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Estate Planning › Gift-Tax Exemption › Internal Revenue Service

Estate Planning is a process where individuals prepare or plan for the settlement of their personal affairs in the event of incapacitation or death. Estate plans typically include provisions relating to the... more +
Estate Planning is a process where individuals prepare or plan for the settlement of their personal affairs in the event of incapacitation or death. Estate plans typically include provisions relating to the disposition of assets, guardianship of minor children, and appointment of representatives to make medical and financial decisions. Effective estate planning can decrease tax liability and facilitate the probate process.  less -
Morgan Lewis

IRS Announces Increased Gift and Estate Tax Exemption Amounts for 2025

Morgan Lewis on

The US Internal Revenue Service (IRS) has announced that the annual gift tax exclusion is increasing in 2025 due to inflation. The exclusion will be $19,000 per recipient for 2025—the highest exclusion amount ever....more

Schwabe, Williamson & Wyatt PC

Are You Prepared for Potential Adjustments to the Federal Estate Tax?‎

Schwabe, Williamson & Wyatt PC on

The federal estate and gift tax exemption is the highest it has ever been. Under current law, you may transfer almost $14 million to anyone you wish without having to pay a dime of federal gift or estate tax. Absent any...more

Rivkin Radler LLP

Thinking About Making Taxable Gifts Before the 2026 Sunset?

Rivkin Radler LLP on

As we will see shortly, it is often “better to give than to receive,” though this statement begs the obvious question of whether it is better to do so during one’s lifetime or upon one’s death. Many well-to-do individuals...more

Farrell Fritz, P.C.

Projected 2025 Estate Planning Updates

Farrell Fritz, P.C. on

The IRS adjusts tax brackets and other tax-related amounts for inflation on an annual basis.  Based data from the Bureau of Labor Statistics through August 2024, experts have projected the following adjustments to some of...more

Venable LLP

“Don’t Let the Sun Go Down on Me” - Plan Ahead for the Sunset of Federal Estate and Gift Tax Exemptions at the End of 2025

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The Tax Cuts and Jobs Act of 2017 (TCJA) enacted significant changes in the federal estate and gift tax laws commencing in 2018. One of the most notable changes was that the TCJA doubled the federal lifetime gift tax...more

Holland & Knight LLP

Maximize Your Legacy: Take Advantage of the High Estate and Gift Tax Exemption Sunset

Holland & Knight LLP on

As part of the Tax Cuts and Jobs Act (TCJA), the estate and gift tax exemption was doubled for tax years 2018-2025. In 2018, the exemption doubled from $5.49 million in 2017 to $11.18 million in 2018, and that amount has been...more

Husch Blackwell LLP

Understanding the 2026 Changes to the Estate, Gift, and Generation-Skipping Tax Exemptions

Husch Blackwell LLP on

The Tax Cuts and Jobs Act of 2017 provided major changes to the Internal Revenue Code, specifically doubling the federal estate, gift, and generation-skipping transfer (GST) tax exemption (collectively, the exemption) from...more

Rosenberg Martin Greenberg LLP

Seize the Moment: Maximizing Your Estate Planning Before 2026

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In a significant legislative shift, the Tax Cuts and Jobs Act of 2017 doubled the exemption amounts for estate, gift, and generation-skipping transfer taxes (collectively known as “Death Taxes”). As of 2024, the federal...more

Ballard Spahr LLP

Increases to Gift and Estate Tax Exemption, Generation Skipping Transfer Tax Exemption, and Annual Gift Tax Exclusion

Ballard Spahr LLP on

In 2024, the federal estate, gift, and Generation Skipping Transfer tax exemption amount increased from $12.92 million to $13.61 million per individual (a combined $27.22 million for a married couple), representing an...more

ArentFox Schiff

What Private Companies Need To Consider in 2024: Top 10 Legal Issues

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Private companies and their owners face ever-evolving challenges as the market sees new regulations, new deal trends, and new risks in 2024. Below are 10 issues that the owners and leaders of privately held companies should...more

Hinckley Allen

Understanding 2024 Estate, Gift, and Generation-Skipping Transfer Tax Exemptions

Hinckley Allen on

Each year, certain estate, gift, and generation-skipping transfer (“GST”) tax figures are subject to inflation adjustments that go in effect on January 1. Below are the current adjustments for 2024....more

McDermott Will & Emery

Prepare for Soaring Estate and Gift Tax Exclusions and GST Tax Exemption to Close After 2025

McDermott Will & Emery on

On January 1, 2024, the amounts that individuals can gift free of federal gift and generation-skipping transfer (GST) tax rose to $13,610,000 for individuals and $27,220,000 for married couples due to inflation adjustments....more

Rivkin Radler LLP

Consider Making Large Gifts before the 2026 Exemption Reduction Kicks In

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The current combined federal estate and gift tax exemption amount of $13.61 million per person ($27.22 million per married couple) is scheduled to “sunset” automatically on January 1, 2026, and revert to $5 million indexed...more

Pullman & Comley, LLC

Ringing in 2024 with Updates on Estate and Gift Taxes

Pullman & Comley, LLC on

The New Year brings with it new estate and gift tax exemption and exclusion amounts.   In 2017, a new tax law doubled the federal estate and gift tax exemption. And that exemption amount has increased each year between 2018...more

Adler Pollock & Sheehan P.C.

A Strong Marriage is a Necessity When it Comes to Using a SLAT

Adler Pollock & Sheehan P.C. on

When creating your estate plan, there’s a certain amount of prognosticating involved. What will your financial picture look like in years to come? How will estate tax laws change?...more

McGuireWoods LLP

Once Removed Episode 16: Gift and Estate Tax, Inflation Adjustments for 2024

McGuireWoods LLP on

In previous episodes, we discussed the exemptions that apply for gift, estate and generation-skipping transfer tax. Many of these exemptions are adjusted for inflation each year. In Episode 16, we’ll review those exemptions...more

McGuireWoods LLP

Once Removed Episode 17: Annual Gifting to Individuals: Options, Opportunities and Pitfalls

McGuireWoods LLP on

The beginning of the year is a good time to think about annual gifts to descendants and other beneficiaries. Episode 17 will walk through some options to make efficient use of annual gifting and also address some potential...more

Cole Schotz

2024 Estate and Gift Tax Update

Cole Schotz on

The IRS has announced the official estate and gift exclusion amounts for 2024. For an estate of any decedent dying during calendar year 2024, the Federal applicable exemption will increase from $12.92 million to $13.61...more

Katten Muchin Rosenman LLP

2023 Year-End Estate Planning Advisory

Katten Muchin Rosenman LLP on

We have certainly had our share of turbulent waters in the estate planning world from 2020-2022. With two significant elections, it is hard to remember a previous time with such substantial uncertainty about how tax planning...more

Miller Canfield

IRS Announced 2024 COL Adjustments for Estate, Gift Tax Exclusion Amounts

Miller Canfield on

The Internal Revenue Service recently announced the 2024 cost of living adjustments for the estate and gift tax exclusion amounts. Gift Tax Exclusion Amount - The Gift Tax Exclusion Amount is the amount an individual...more

Kohrman Jackson & Krantz LLP

IRS Increases 2024 Federal Estate Tax Exemption and Gift Tax Exclusions: Key Points for Taxpayers

Kohrman Jackson & Krantz LLP on

Estate planning is a lot like putting together a puzzle. The client provides you with their box lid showing what they want the ultimate result of their plan to look like. Then, estate planners are tasked to identify and...more

Burns & Levinson LLP

IRS Announces 2024 Lifetime Estate and Gift Tax Exclusion & 2024 Annual Gift Tax Exclusion

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The Internal Revenue Service recently announced the 2024 annual inflation adjustments to the lifetime exclusion for federal estate and gift tax (the “basic exclusion amount”) as well as the annual gift tax exclusion, among...more

Opportune LLP

Understanding Gift & Estate Tax Valuation

Opportune LLP on

The requirements outlined in the tax code can significantly impact an individual’s gift and estate planning, and navigating these requirements effectively is crucial. In this blog post, we will delve into gift and estate tax...more

Morgan Lewis

IRS Announces Increased Gift and Estate Tax Exemption Amounts for 2024

Morgan Lewis on

The US Internal Revenue Service has announced that the annual gift tax exclusion is increasing in 2024 due to inflation. The exclusion will be $18,000 per recipient for 2024—the highest exclusion amount ever....more

Pillsbury Winthrop Shaw Pittman LLP

Estate and Tax Planning 2023 Update: Act While You Can

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Although the IRS is now on high alert for wealthy individuals, new and existing planning opportunities are available, such as tax-free gifts and other advantageous planning. Wealthy individuals and families should take...more

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