News & Analysis as of

Estate Tax Tax Cuts and Jobs Act Transfer Taxes

Estate taxes, also known as inheritance or death taxes, are taxes on an individual's right to transfer property at death.
ArentFox Schiff

The Sunset of the Doubled Estate, Gift, and GST Tax Exclusion Amounts After December 31, 2025

ArentFox Schiff on

The TCJA doubled the lifetime exclusion and GST tax exemption. This exclusion amount, adjusted for inflation, is now $13.61 million and is expected to be approximately $13.99 million in 2025. However, in 2026, the amount will...more

Rivkin Radler LLP

Taxes and the 2024 Election: ‘Tis the Season to Plan and Act

Rivkin Radler LLP on

This is The End- I have dreaded the year end for as long as I can remember. As a teenager and then as a young adult I associated the final quarter of the year, and especially the period beginning on Thanksgiving and...more

Husch Blackwell LLP

Maximizing Your Wealth Transfer Potential: Updates to Gift, Estate, and GST Tax Exemptions for 2024

Husch Blackwell LLP on

When it comes to passing wealth to the next generation, one of the most powerful tools in our toolbox is the use of your lifetime gift, estate, and generation-skipping transfer tax (GST) exemption amounts. While the...more

Husch Blackwell LLP

Estate Planning Solutions for Year-End 2022 and Beyond

Husch Blackwell LLP on

By most accounts, 2022 has been a tumultuous year from a planning perspective: the uncertainty of the midterm elections, stock market volatility, rising interest rates and the highest level of inflation in recent history have...more

Moritt Hock & Hamroff LLP

IRS Grants Major Extension To Make “Portability” Election For Estates Not Required To File Estate Tax Returns From 2017 To Present

IRS Alert: The Internal Revenue Service (“IRS”) recently issued Revenue Procedure 2022-32 which provided surviving spouses extended relief to make “portability” elections without the need for the issuance of a private letter...more

Mitchell, Williams, Selig, Gates & Woodyard,...

ILITs and the Reciprocal Trust Doctrine

Throughout 2020, as many tax attorneys and their clients continuously worried about potential changes in federal transfer tax laws that could result with an administration change, numerous articles were published and webinars...more

Manatt, Phelps & Phillips, LLP

Federal Transfer Tax Exemptions Increased … Temporarily

With the passage of the Tax Cuts and Jobs Act (Reconciliation Act of 2017) on December 19, 2017 (the Act), Congress provided increased, albeit temporary, relief to taxpayers who otherwise might be subject to federal transfer...more

Holland & Knight LLP

Transfer Tax Considerations Under the Tax Cuts and Jobs Act

Holland & Knight LLP on

• The U.S. House of Representatives and Senate ushered H.R. 1, the Tax Cuts and Jobs Act (the Act), through conference committee, and President Donald Trump signed the Act into law on Dec. 22, 2017. • Most of the Act's...more

Dechert LLP

TAX REFORM: Federal Gift, Estate and Generation-Skipping Transfer Taxes - No Permanent Repeal, but Double Exemptions Create...

Dechert LLP on

On December 22, 2017, President Trump signed into law new tax legislation (the “2017 Tax Bill”). The 2017 Tax Bill makes sweeping changes to the U.S. tax code, including a reduction in corporate tax rates, significant changes...more

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