News & Analysis as of

Transfer Taxes Generation-Skipping Transfer

New Legislation Proposes Sweeping Estate Tax Changes

by Hodgson Russ LLP on

After years of calling for a comprehensive overhaul of the federal tax code, congressional Republicans unveiled their plans for sweeping tax change on November 2nd. The Tax Cuts and Jobs Act (H.R. 1) is being billed as “real...more

Federal Tax Reform: Initial Steps Toward Changes to Gift, Estate and Generation-Skipping Transfer Tax

by Ballard Spahr LLP on

House Republicans unveiled the full text yesterday of their proposed tax legislation—titled the Tax Cuts and Jobs Act—which includes dramatic changes to the gift, estate, and generation-skipping transfer (GST) tax. ...more

House Republicans Release (Simplified?) Tax Reform Bill

The House Republican’s tax reform bill – the Tax Cuts and Jobs Act – was released yesterday. This bill is 429 pages (this is simplifying?) and provides for extensive tax reform. ...more

Tax Law Uncertainty Should Not Delay Farming Business Succession Planning

by Downey Brand LLP on

President Trump promised and will pursue tax reform, but Congress must agree to any proposal. For the most part, a majority vote in both houses would allow tax reform for about a decade, and at least sixty Senate votes would...more

Projected Estate and Gift Tax Exemptions for 2018 – How Much Can You Transfer?

by McNair Law Firm, P.A. on

The Consumer Price Index was released by the Labor Department in August 2017. Not everyone anxiously awaits the release of these numbers but the experts have now made estimates of how they will impact estate, gift, and...more

Estate Tax Changes Past, Present and Future

by McGuireWoods LLP on

I. INTRODUCTION - This outline is a selective and evolving review of the history of the modern federal estate tax. It originated during the attempts to repeal the estate tax in President Clinton’s second term and...more

More on Transfer Tax Issues Post Windsor and the Legalization of Same-Sex Marriage

by Bryan Cave on

In a recent Notice, the Internal Revenue Service set forth some administrative procedures helping taxpayers recalculate gift and generation-skipping transfer tax exemption with respect to gifts and bequests made to or for the...more

KNOWN UNKNOWNS about Federal Tax Laws and Regulations

by Dickinson Wright on

The new administration in Washington, supported by Republican majorities in Congress, has pledged substantial changes to federal tax laws and regulations. One change may - or may not - be the complete elimination of federal...more

2017 California Estate and Tax Planning Newsletter

by Blank Rome LLP on

Blank Rome’s annual estate and tax planning newsletter addresses estate planning concepts and techniques that should be considered in 2017 by our clients and friends. Transfer Taxes. The major changes made in 2010 in the...more

Same-Sex Spouses Authorized to Recalculate Transfer Tax Treatment of Prior Gifts and Bequests

by BakerHostetler on

The IRS recently issued Notice 2017-15 to provide same-sex spouses relief to recalculate the federal estate, gift and generation-skipping transfer (GST) tax treatment of gifts and bequests made before the Defense of Marriage...more

Tax Truths: Volume 1, No. 2 – December 2016

by Ballard Spahr LLP on

AN ANALYSIS OF TAX LAW PROPOSALS OF THE PRESIDENT-ELECT AND THE HOUSE - President-elect Trump made tax reform a highlight of his campaign, calling for fewer tax brackets, lower individual rates, and reduced corporate tax...more

What Proposed Tax Plans by Trump Administration and House Republicans Mean for Personal Planning

by Perkins Coie on

The election of Donald Trump and Republican majorities in U.S. Congress make the future of the federal transfer tax system (gift, estate and generation-skipping transfer (GST) taxes) uncertain. President-elect Trump and...more

Time to Transfer Early Stage Investments?

by Jackson Walker on

New rules may stop “cheap” transfers of business interests to kids and grandkids. Proposed IRS regulations that may be effective as early as the end of 2016 are designed to severely limit use of discounts on gifts or sales...more

IRS Proposes Regulations That Would Increase Wealth Transfer Taxes in Family-Controlled Entities

The Internal Revenue Service (IRS) proposed regulations on August 2, 2016, under which transfers to family members of interests in family-controlled entities — including partnerships, limited liability companies (LLCs) and...more

IRS Proposes Regulations That Would Eliminate Most Valuation Discounts for Transfers of Interests in Family Entities

The Internal Revenue Service (IRS) released regulations on August 2, 2016 that would limit the use of discounts when valuing interests in family entities for estate, gift and generation-skipping transfer tax purposes. If...more

Annual Estate Planning Newsletter: Part One

by Blank Rome LLP on

Action Item: This year, Blank Rome’s annual estate planning newsletter will be issued in six installments. Each installment will discuss certain concepts and techniques that we hope may be of interest to our clients and...more

Dynasty Trust Planning: A Tax-Efficient Way to Manage Wealthy Families' Assets

Private Wealth Services partner, Michelle R. Canerday, and Corporate & Securities partner, Robert G. Gerber, recently co-authored the article "Dynasty Trust Planning: A Tax-Efficient Way to Manage Wealthy Families' Assets,"...more

Estate Tax Controversy Continues - Trust and Estates Update Vol. 2015, Issue 1

by Pepper Hamilton LLP on

Recently introduced bills are indicative of the fact that the estate, gift and generation skipping transfer taxes are still a topic of considerable political debate. Recently, the Responsible Estate Tax Act was...more

Updated Historical Federal Transfer Tax Rates, Exemptions, And Related Information Table

by Charles (Chuck) Rubin on

In Rev. Proc. 2013-35, the IRS has published inflation-adjusted amounts to various taxes, exemptions, and other items. The unified credit basic exclusion amount for transfer tax purposes, along with the GST tax exclusion, has...more

Should We Rely On Portability?

by Pepper Hamilton LLP on

When Congress early this year enacted the new estate tax provisions making the $5 million inflation adjusted federal estate, gift and generation-skipping transfer (GST) tax exemptions "permanent," it also made the concept of...more

Inflation Adjustments for 2014 Transfer Tax Exemptions

by Partridge Snow & Hahn LLP on

The IRS has announced the 2014 inflation adjustments to various Internal Revenue Code provisions. Of particular importance for estate planning is the increase of the basic exclusion amount (the amount which an individual can...more

Is Tax Law Ever Permanent?

by BakerHostetler on

According to dictionary.com, permanent means “existing perpetually; everlasting, especially without significant change.” However, for federal tax law purposes, something is “permanent” only so long as Congress and the...more

Transfer Taxes After The Taxpayer Relief Act of 2012

The American Taxpayer Relief Act of 2012 (the “2012 Act”) had a profound impact on the transfer tax system. I will briefly describe that system and then, by way of background, set the stage for these changes by summarizing...more

Estate, Gift, and GST Taxes in 2013: American Taxpayer Relief Act of 2012 and Other News (Oregon)

The American Taxpayer Relief Act of 2012 (the “Act”) was signed into law on Jan. 2, 2013, avoiding dramatic changes to tax exemptions and tax rates on transfers subject to federal estate, gift, and generation-skipping...more

Estate, Gift, and GST Taxes in 2013: American Taxpayer Relief Act of 2012 and Other News

The American Taxpayer Relief Act of 2012 (the “Act”) was signed into law on Jan. 2, 2013, avoiding dramatic changes to tax exemptions and tax rates on transfers subject to federal estate, gift, and generation-skipping...more

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