News & Analysis as of September 26, 2024

Tax Liability

+ Follow

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 -

It’s Time to Take Another Look at the Stepped-Up Basis Rules

Adler Pollock & Sheehan P.C. on 2/6/2024

Thanks to a generous federal gift and estate tax exemption amount ($13.61 million for 2024), only the wealthiest of families are exposed to estate tax liability. For many, this means that estate planning now has a stronger...more

Death and Taxes – The Three Unavoidable Taxes in Estate Administration

Burns & Levinson LLP on 1/25/2024

Death and taxes are often jokingly said to be two of the only unavoidable things in life. Unfortunately, taxes are also unavoidable when someone passes away. When administering an estate or trust after someone’s death, three...more

House of Representatives 5376: Current Tax Legislation Pending in the U.S. House of Representatives

Foster Garvey PC on 10/15/2021

...The federal tax laws are certainly about to change. With the need to raise revenue as a top priority for the Biden Administration, everyone is expecting dramatic changes to the Internal Revenue Code. Tax legislation is...more

Impact of House Ways and Means Tax Proposals for Trusts, Estates, and Retirement Accounts

Bowditch & Dewey on 9/29/2021

In this second blog post on the House Ways and Means Tax proposals, we address the proposed changes that will affect the taxation of trusts, estates, and retirement plans. As we discussed, on September 13, 2021, the...more

Planning for Retirement: How Attractive is Massachusetts for Estate Tax Planning?

Bowditch & Dewey on 10/5/2020

Massachusetts is already an unattractive state of residency from an estate tax planning perspective because of its low estate tax filing threshold of $1,000,000 per person. Once a person’s adjusted taxable estate is over $1M...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

6 Results

View per page

Page: of 1