News & Analysis as of November 15, 2024

Beneficiaries

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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 -

[Webinar] New IRS Guidance on Basis Adjustments for Irrevocable Grantor Trusts: Key Issues for U.S. and Non-U.S. Persons - June...

Strafford on 6/3/2024

This CLE/CPE webinar will provide estate planners insight on recently issued IRS guidance regarding basis adjustments for irrevocable grantor trusts. The panelist will discuss key items and challenges stemming from Revenue...more

Recent IRS Decision Threatens Some Irrevocable Trust Modifications

Keating Muething & Klekamp PLL on 2/27/2024

A recent Chief Counsel Advice issued by the IRS has been described by one team of estate planning experts as “the most important IRS ruling in a decade,” and it directly contradicts the prior IRS position on the issue. Should...more

Year-End Estate Planning for 2023

Seyfarth Shaw LLP on 11/30/2023

A strong stock market and “soft landing” have generated significant wealth this year. The gift tax, estate tax and generation-skipping transfer tax are all imposed on the fair market value of assets at the time of transfer....more

Estate and Tax Planning for US Expatriates

Allen Barron, Inc. on 11/16/2023

What are the most important elements of estate and tax planning for US expatriates? Are you planning to move out of the United States? Are you a US taxpayer who lives and works outside of the country? What are some of the...more

The Estate Planner, November/December 2023

Shumaker, Loop & Kendrick, LLP on 11/1/2023

How planning can minimize the impact of income taxes - Until recently, estate planning strategies generally focused on removing as much wealth as possible from one’s estate to avoid the bite of federal estate tax....more

Section 643(b) and Trusts

Freeman Law on 1/9/2023

Recently, there seems to be some confusion regarding section 643(b) of the Internal Revenue Code of 1986, as amended (the “Code”), and its application to trusts. Indeed, that provision—particularly to those not well-versed in...more

Taking the Sting Out of Death Taxes with Dylan Metzner, Jones & Keller

Jones & Keller, P.C. on 4/6/2022

High-net worth individuals have an opportunity to take advantage of high transfer tax exemptions if they act fast. Set to expire in 2026, unless Congress acts sooner, the time is now to implement strategies that make the most...more

What is a Trust?

Freeman Law on 2/9/2022

Trusts - Trusts play an important role in estate and tax planning. A trust is a fiduciary arrangement that allows a trustee to hold legal title to assets for the benefit of a beneficiary. The beneficiary is, in turn, said...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

Extension of CARES Act Incentives Relating to Charitable Giving: Planning with a Charitable Unitrust Remainder Trust (CRUT)

Bowditch & Dewey on 8/20/2021

By using a Charitable Unitrust Remainder Trust (CRUT), philanthropic minded donors can gift to a charitable cause while maintaining a lifetime benefit. A CRUT is an irrevocable agreement that will provide an income stream to...more

What Makes a Trust a "Foreign" Trust?

Bilzin Sumberg on 2/25/2021

In a previous post, we discussed the tax implications for U.S. beneficiaries who receive a distribution from a foreign trust. That discussion assumed that the trust in question was, in fact, a foreign trust for U.S. federal...more

Maximizing End-of-Year Charitable Giving

Bowditch & Dewey on 11/25/2020

As the holiday season approaches, people are thinking about giving to charitable organizations. As a donor, you can be both philanthropic and tax-efficient in your charitable giving. Estate Planning - One way to give is...more

When to Take Advantage of a Spousal Lifetime Access Trust (SLAT)

Bowditch & Dewey on 11/24/2020

Under the Tax Cuts and Jobs Act, in 2020 each person may transfer up to $11,580,000 without incurring a gift or estate tax. This generous exemption amount will sunset at the end of 2025, which means that in 2026, the...more

Wealth and Estate Planning Tips to Consider Before the Election

Shutts & Bowen LLP on 10/28/2020

As the 2020 presidential and congressional elections approach, individuals should consider taking proactive steps in their wealth management by strategically aligning their financial goals with the incentives currently...more

THE WONDER YEARS WEBINAR

Gerald Nowotny - Law Office of Gerald R.... on 10/7/2020

Loan Regime Method of Split Dollar Life Insurance - This webinar covers: What is Split Dollar? Loan Method versus Economic Benefit. Leverage Split Dollar Rollout. Planning examples using Split Dollar....more

HEAVEN CAN WAIT

Gerald Nowotny - Law Office of Gerald R.... on 10/5/2020

Nowotny On Death and Taxes podcast episode #24, discusses using the Loan Method of Split Dollar in the After-Life!...more

[Webinar] US Taxation of Grantor/Non-Grantor Trusts - June 24th, 3:00 pm BST

McDermott Will & Emery on 6/23/2020

Astrid Owen leads this interactive webinar to discuss the US taxation of US beneficiaries and US settlors of non-US trusts. The benefit of using non-US grantor trusts established by a non-US person for US beneficiaries...more

Dramatic Decision on the Taxation of Trusts in Israel

Barnea Jaffa Lande & Co. on 8/2/2019

The Tel Aviv District Court handed down a decision a few days ago rejecting the Israel Tax Authority’s (ITA) position on the conveyance of real estate properties to trusts. This decision dramatically changes the taxation of...more

Understanding a Personal Representative

Foodman CPAs & Advisors on 4/15/2019

A Personal Representative (PR) is in charge of the property (estate) of an individual who has died (known as the decedent). When a person passes away, their assets become property of their estate....more

United States Supreme Court to Consider Whether States May Tax Trusts Based on Residence of Beneficiary

Holland & Hart LLP on 2/25/2019

The new limitation of the federal deduction for state income taxes to $10,000 has heightened interest in planning for state income taxes. Thoughtful practitioners who assist clients in establishing non-grantor trusts should...more

New IRS Proposed 199A Regulations Provide Guidance on 20% Profit Pass-Through Deduction

Burr & Forman on 8/15/2018

On August 8th, the IRS released its much-awaited Proposed Regulations on the new Section 199A 20% profit deduction for pass-through businesses. The new deduction applies to essentially all types of businesses other than C...more

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