News & Analysis as of

Tax Reform Estate Planning

Adler Pollock & Sheehan P.C.

Is Your Estate Plan Ready for Future Estate Tax Law Changes?

The year 2017, when the Tax Cuts and Jobs Act was signed into law, seems like a long time ago. As you may be aware, many of the tax provisions of that law are set to expire in a relatively short amount of time — on January 1,...more

Allen Barron, Inc.

The Sunset of the TCJA – Tax Cuts and Jobs Act of 2017 – Is Scheduled for the End of 2025

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The sunset of the TCJA – the Tax Cuts and Jobs Act of 2017, is currently scheduled for the end of 2025.  The TCJA contributed substantial changes to the US tax code that have benefited many US taxpayers.  How should a US...more

Skadden, Arps, Slate, Meagher & Flom LLP

The IRS Is Coming for Partnerships and High Net Wealth Individuals

The Internal Revenue Service plans to deploy thousands of new hires to expand audits of partnerships and high net wealth individuals. As part of a larger transformation at the agency, it is using some of the $60 billion in...more

Verrill

2023 Massachusetts Tax Update

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Massachusetts Estate Tax: For decedents dying on or after January 1, 2023, there is no Massachusetts estate tax for an estate under $2,000,000. The law does not adjust the filing threshold so state tax returns may still be...more

Goulston & Storrs PC

Massachusetts Doubles Estate Tax Threshold as Part of $1 Billion Tax Reform Act

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On October 4, 2023, Massachusetts enacted a new law called “An Act to improve the Commonwealth’s competitiveness, affordability, and equity” (the “Act”). The Act makes several tax law changes relevant to Massachusetts...more

Adler Pollock & Sheehan P.C.

Are Changes Coming for the Gift and Estate Tax Exemption?

Under current estate tax law, taxpayers benefit from the most generous gift and estate tax regime in history. Indeed, in 2023, an individual can shield assets worth up to $12.92 million from federal gift and estate tax....more

Holland & Knight LLP

Supreme Court declares Mexico's controlling beneficiary reform constitutional

Holland & Knight LLP on

The Second Section of the Mexican Supreme Court of Justice (SCJN) on June 14, 2023, ruled that it is constitutional for the Tax Administration Service (SAT) to request from taxpayers information related to their controlling...more

Katten Muchin Rosenman LLP

2022 Year-End Estate Planning Advisory

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

Jones & Keller, P.C.

Taking the Sting Out of “Death Taxes”

Jones & Keller, P.C. on

There has been a lot of talk since September 2021 about the Build Back Better Act, which included some major tax increases. According to U.S. Senator Joe Manchin of West Virginia, this Act is dead—and I think that is the most...more

Stark & Stark

Gift and Estate Tax Changes

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Throughout 2021, Congress and the Executive Branch proposed tax code changes that – had they ultimately passed – would have significantly changed various estate planning techniques. Some proposals would have sidelined a...more

A&O Shearman

Estate Planning Advisory - House Ways and Means Proposal

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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

Foster Garvey PC

House of Representatives 5376: Current Tax Legislation Pending in the U.S. House of Representatives

Foster Garvey PC on

...The federal tax laws are certainly about to change. With the need to raise revenue as a top priority for the Biden Administration, everyone is expecting dramatic changes to the Internal Revenue Code. Tax legislation is...more

Winstead PC

Update - Tax Proposals of the House Ways and Means Committee: Reconciliation Bill to Target Trusts, Estates, and the Wealthy

Winstead PC on

Last month, the House Ways & Means Committee (the "Committee") approved draft legislation (the “Legislation”) as part of Congress' ongoing $3.5 trillion budget reconciliation process. The Legislation includes significant tax...more

Proskauer Rose LLP

Personal Planning Strategies - October 2021

Proskauer Rose LLP on

Act Now Before the Window of Opportunity Closes - By now you have probably heard that the House Ways and Means Committee introduced legislation a few weeks ago (see Let the Estate Tax Planning Games Begin - But Where Will...more

Akerman LLP

Draft Legislation in U.S. House of Representatives Would Dramatically Alter Estate Planning Strategies

Akerman LLP on

On September 10, 2021, the U.S. House Committee on Ways and Means released a draft of proposed legislation that, if enacted into law, would reduce the estate tax exemption and significantly limit the effectiveness of certain...more

Goodwin

U.S. House Proposals Would Significantly Impact Estate Planning for High Net Worth Individuals If Enacted

Goodwin on

The U.S. House Committee on Ways and Means’ tax proposals would significantly impact estate planning for high net worth individuals if enacted. Gift, estate and GST exemption amounts would be decreased; grantor trusts would...more

Verrill

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

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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

Sheppard Mullin Richter & Hampton LLP

Possible Changes to Estate and Gift Tax Law

Last week the House Ways and Means Committee released a draft of proposed tax law changes to include in a reconciliation bill. While it is uncertain whether any of these proposals will be adopted – and if so in what form –...more

Katten Muchin Rosenman LLP

Proposed Tax Legislation Would Dramatically Impact Private Wealth Planning

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

Pullman & Comley, LLC

Proposed Tax Law Changes Impacting Estate and Gift Taxes

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As many people are aware, Congress is considering changes to the federal tax code to support President Biden’s Build Back Better spending plan.  As of this writing, on September 22, 2021, no bill has been enacted....more

Proskauer Rose LLP

Personal Planning Strategies - September 2021

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You have probably heard that the House Ways and Means Committee released proposals for increasing gift and estate taxes in order support legislation being advanced by the Democratic majority in Congress. ...more

Greenberg Glusker LLP

House Ways and Means Advances Draft Tax Legislation with Dramatic Impact on Estate, Gift and Trust Taxation

Greenberg Glusker LLP on

Last week, the House Ways and Means Committee released, and advanced out of committee, draft tax legislation intended to form a part of the Democratic budget reconciliation bill.  At almost 900 pages in length, this draft...more

Proskauer Rose LLP

Let the Estate Tax Planning Games Begin - But Where Will They Land - the House Ways and Committee Has Spoken

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“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

Manatt, Phelps & Phillips, LLP

Proposed Tax Legislation Could Significantly Impact Your Estate Plan

Recent news stories have been published about two bills introduced in the Senate that, if enacted, could have a significant impact on many estate plans. These bills include proposed changes that many estate planning...more

Polsinelli

Impact Of President Biden’s Tax Plan On Estate Planning

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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

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