Today’s federal estate and gift tax laws may be remembered as the most generous to wealthy families since the Great Depression. The 2017 Tax Cuts and Jobs Act (TCJA) doubled the federal estate, gift, and generation skipping...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
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
The amount that you can give to your children during life or leave to them after death estate tax-free currently is at a historically high level. As of January 1, 2021, an individual can give or leave $11.7 million and a...more
The election is only weeks away, and with it is likely to come significant changes to the tax code. Many economists anticipate that, regardless of the outcome, there will likely be tax increases to reduce the federal deficit,...more
In the wake of COVID-19, we may see significant statutory changes to the federal estate, gift, and generation-skipping transfer tax exemptions. Spousal Lifetime Access Trusts and other planning techniques provide...more
Spousal Lifetime Access Trusts, or “SLATs,” may be the ideal vehicle for clients interested in pursuing wealth-transfer tax planning. Before deciding whether SLATs may be right for you and your family, it’s important to...more
Increase in Exemption from Estate, Gift and Generation-Skipping Transfer Taxes - On December 22, 2017, the Tax Cuts and Jobs Act (the "Act") was signed into law. The Act implements a variety of significant tax reforms....more
There’s a lot of uncertainty about the future of the federal estate tax regime — in particular the $5.12 million federal gift and estate tax exemption set to expire. A spousal lifetime access trust (SLAT) can provide a...more