News & Analysis as of November 15, 2024

Dynasty Trust

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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 -

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

Husch Blackwell LLP on 6/13/2024

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

Dynasty Trusts: A Tax-Efficient Way to Pass Wealth Down Through the Generations

Chambliss, Bahner & Stophel, P.C. on 8/19/2022

If you want to pass money to future generations without having it subject to gift and estate taxes, then a dynasty trust may be right for you. A dynasty trust allows trust assets to be used for the benefit of multiple...more

Estate Planning Alert: Take Advantage of 2020 Planning Opportunities Now

Baker Donelson on 8/28/2020

If you are a high-net worth individual, 2020 may be the time to take advantage of the opportunity created under a confluence of low applicable federal rates, valuation opportunities, and the temporarily increased Unified...more

Wealth Transfer Opportunities with Devalued Assets

Farrell Fritz, P.C. on 3/30/2020

The COVID-19 pandemic continues to have far-reaching effects which are expected to be felt for months to come, if not longer. The economy has been hit hard and the stock market has seen a dramatic reduction in value. ...more

Cahill Case Sheds Light on Tax Court’s View of Intergenerational Split Dollar Agreements

Williams Mullen on 9/25/2018

On June 18, 2018, the Tax Court issued a memorandum denying a motion for partial summary judgment filed by the Estate of Richard Cahill (T.C. Memo 2018-84). It was the second time in two years that the Tax Court had addressed...more

Double Down! - Inter-Generational Split Dollar Throws Sand in the Face of the IRS Again

Gerald Nowotny - Law Office of Gerald R.... on 8/1/2016

Recently I wrote an article on JD Supra called Split to Be Tied (May 4, 2016) regarding the Tax Court decision in Estate of Morrissette, (Estate of Clara M. Morrissette v. Commissioner, 146 T.C. No. 11 (April 13, 2016)). Once...more

Split to Be Tied!

Gerald Nowotny - Law Office of Gerald R.... on 5/4/2016

Looking Beyond the Morrissette Decision and Around the Corner for Inter-Generational Split Dollar - Overview - I have had the opportunity throughout my career to know top life insurance agents as well as several top...more

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