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The start of a new year is a great time to review your current estate plan or consider creating one. 2024 brings a number of opportunities for creating an estate plan, pursuing gifting strategies, and considering...more
As we start the new year, this Federal Tax Update highlights estate planning-related federal tax information that may be helpful as you consider planning options for 2024. ...more
Wealthy families should consider taking advantage of the favorable estate planning environment that 2024 brings. Next year, the estate, gift, and generation-skipping transfer tax exemptions, which are adjusted annually for...more
When it comes to passing wealth to the next generation, one of the most powerful tools in our toolbox is the use of your lifetime gift, estate, and generation-skipping transfer tax (GST) exemption amounts. While the...more
It’s not enough for the founder of a closely held business to have successfully established the business. The business has to grow, not only to increase profits, but also to make it more competitive and to diversify its...more
Death of a Parent- In the context of a family-owned business, it is often the case that the matriarch or patriarch of the family is also the chief executive of the business. They may have founded the business, or they may...more
For a business owner considering the sale of their business, there are two competing goals: maximizing the proceeds from the sale and minimizing the estate and gift taxes that will be due on the owner’s enhanced estate....more
As a family business owner, are you missing out on valuable estate and wealth transfer planning opportunities or jeopardizing your current plan altogether? Katten recently hosted a program that addressed common concerns,...more
From time to time, we provide updates in the estate planning area. While the November 2022 federal elections resulted in a divided Congress that dampens the likelihood of major federal tax legislation, we thought this would...more
The so-called “mansion tax” approved by Los Angeles voters in 2022 and effective April 1, 2023 (Measure ULA) is a misnomer. It establishes a new 4% documentary transfer tax on the sale of any real property priced or valued...more
By most accounts, 2022 has been a tumultuous year from a planning perspective: the uncertainty of the midterm elections, stock market volatility, rising interest rates and the highest level of inflation in recent history have...more
Many estate planning strategies involve leveraging low interest rates in order to transfer the appreciation of an asset to beneficiaries free from transfer taxes. Generally, these techniques enable senior family members to...more
It is a fact that the phenomenon of human migration has been a major force in the history of the world. Indeed, among the themes that have remained constant during my years of practice, there are two that may be...more
High-net worth individuals have an opportunity to take advantage of high transfer tax exemptions if they act fast. Set to expire in 2026, unless Congress acts sooner, the time is now to implement strategies that make the most...more
Estate taxes are generally thought of as a tax on the wealthy, but wealthy is a relative term. The Massachusetts Estate Tax applies to a surprisingly large portion of the middle class, not just the top 1%. The estate tax is...more
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
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
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
Key points •On Wednesday, September 15, The House Ways and Means Committee advanced a proposal for a $2.1 trillion tax increase. •The proposal could drastically change the gift and estate tax treatment of new...more
This week, the House Ways and Means Committee released draft tax legislation. The legislative draft includes several provisions especially relevant to high-net-worth families and estate planning, including reducing the wealth...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
On Friday, May 28, 2021, the Biden Administration released its Green Book setting out the President’s revenue and policy proposals. Of particular interest to investors is the administration’s proposal to raise the tax on...more
On April 28, 2021, in an address to a Joint Session of Congress and a Fact Sheet published by the White House, President Biden introduced the “American Families Plan,” the President’s plan for spending and a series of tax...more
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
The estate planning environment has been highly favorable, with transfer tax exemptions currently at historic highs and interest rates near all-time lows. However, the temporary nature of the increased exemptions and the...more