Income Taxes, Tax Planning, Gift Tax

IRS Increases 2025 Federal Estate Tax Exemption and Gift Tax Exclusions: Key Points for Taxpayers

Kohrman Jackson & Krantz LLP on 10/30/2024

Estate planning is a lot like putting together a puzzle. The client provides you with their box lid showing what they want the ultimate result of their plan to look like. Then, estate planners are tasked to identify and...more

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

Cross-Border Issues for Founders with U.S. Companies

Patterson Belknap Webb & Tyler LLP on 9/24/2024

We encounter many founders who have based their enterprises in the U.S., but who are not U.S. citizens or permanent residents, or who may have other significant cross-border ties such as close family living outside the U.S....more

Maximize Your Legacy: Take Advantage of the High Estate and Gift Tax Exemption Sunset

Holland & Knight LLP on 7/15/2024

As part of the Tax Cuts and Jobs Act (TCJA), the estate and gift tax exemption was doubled for tax years 2018-2025. In 2018, the exemption doubled from $5.49 million in 2017 to $11.18 million in 2018, and that amount has been...more

[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

Once Removed Episode 18: The Reciprocal Trust Doctrine

McGuireWoods LLP on 3/18/2024

This podcast often discusses the elements of a trust, and how to grant access, control and flexibility to beneficiaries and trustees. But for tax and other purposes, the donor typically cannot retain those kinds of powers. ...more

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

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

If It's Too Good To Be True...The Latest Guidelines from the IRS

Davidoff Hutcher & Citron LLP on 1/8/2024

There are a lot of very smart tax attorneys out there who are trying to figure out something new, and yet there’s very little innovation. Almost all techniques that we use are incremental variations of an older technique...more

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

Rivkin Radler LLP on 12/20/2023

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

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 Planning and Business Transition Considerations for Year-End Preparations

Schwabe, Williamson & Wyatt PC on 9/29/2023

As we enter the homestretch of 2023, it’s the perfect time to reexamine plans and action items. There are plenty of items to address, and it’s best to do so sooner rather than later. When you review year-end estate planning...more

Understanding Charitable Gifts

Schwabe, Williamson & Wyatt PC on 9/14/2023

Charitable giving is a way for businesses and individuals to support the causes that align with their values while saving on taxes. This article will cover common questions associated with charitable giving that will...more

2023 Estate Planning Update

Verrill on 1/25/2023

This alert from Verrill’s Private Clients & Fiduciary Services Group highlights the latest changes to the income tax and transfer tax landscape. The alert addresses the SECURE ACT 2.0, federal and state transfer tax updates...more

Getting Out | Expatriation and Federal Taxes

Freeman Law on 12/6/2022

Are you U.S. citizen or resident? Have you ever just wanted to leave the whole U.S. federal tax system behind? Well, you can . . . try at least. But there’s a cost....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

Changes in Tax Rates for 2023

Burr & Forman on 11/1/2022

The IRS has issued Revenue Procedure 2022-38, which sets forth inflation-adjusted items for various provisions of the Internal Revenue Code which will be applicable in 2023. Here are some of the highlights...more

‘Tis the Season (For Charitable Giving)

Woods Rogers on 10/26/2022

The year-end is approaching, but you still have time to work on your 2022 tax planning. Consider giving to your favorite charity to make this holiday season merry. Planned charitable giving provides you a way to maximize...more

Disregarded Entities Under the Check-the-Box Regulations Are Not Disregarded for All Tax Purposes

Foster Garvey PC on 6/17/2022

More than 25 years ago, effective January 1, 1997, Treasury issued what have been called the “Check-the-Box” regulations (the “Regulations”). The Regulations ended decades of battles between taxpayers and the IRS over entity...more

[Webinar] Your Questions Answered: Everything You Want to Know About Qualified Small Business Stock - June 21st, 1:00 pm EDT

McDermott Will & Emery on 6/10/2022

The exclusion for gain on qualified small business stock (QSBS) under Section 1202 has garnered increasing attention in recent years. With little administrative guidance from the Internal Revenue Service, investors and owners...more

Income Taxes › Tax Planning › Gift Tax