Once Removed Episode 16: Gift and Estate Tax, Inflation Adjustments for 2024
Press: Inflation Adjusted Numbers Show BigLaw Continuing to Struggle
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
The classic children’s tale of Cinderella has the magic spell that transformed Cinderella expiring at the stroke of midnight after the ball. Her magnificent coach turned back into a pumpkin, inspiring a commonly used phrase....more
Following the enactment of the Tax Cuts and Jobs Act in 2017, the federal estate and gift tax exemption was increased from $5.49 million per person to $11.18 million, which allowed for a substantial increase in what taxpayers...more
What This Means for Your Current Will, Revocable Trust and Estate Plan - The estate and gift tax regimes have been permanent and unified since the passage of The American Taxpayer Relief Act of 2012 (the “2012 Act”). In...more
The Internal Revenue Service recently issued Revenue Procedure 2021-45 providing calendar year 2022 inflation adjustments for more than sixty tax provisions. Two of these adjustments are of particular interest to estate...more
Based on the inflation measure provided by the Tax Cuts and Jobs Act and Consumer Price Index for the 12-month period ending August 31, 2019, Thompson Reuters Checkpoint has released their projected inflation-adjusted Estate,...more