News & Analysis as of November 15, 2024

Life Insurance

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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 -

Why You Need a Succession Plan and an Estate Plan

Adler Pollock & Sheehan P.C. on 11/7/2024

Spoiler alert: In the acclaimed HBO series “Succession,” the patriarch of a family run business, Logan Roy, fails to name a clear successor. After his sudden death, the family is ripped apart. Eventually the business is sold...more

Agricultural Estate Planning: Securing Your Land's Future

Newburn Law on 4/19/2024

In the world of farming and ranching, ensuring your land's future is vital. That's where agricultural estate planning comes in. It's all about smoothly transitioning your farm or ranch to the next generation, maintaining its...more

Understanding Irrevocable Life Insurance Trusts and Their Tax Benefits in Estate Planning

Pullman & Comley, LLC on 6/29/2023

A typical challenge encountered by estates of varying sizes and complexities is the lack of liquidity to cover the costs of estate administration. These expenses may satisfy just debts to creditors or estate tax payments. ...more

The Estate Planner, March/April 2022

Shumaker, Loop & Kendrick, LLP on 2/25/2022

GST taxes - Plan carefully to avoid surprises - If you wish to share some of your wealth with your grandchildren or great grandchildren — or if your estate plan is likely to benefit these generations — it’s critical to...more

The House Democrats’ Tax Plan – The Time for Estate Planning Is Now

Morgan Lewis on 9/21/2021

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

2020 California Estate and Tax Planning Newsletter

Blank Rome LLP on 1/6/2020

Blank Rome’s annual estate and tax planning newsletter addresses certain concepts and techniques that should be considered in 2020 by our clients and friends in California. Perhaps the most important and troublesome...more

Wealth Management Update - December 2019

Proskauer Rose LLP on 12/3/2019

December 2019 Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split-Interest Charitable Trusts - The December Section 7520 rate for use with estate planning techniques such as CRTs,...more

Insight on Estate Planning - October/November 2019

Adler Pollock & Sheehan P.C. on 10/1/2019

Do you know the differences in estate tax law for couples when both spouses are U.S. citizens vs. when one spouse is a non-U.S. citizen? Or what nonlegal document should accompany a will? We are pleased to present the...more

US/UK tax series: Estate planning issues for US/UK couples

BCLP on 9/10/2019

If you are a US citizen and your spouse or civil partner is not you need to ensure you have appropriate estate planning in place to avoid your heirs getting an unexpected tax bill following your death. In this guide we...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

The New Estate Tax Law – Here Today, Gone Tomorrow

Proskauer Rose LLP on 2/26/2018

Increase in Exemption from Estate, Gift and Generation-Skipping Transfer Taxes - On December 22, 2017, the Tax Cuts and Jobs Act (the "Act") was signed into law. The Act implements a variety of significant tax reforms....more

Wealth Management Update - June 2017

Proskauer Rose LLP on 6/7/2017

June Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-family Loans and Split Interest Charitable Trusts - The June § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs...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

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

Should life insurance be a part of your estate plan?

Adler Pollock & Sheehan P.C. on 6/7/2016

Today, the federal gift and estate tax exemption stands at $5.45 million, so fewer families are facing estate tax liability. This begs the question: Can life insurance continue to play an important role in estate planning?...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

2013 Year-End Estate Planning Advisory

Katten Muchin Rosenman LLP on 11/29/2013

In this issue - - Federal Estate, GST and Gift Tax Rates - Annual Gift Tax Exclusion - Federal Income Tax Rates - President’s Budget Proposal for Fiscal Year 2014 - Important Planning...more

Estate Planning Opportunities Arising from Recent Landmark Supreme Court Decisions Concerning Marriages of Same-Sex Couples

Katten Muchin Rosenman LLP on 7/1/2013

On June 26, 2013, the US Supreme Court (the “Supreme Court”) struck down Section 3 of the federal Defense of Marriage Act (DOMA) as unconstitutional in the case of United States v. Windsor (“Windsor”). In a related case, the...more

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