Popular, Estate Tax

Passing Assets and Accounts to Your Heirs Is About To Become Much More Difficult

Allen Barron, Inc. on 6/6/2024

If you are in the process of long-term estate planning or updating an existing estate plan, the process for passing assets and accounts to your heirs is about to become much more difficult and expensive. Presently, each...more

Massachusetts Tax Reform Enacted – Estate Tax Exemption Increase and Other Help for Residents

Bowditch & Dewey on 10/5/2023

The long-awaited Massachusetts tax reform package was signed by Governor Maura Healey on Wednesday, October 4, 2023. Among the provisions: Estate Tax Reform: Establishes a non-refundable credit of $99,600 for each estate,...more

New Washington Capital Gains Tax Impacts Estate Planning

K&L Gates LLP on 6/6/2023

The Washington Supreme Court recently upheld as constitutional the state’s capital gains tax (WA Cap Gains Tax) that was enacted in 2021. The new WA Cap Gains Tax creates new wrinkles and provides new planning opportunities...more

The Year in Estate Planning – 2022 Popular Reads on JD Supra

Beacon Insights by JD Supra on 1/3/2023

A look at some of the most widely read estate planning updates and guidance published on JD Supra during 2022....more

2022 Year-End Estate Planning Advisory

Katten Muchin Rosenman LLP on 11/18/2022

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

Estate Planning and Cryptocurrency

Freeman Law on 2/2/2022

The meteoric rise of cryptocurrencies has minted a new generation of millionaires and resulted in the mainstream adoption of virtual currencies as an increasingly important asset class. The crypto boom has also raised...more

The Year in Estate Planning — 2021 Popular Reads on JD Supra

Beacon Insights by JD Supra on 12/22/2021

A recap of some of the most well-read estate planning publications on JD Supra during 2021....more

2021 Year-End Estate Planning Advisory

Katten Muchin Rosenman LLP on 11/24/2021

Overview During 2021, COVID-19, the new Biden administration, the Tax Cuts and Jobs Act (TCJA), the Coronavirus Aid, Relief and Economic Security Act (CARES ACT), the American Rescue Plan (ARP), and the uncertainty about the...more

Estate Planning Advisory - House Ways and Means Proposal

A&O Shearman on 10/29/2021

The House Ways and Means Committee recently proposed sweeping changes to the tax code that would significantly impair fundamental wealth transfer planning techniques. We recommend that you consider taking action now....more

House Democrats Propose Estate and Gift Tax Law Changes: Important Estate Planning Implications

Verrill on 9/29/2021

What you need to know: On September 13, 2021, the House Ways and Means Committee released its proposed tax plan to fund President Biden’s $3.5 trillion “Build Back Better” social and economic spending package. If enacted as...more

Estate Planning Provisions of the New Tax Plan

Blank Rome LLP on 9/20/2021

On Monday, September 13, 2021, the House Ways & Means Committee released a draft tax plan which provides the clearest direction to date on how Democrats intend to use the estate and gift tax regimes to pay for part of the...more

Tax Increases Are In Sight

Rivkin Radler LLP on 9/7/2021

Summertime in Washington- On August 11, the Senate passed the $3.5 trillion budget resolution for the 2021-2022 fiscal year – S. Con. Res. 14, as amended – by a vote of 50 to 49, strictly along party lines, including...more

Impact Of President Biden’s Tax Plan On Estate Planning

Polsinelli on 7/26/2021

With Democratic control of the White House and Congress, there has been much speculation on what President Biden’s tax proposal will look like, as well as the likelihood that President Biden’s tax plan will be enacted into...more

New York Is Getting Out Of The Zone, The Qualified Opportunity Zone, That Is

Rivkin Radler LLP on 4/12/2021

New York’s Governor Cuomo is having a bad 2021. Some may attribute this to his hubris or to karma; others may point to an emboldened, and now veto-proof, progressive State Legislature; many will claim that Mr. Cuomo is paying...more

2020 Year-End Estate Planning Advisory

Katten Muchin Rosenman LLP on 11/25/2020

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

Estate Planning Inflation Related Adjustments for Tax Year 2021

Williams Mullen on 10/30/2020

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

Biden’s Tax Proposals and Estate Planning

Skadden, Arps, Slate, Meagher & Flom LLP on 10/4/2020

Democratic presidential nominee Joe Biden has provided limited information about his plans to modify the tax treatment of decedents and their estates. However, he has signaled that he supports raising estate taxes and...more

Biden’s Tax Proposals For Capital Gain, Like Kind Exchanges, Basis Step-Up & The Estate Tax – Tough Times Ahead?

Farrell Fritz, P.C. on 8/17/2020

“The board is set. The pieces are moving. We come to it at last.” With these words, Gandalf the White acknowledged that the decisive battle for control over Middle Earth had been joined. So it is now for the U.S....more

The Federal Transfer Tax Exemption: Increased Amount But Less Time to Use It

Dickinson Wright on 12/3/2019

Earlier this month, the IRS announced the cost of living adjusted (“COLA”) amount of the exemption applicable to transfers in 2020 that are subject to gift, estate, and generation-skipping transfer (“GST”) taxes (i.e.,...more

Weekly IRS Roundup November 18 – 22, 2019

McDermott Will & Emery on 11/27/2019

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of November 18 – 22, 2019. November 19, 2019: The IRS published final regulations that affect United...more

2020 Estate And Gift Tax Update

Cole Schotz on 11/15/2019

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

Estate Planning Adjustments for Tax Year 2020

Williams Mullen on 11/7/2019

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

U.S. Supreme Court Carves a Narrow Taxpayer Win on Due Process in Kaestner

Alston & Bird on 6/25/2019

One year after dropping the landmark Wayfair decision, the Supreme Court returned to the world of state taxes in North Carolina Department of Revenue v. Kimberley Rice Kaestner 1992 Family Trust. Our State & Local Tax Group...more

US Supreme Court hears trust nexus oral arguments

Eversheds Sutherland (US) LLP on 4/18/2019

On April 16, 2019, the US Supreme Court heard oral arguments for North Carolina Department of Revenue v. Kimberley Rice Kaestner 1992 Family Trust, which asks whether the Due Process Clause prohibits states from taxing trusts...more

Tax Reform: The Impact On Real Estate

Akerman LLP on 2/8/2018

The new tax law commonly referred to as the “Tax Cuts and Jobs Act” (the “Act”) – signed into law on December 22, 2017 – makes far reaching income tax law changes that will impact both commercial and residential real estate....more

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