News & Analysis as of November 15, 2024

Inflation Adjustments

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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 -

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

Dunlap Bennett & Ludwig PLLC on 9/9/2024

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

Looming Changes to Federal Estate & Gift Tax – Act Now!

Lippes Mathias LLP on 3/18/2024

Following the enactment of the Tax Cuts and Jobs Act in 2017, the federal estate and gift tax exemption was increased from $5.49 million per person to $11.18 million, which allowed for a substantial increase in what taxpayers...more

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

Hinckley Allen on 1/22/2024

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

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

McGuireWoods LLP on 1/8/2024

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

Client Alert: 2024 Inflation Adjustments That Impact Current Estate Planning Opportunities

Neal, Gerber & Eisenberg LLP on 12/1/2023

The Internal Revenue Service recently announced increased transfer tax exclusions for calendar year 2024 as part of Revenue Procedure 2023-34. The significant increases in the unified credit against estate, gift and...more

Personal Planning Strategies - November 2023

Proskauer Rose LLP on 11/6/2023

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

Fall 2022 Estate Planning Update

Keating Muething & Klekamp PLL on 10/25/2022

This Estate Planning Update reviews the newly-released estate tax exemption and gifting adjustments for 2023, the extended deadline to make a portability election, and simple ways that business owners and professionals can...more

Making Gifts this Year and Next

Stoel Rives LLP on 10/6/2022

As we head into the last quarter of the year, many clients are thinking about making gifts to their family members. It can also be a good time to plan to make gifts in January of next year....more

Estate Planning During Periods of Inflation and Market Volatility

Polsinelli on 6/30/2022

Earlier this year the stock market entered bear market territory. This happens when the market declines more than 20% or more from its most recent high. The market decline has been attributed to several factors including...more

Key 2021 Wealth Transfer Tax Numbers

Harris Beach PLLC on 3/5/2021

In Revenue Procedure 2020-45, the Internal Revenue Service (IRS) announced the annual inflation adjustments for more than 60 tax provisions for the year 2021, including key estate, gift, and generation-skipping transfer tax...more

Estate Planning Inflation Related Adjustments for Tax Year 2021

Williams Mullen on 10/30/2020

Many estate planning provisions of the Internal Revenue Code contain brackets, exemptions, exclusions, deductions, or other figures that the Internal Revenue Service (IRS) adjusts annually for inflation. Recently, the IRS...more

Key 2020 Wealth Transfer Tax Numbers

Harris Beach PLLC on 12/13/2019

The Internal Revenue Service (IRS) recently announced the annual inflation adjustments for more than 60 tax provisions for the year 2020, including key estate, gift, and generation-skipping transfer tax (“GST”) exclusion...more

Federal Estate Tax Exclusion Rises to $11,580,000 for 2020 (and more inflation adjustments)

Tucker Arensberg, P.C. on 11/7/2019

The IRS published Revenue Procedure 2019-44 on November 6, 2019, to set the inflation adjustments for 2020. The exclusion from federal estate will increase to $11,580,000, up from $11,400,000 in 2019....more

Thomson Reuters Checkpoint Calculates Projected Inflation-Adjusted Figures for Estate and Gift Taxes for 2020

BCLP on 9/18/2019

Based on the inflation measure provided by the Tax Cuts and Jobs Act and Consumer Price Index for the 12-month period ending August 31, 2019, Thompson Reuters Checkpoint has released their projected inflation-adjusted Estate,...more

Quarterly Investment Update - 4th Quarter 2016

Perkins Coie on 1/30/2017

ECONOMIC REVIEW AND OUTLOOK - In this past year we were reminded again to expect the unexpected: The well-established political classes in the U.K., the U.S. and Italy learned that democracy was their Achilles’ heel, and...more

Should We Rely On Portability?

Troutman Pepper on 11/1/2013

When Congress early this year enacted the new estate tax provisions making the $5 million inflation adjusted federal estate, gift and generation-skipping transfer (GST) tax exemptions "permanent," it also made the concept of...more

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