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Gift Tax

Lathrop GPM

History and Outlook of the Federal Estate Tax

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At the end of 2025, the federal estate and gift tax exemption will dramatically decrease unless Congress affirmatively passes a law saying otherwise. This event is the “sunsetting” of a 2018 federal tax law and is leading...more

Saul Ewing LLP

The Incomparable IDGT: The Gift That Keeps on Giving

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When creating trusts for estate-reduction purposes, nothing compares to the Intentionally Defective Grantor Trust.  This type of trust is referred to by the acronym “IDGT.” Called by some as an I-D-G-T and others a word that...more

Kohrman Jackson & Krantz LLP

IRS Increases 2025 Federal Estate Tax Exemption and Gift Tax Exclusions: Key Points for Taxpayers

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

Kilpatrick

Estate Planning Awareness Month: Highlights in the World of Estate Planning

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As Estate Planning Awareness Month comes to an end, the Private Client attorneys at Kilpatrick would like to share some reminders and updates in the world of estate planning....more

Dechert LLP

2024 Election - Implications on Private Client

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As the 2024 election cycle unfolds, the landscape of U.S. policy is poised for potential shifts that could significantly impact individuals and families. With a Harris administration's focus on increasing tax rates for high...more

Morgan Lewis

IRS Announces Increased Gift and Estate Tax Exemption Amounts for 2025

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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?‎

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

Husch Blackwell LLP

Maximizing Your Wealth Transfer Potential: Updates to Gift, Estate, and GST Tax Exemptions for 2025

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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

Proskauer Rose LLP

Personal Planning Strategies - November 2024

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What This Means for Your Current Will, Revocable Trust and Estate Plan - The estate and gift tax regimes have been permanent and unified since the passage of The American Taxpayer Relief Act of 2012 (the "2012 Act"). In...more

Rivkin Radler LLP

Thinking About Making Taxable Gifts Before the 2026 Sunset?

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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

Fox Rothschild LLP

IRS Provides Additional Extensions for Taxpayers Affected by Terrorist Attacks in Israel

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In Notice 2024-72, the IRS provided relief for individuals and businesses affected by terrorism in the State of Israel beginning on September 30, 2024. The new notice provides additional relief to taxpayers in Israel, as well...more

Procopio, Cory, Hargreaves & Savitch LLP

Considerations for Taxable Estate Owners with a Beneficial Tax Provision Possibly Expiring

A key benefit to families with taxable estates may be about to go away. The Tax Reform Act of 2017 incorporated numerous tax reductions into U.S. law, with one significantly increasing the ability of taxable estate owners to...more

Saiber LLC

Planning for the Transfer of the Family Vacation Home

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Your family’s vacation home is more than just a property. It is where your family has created memories to cherish for generations. Deciding how to pass down such a meaningful asset can be an emotional decision, but it...more

Farrell Fritz, P.C.

Projected 2025 Estate Planning Updates

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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

Patterson Belknap Webb & Tyler LLP

Cross-Border Issues for Founders with U.S. Companies

We encounter many founders who have based their enterprises in the U.S., but who are not U.S. citizens or permanent residents, or who may have other significant cross-border ties such as close family living outside the U.S....more

ArentFox Schiff

The Sunset of the Doubled Estate, Gift, and GST Tax Exclusion Amounts After December 31, 2025

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The TCJA doubled the lifetime exclusion and GST tax exemption. This exclusion amount, adjusted for inflation, is now $13.61 million and is expected to be approximately $13.99 million in 2025. However, in 2026, the amount will...more

Brooks Pierce

Changing Laws Present Unique Estate Planning Opportunities for Married Couples

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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

Foster Swift Collins & Smith

Legal-Ease: What Happens When You Are Sole Beneficiary of a Trust?

Dear Jonathan: My mother, who recently passed away, prepared a trust naming me as her sole beneficiary. She intentionally disinherited my brother due to a falling out they had years ago. Although he knows that he has been...more

Dunlap Bennett & Ludwig PLLC

Estate Tax “Cinderella” Story: Millions Of Dollars Disappearing At The Stroke Of Midnight On January 1, 2026!

The classic children’s tale of Cinderella has the magic spell that transformed Cinderella expiring at the stroke of midnight after the ball. Her magnificent coach turned back into a pumpkin, inspiring a commonly used phrase....more

Brooks Pierce

Planning for the Sunset of the Gift and Estate Tax Exemption

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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

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

Adler Pollock & Sheehan P.C.

Have grandkids? Opening 529 Plan Accounts Can Benefit Them and Your Estate Plan

The cycle continues: Your adult children — one of the first generations to benefit from Section 529 plans — are saving for their kids’ college educations through 529 accounts of their own. Did you know that parents aren’t the...more

Pierce Atwood LLP

Sunset and Cloudy Skies on Horizon for Federal Estate Taxation

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Estate planning and wealth transfer professionals have their eyes on the sky as the future of federal estate taxation grows increasingly nebulous. Background - The federal gift and estate tax exemption is the amount...more

Lasher Holzapfel Sperry & Ebberson PLLC

Avoid the Estate Planning Exemption Cliff: Plan to Take Advantage of the Current Exemption Before it Expires

In an effort to provide Americans with various forms of tax relief, in 2017 Congress enacted the Tax Cuts and Jobs Act (“Tax Act”). This act provided tax reductions in many different categories, but one of the most...more

Holland & Knight LLP

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

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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

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