News & Analysis as of November 15, 2024

Estate-Tax Exemption

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Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -

Are You Prepared for Potential Adjustments to the Federal Estate Tax?‎

Schwabe, Williamson & Wyatt PC on 10/25/2024

The federal estate and gift tax exemption is the highest it has ever been. Under current law, you may transfer almost $14 million to anyone you wish without having to pay a dime of federal gift or estate tax. Absent any...more

Use It or Lose It: Federal Gift and Estate Tax Exemption Set to Sunset at the End of 2025

Hinshaw & Culbertson LLP on 10/7/2024

The Tax Cuts and Jobs Act (TCJA) of 2017 nearly doubled the federal lifetime gift and estate tax exemption. In 2024, this act currently allows individuals to transfer up to $13.61 million per person and $27.22 million per...more

[Podcast] Estate and Tax Planning for Globally Mobile Clients: Purchasing U.S. Real Estate by Non-U.S. Persons

BakerHostetler on 8/29/2024

Non-Americans who wish to purchase U.S. real estate should be aware of the tax consequences of owning real estate here. George McCormick discusses these tax issues and steps to minimize their impact....more

[Podcast] Estate and Tax Planning for Globally Mobile Clients: Pre-immigration Planning for Moving to the United States

BakerHostetler on 7/31/2024

Individuals considering moving to the United States should be aware of the tax consequences of becoming a U.S. resident and take advantage of tax planning opportunities before moving here. George McCormick discusses these...more

Maximizing QSBS Benefits with Estate Planning: The Art of Stacking

DarrowEverett LLP on 5/21/2024

The number of taxpayers seeking the benefits of Qualified Small Business Stock (“QSBS”) has picked up steam in recent years, particularly since the Tax Cuts and Jobs Act (“TCJA”) lowered the federal corporate tax rates to...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

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

Big Increase in 2024 Estate Exemption – IRS Issues 2024 Inflation Adjustments

Bowditch & Dewey on 11/27/2023

The IRS recently issued the 2024 annual adjustments for numerous tax provisions, including changes to tax brackets and standard deductions. Popular adjustments include...more

2023 Massachusetts Tax Update

Verrill on 10/24/2023

Massachusetts Estate Tax: For decedents dying on or after January 1, 2023, there is no Massachusetts estate tax for an estate under $2,000,000. The law does not adjust the filing threshold so state tax returns may still be...more

[Webinar] Gifting Beyond the Holidays - December 12th, 12:00 pm - 1:00 pm EST

UB Greensfelder LLP on 12/5/2022

Gifting is a critical element of estate planning for high net worth individuals. Ulmer Trust and Estate attorneys Kim Stein, Abbie Pappas, and Erica Carducci will discuss gifting methods, including gifts utilizing the annual...more

2022 Year-End Estate Planning Advisory

Katten Muchin Rosenman LLP on 11/18/2022

During 2022, COVID-19, the war in Ukraine, global inflation, the Tax Cuts and Jobs Act (TCJA), the uncertainty about the Build Back Better Act (BBBA), the Corporate Transparency Act (CTA), and the Inflation Reduction Act...more

Be Mindful of Income Tax in Estate Planning, Particularly Basis

Ward and Smith, P.A. on 7/25/2022

Avoidance of estate taxes is one consideration in estate planning. Under current law, however, estate tax issues generally affect only the wealthiest 1% of the population, but everyone should be mindful of income tax...more

Small Business Owners May Qualify For The Special Use Valuation Method

Adler Pollock & Sheehan P.C. on 5/9/2022

The need for estate planning is essential for small business owners who have most of their personal fortune tied up in the operation. This is compounded by the looming reduction of the federal gift and estate tax exemption...more

Taking the Sting Out of “Death Taxes”

Jones & Keller, P.C. on 4/1/2022

There has been a lot of talk since September 2021 about the Build Back Better Act, which included some major tax increases. According to U.S. Senator Joe Manchin of West Virginia, this Act is dead—and I think that is the most...more

2022 California Estate and Tax Planning Newsletter

Blank Rome LLP on 1/26/2022

Our annual estate and tax planning newsletter discusses certain concepts and techniques that should be considered in 2022 by our clients and friends in California. Perhaps the most important recent development was the failure...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

Draft Legislation in U.S. House of Representatives Would Dramatically Alter Estate Planning Strategies

Akerman LLP on 9/30/2021

On September 10, 2021, the U.S. House Committee on Ways and Means released a draft of proposed legislation that, if enacted into law, would reduce the estate tax exemption and significantly limit the effectiveness of certain...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

Proposed Tax Legislation Would Dramatically Impact Private Wealth Planning

Katten Muchin Rosenman LLP on 9/24/2021

The House Ways and Means Committee recently proposed new draft federal tax legislation that would dramatically affect the Private Wealth area. Many of the changes are time sensitive. Thankfully, unlike previously publicized...more

2020 Year-End Estate Planning Advisory

Katten Muchin Rosenman LLP on 11/25/2020

In 2020, COVID-19, the US presidential election, the Tax Cuts and Jobs Act (the TCJA), and the Coronavirus Aid, Relief and Economic Security Act (the CARES ACT) dominated the planning landscape....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

Personal Planning Strategies - July 2015

Proskauer Rose LLP on 7/22/2015

Income Tax Considerations of Estate Planning Are More Important Than Ever - Gifting assets during life will reduce the size of your taxable estate at death and, correspondingly, reduce your estate tax liability. But with...more

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