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
Massachusetts Governor Maura Healey signed a bill on October 4, 2023 amending the state’s estate tax law.
INCREASED MASSACHUSETTS ESTATE TAX EXEMPTION AMOUNT
For individuals dying on or after January 1, 2023, the new law...more
The US Internal Revenue Service has announced that the annual gift tax exclusion is increasing next year due to inflation. The exclusion will be $17,000 per recipient for 2023—the highest exclusion amount ever. Further, the...more
While they may still be under the care of their parents, college-aged or other young adult children should have certain legal documents in place in case of emergency or incapacitation, as well as to ensure prudent management...more
During the estate planning process, it is important to ensure that your fiduciaries (the personal representatives of the estate, trustees, and agents named in the durable power of attorney) have the information necessary to...more
The Internal Revenue Service has announced that the annual gift tax exclusion is increasing next year due to inflation. After four years of being at $15,000, the exclusion will be $16,000 per recipient for 2022—the highest...more
The Democrats of the House of Representatives have released a much-anticipated tax plan that would significantly impact the federal estate and gift tax system. Importantly, the House could still amend this legislation and the...more
9/21/2021
/ Biden Administration ,
Closely Held Businesses ,
Estate Planning ,
Estate Tax ,
Generation-Skipping Transfer ,
Gift Tax ,
Grantor Trusts ,
Income Taxes ,
Life Insurance ,
Spousal Lifetime Access Trust (SLAT) ,
Tax Planning