate of any decedent dying during calendar year 2020, the applicable exclusion is increased from...more
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
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