News & Analysis as of September 21, 2024

Property Tax › Estate Tax

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Property Taxes are taxes levied against the owner of property located within a particular jurisdiction. Property taxes are often used to refer to taxes on real property. Property taxation schemes vary depending on the country or jurisdiction. However, a popular system involves a government assessment of the value of a property and a rate based on a proportion of the assessed value. A property may be subject to taxation by multiple taxing entities. less -

Steps for the Long-term Success of Your Brand & Business

Farella Braun + Martel LLP on 9/6/2023

Family wineries face certain common issues when it comes to succession planning, and there are steps you can take to help ensure the longevity and success of your brand and business. Step 1 – Develop a Plan - Benjamin...more

Oregon’s New Estate Tax Exemption for Family Businesses engaged in Farming, Forestry, ‎or Fishing Businesses

Schwabe, Williamson & Wyatt PC on 7/18/2023

On July 13, 2023, Governor Tina Kotek signed into law SB 498, which provides a new Oregon estate tax exemption for up to $15 million (the NR Exemption) of natural resource property that is used in a decedent’s farming,...more

Clients Living Outside of Oregon and Washington With Real Property In-State Should Consider Holding via an LLC

Stoel Rives LLP on 5/15/2023

Many clients, as well as their advisors, are unaware of how the Washington and Oregon estate tax systems work with respect to real and tangible personal property owned in these states by people domiciled elsewhere. In both...more

The 2024 Green Book and Tax Implications: A Primer

Skadden, Arps, Slate, Meagher & Flom LLP on 3/20/2023

On March 9, 2023, the Treasury Department released the General Explanations of the Administration’s Fiscal Year 2024 Revenue Proposals (sometimes called the Green Book) to accompany President Joe Biden’s proposed budget for...more

Important Tax Changes Coming into Effect in Canada

Miller Canfield on 2/15/2023

The new year has brought with it some important tax changes for businesses and residential property owners in Canada....more

Basic U.S. Tax Considerations In Investing In U.S Real Estate

Moritt Hock & Hamroff LLP on 8/11/2021

Background. Whether your1 investment in U.S. real estate is intended for personal use – that is, the property will be used by you and your family exclusively as a personal residence (perhaps also made available on occasion to...more

No Time Like the Present: Estate Planning Strategies for Potential Changes in 2021 and Beyond

Davis Wright Tremaine LLP on 5/4/2021

The Estate Planning Team at Davis Wright Tremaine LLP issues advisories regularly to communicate important law changes and other matters of interest to our clients, their advisors, and our friends. The 2020 presidential...more

Establishing & Maintaining Legal Domicile In Florida

Moritt Hock & Hamroff LLP on 1/12/2021

Becoming a Florida resident has numerous income and estate tax considerations and other implications including obtaining homestead status. This Alert is an introduction to the issues and steps you should consider to establish...more

Wealth Management Update - December 2020

Proskauer Rose LLP on 12/7/2020

December 2020 Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts AFRs - Certain federal interest rates increased slightly for December of 2020, while...more

2020 Tax Planning: Consider Transfers of California Legacy Properties in Light of Proposition 19

Coblentz Patch Duffy & Bass on 9/4/2020

Proposition 19, which will be on California’s November 2020 ballot, dramatically changes the property tax rules exempting certain intra-family transfers and primary residence transactions for certain individuals such as those...more

Important Tax Updates – COVID-19 Edition (Updated #2)

Greenberg Glusker LLP on 4/13/2020

Updated as of April 10, 2020 at 5:00 p.m. - Over the last few weeks, various taxing authorities have issued guidance alleviating several of the annual upcoming deadlines and provided additional useful tax planning...more

Important Tax Updates – COVID-19 Edition (Updated)

Greenberg Glusker LLP on 4/1/2020

Over the last few weeks, various taxing authorities have issued guidance alleviating several of the annual upcoming deadlines and provided additional useful tax planning information. The guidance is changing almost daily, and...more

New Tax Law – Impacting Your Small Business and You

Gray Reed on 1/24/2018

Agreeing with Benjamin Franklin that there is nothing certain except death and taxes, Sketch Wood and his partner Minnie Brix, owners of Wood & Brix, and their 200 employees are certain that the new tax law will affect them,...more

House Passes Tax Cuts and Jobs Act: How the Senate Proposal Compares

A&O Shearman on 11/20/2017

On November 2, 2017, the House Ways and Means Committee (the “House Committee”) released its plan for comprehensive tax reform: the “Tax Cuts and Jobs Act of 2017” (H.R. 1) (the “House Bill”). Following a week of hearings,...more

Potential New Tax Changes: The Tax Cuts And Jobs Act

Roetzel & Andress on 11/6/2017

The new tax bill, The Tax Cuts and Jobs Act (“Bill”), is estimated to add $1.5 trillion to the national debt over the next 10 years. The House Ways and Means Committee begins reviewing the Bill on Monday, November 6, 2017....more

The Tax Cuts and Jobs Act

Proskauer - Tax Talks on 11/3/2017

Today, the Republicans in the U.S. House of Representatives released their long-anticipated tax reform bill, entitled the “Tax Cuts and Jobs Act”. While there have been multiple statements from the Republican majority in the...more

House Tax Reform Bill Released

Lowndes on 11/2/2017

Today, House Ways and Means Committee Chairman Brady introduced the much anticipated House Tax Reform Bill – The Tax Cuts and Jobs Act. The bill is 429 pages, so it will take a little time to digest all the key provisions. ...more

South Carolina Conservation Easements for Farm and Forestry Property

Burr & Forman on 9/15/2017

There are 12.9 million acres of commercial forestland in South Carolina. More than half of the forestland is family-owned, and 82% of private owners live on the land. The state also has about 25,000 farms, which encompass 4.9...more

Conservation Easement Opportunities: Protecting Natural Resources While Receiving Tax Savings

Ward and Smith, P.A. on 5/25/2017

Conservation easements may be a great example of "doing well by doing good." They help conserve fish and wildlife, clean water, natural habitats, historic properties, farmland, and timberland. They also provide other public...more

Personal Planning Strategies - December 2016

Proskauer Rose LLP on 12/6/2016

2017 Estate, Gift and GST Tax Update: What This Means for Your Current Will, Revocable Trust and Estate Plan - As we previously reported, the American Taxpayer Relief Act of 2012 (the "Act") made the following permanent:...more

Three Ways to Guard Heirs From Big Wine Realty Tax Bill

Farella Braun + Martel LLP on 5/9/2016

Estate-planning is often focused on reducing or eliminating estate tax at death. As the estate-tax exemption has increased in recent years — currently $5.45 million and counting — there is a shift to planning for income and...more

Tax Changes Made by Maine's 127th Legislature

Pierce Atwood LLP on 8/24/2015

The Maine Legislature ended its tumultuous session on July 16, 2015. After an advisory opinion by the Maine Supreme Court, we now know which bills actually became law. As usual, a number of significant tax issues were...more

New York State Department of Taxation and Finance To Disregard Single-Member LLC Interests for New York Estate Tax

Pillsbury Winthrop Shaw Pittman LLP on 7/16/2015

In a recent New York State Advisory Opinion, the New York State Department of Taxation and Finance advised that a federal income tax entity classification election could impact whether property held by a nonresident through a...more

New Maine Budget Would Make Numerous Tax Changes

Pierce Atwood LLP on 6/19/2015

Hoping to avoid a potential government shutdown, this week the Legislature passed a biennial budget that once again makes significant tax changes, but stops well short of the major tax reform desired by many legislators. The...more

2013 Year-End Estate Planning Advisory

Katten Muchin Rosenman LLP on 11/29/2013

In this issue - - Federal Estate, GST and Gift Tax Rates - Annual Gift Tax Exclusion - Federal Income Tax Rates - President’s Budget Proposal for Fiscal Year 2014 - Important Planning...more

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Property Tax › Estate Tax

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