News & Analysis as of November 15, 2024

Grantor Retained Annuity Trusts (GRATs)

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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 -

Thinking About Making Taxable Gifts Before the 2026 Sunset?

Rivkin Radler LLP on 10/11/2024

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

Death and Taxes…and Planning Opportunities

Ward and Smith, P.A. on 6/18/2024

Financial markets, political moods, and the world-at-large can take us on a roller coaster ride of ups and downs. But savvy investors (and their estate planning counsel) know that – in the end – neither the bears nor bulls...more

Wealth Management Update - September 2023

Proskauer Rose LLP on 9/13/2023

September 2023 AFRs and 7520 Rate - The September 2023 Section 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 5%, which was the same as the August 2023 rate...more

DWT Estate Planning Update

Davis Wright Tremaine LLP on 5/31/2023

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

Use It or (Potentially) Lose It: Inflation Hikes Provide Unprecedented Estate Planning Opportunities

Dechert LLP on 11/23/2022

There are more estate planning opportunities as a result of inflation-adjusted figures recently released by the IRS. The gift, estate, and generation-skipping transfer (“GST”) tax exemption amounts are each increasing to...more

Estate Planning Techniques in a Higher Interest Rate Environment

Mitchell, Williams, Selig, Gates & Woodyard,... on 10/6/2022

One can hardly miss the high levels of inflation currently affecting our economy. Even for those who do not pay close attention to the news, where inflation could hardly be more covered, the price of nearly everything for...more

Wealth Management Update - July 2022

Proskauer Rose LLP on 7/6/2022

July 2022 Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts AFRs The July applicable federal rate (“AFR”) for use with a sale to a defective grantor trust,...more

2022 California Estate and Tax Planning Newsletter

Blank Rome LLP on 1/26/2022

Our annual estate and tax planning newsletter discusses certain concepts and techniques that should be considered in 2022 by our clients and friends in California. Perhaps the most important recent development was the failure...more

House Ways and Means Committee Tax Plan Proposes Changes to Estate Planning

Holland & Knight LLP on 9/30/2021

The House Committee on Ways and Means has proposed a tax plan intended to fund President Joe Biden's "Build Back Better" $3.5 trillion infrastructure program. Among the many changes in this proposed tax plan are three that...more

Build Back Better Act’s Threats to Current Estate Planning Techniques

Smith Gambrell Russell on 9/27/2021

On September 13, 2021, the House Ways and Means Committee Chairman announced the Committee’s plan to pay for the $3.5 trillion Build Back Better Act (the “Act”). The Act has measures to combat the climate crisis, create jobs,...more

Proposed Tax Law Changes Impacting Estate and Gift Taxes

Pullman & Comley, LLC on 9/23/2021

As many people are aware, Congress is considering changes to the federal tax code to support President Biden’s Build Back Better spending plan. As of this writing, on September 22, 2021, no bill has been enacted....more

Personal Planning Strategies - September 2021

Proskauer Rose LLP on 9/22/2021

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

Proposed Tax Legislation Could Significantly Impact Your Estate Plan

Manatt, Phelps & Phillips, LLP on 8/6/2021

Recent news stories have been published about two bills introduced in the Senate that, if enacted, could have a significant impact on many estate plans. These bills include proposed changes that many estate planning...more

U.S. Senate Introduces Legislation for Higher Taxes on Wealth

Greenberg Glusker LLP on 3/29/2021

On March 25, 2021, Senator Bernie Sanders introduced the For the 99.5 Percent Act (the “99.5 Percent Act”) which proposes to modify the estate, gift and generation-skipping transfer tax. Proposed Estate and Gift Tax Rates...more

For The 99.5% Act – Is Change a Coming for the Estate Planning World?

Bilzin Sumberg on 3/26/2021

On March 25, 2021, Senator Bernie Sanders introduced legislation called “For the 99.5% Act.” This bill is aimed at the fortunes of the top 0.5% of wealthy Americans. ...more

Estate Planning under the Biden Administration: What should you do for 2021?

Woods Rogers on 1/25/2021

With a new Administration in town there are rumors everywhere about the “new Estate Taxes” and the “Loss of our Tax Exemptions”. What should you expect? What should you do to plan and prepare for possible changes?...more

2020 Year-End Estate Planning Advisory

Katten Muchin Rosenman LLP on 11/25/2020

In 2020, COVID-19, the US presidential election, the Tax Cuts and Jobs Act (the TCJA), and the Coronavirus Aid, Relief and Economic Security Act (the CARES ACT) dominated the planning landscape....more

2020 Tax Planning: Benefits of GRATs

Coblentz Patch Duffy & Bass on 9/4/2020

Now may be an opportune time to gift assets out of your estate, particularly through an estate planning technique known as the Grantor Retained Annuity Trust (“GRAT“)—a small silver lining of the alarming pandemic and down...more

Estate Planning with 2020 Vision

Seyfarth Shaw LLP on 8/31/2020

It has been said that you can predict anything but the future. So it is with estate and tax planning. That being said, let’s look to see what some of the tax law changes might be in 2021 and beyond....more

Private Wealth Newsletter - Three Reasons to Revisit Your Estate Plan in 2020

Arnall Golden Gregory LLP on 1/7/2020

The current estate planning environment, with low interest rates and high estate, gift, and generation-skipping transfer tax exemptions, provides excellent planning opportunities for wealth transfer tax savings. ...more

The 2017 Tax Act Doesn't "Simplify" Planning for Estates and Gifts Things to Consider or Reconsider As You Look at Your Estate

Burns & Levinson LLP on 1/10/2018

On December 22, 2017, the President signed a major change to federal tax law that contains many provisions affecting individuals, estates, and trusts. While the impetus behind the change was simplification, as some unnamed...more

2016 Year-End Estate Planning Advisory

Katten Muchin Rosenman LLP on 11/22/2016

In 2016, we continued to experience a period of relative stability in our federal transfer tax system and have been able to plan without expecting imminent significant changes to the system. Under the American Taxpayer Relief...more

Estate Tax Changes Past, Present and Future

McGuireWoods LLP on 2/24/2016

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

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