Tax Cuts and Jobs Act, Exclusions, Estate Planning

Avoid the Estate Planning Exemption Cliff: Plan to Take Advantage of the Current Exemption Before it Expires

Lasher Holzapfel Sperry & Ebberson PLLC on 8/6/2024

In an effort to provide Americans with various forms of tax relief, in 2017 Congress enacted the Tax Cuts and Jobs Act (“Tax Act”). This act provided tax reductions in many different categories, but one of the most...more

Window Closing for New Yorkers to Take Advantage of Expanded Federal Tax Exclusions and Exemptions

McDermott Will & Emery on 1/18/2024

The federal gift and estate tax exclusions and the generation-skipping transfer (GST) tax exemption increased significantly under the Tax Cuts and Jobs Act of 2017 (TCJA). Recent inflation adjustments have expanded them even...more

New Gift and Estate Tax Exemption Limits for 2024

Amundsen Davis LLC on 12/20/2023

The Internal Revenue Service has announced the new limits for the Gift and Estate Tax Exemption for 2024, the amount of taxable gifts that can be made during lifetime and/or the amount that can be passed at death without...more

Expanded Federal Tax Exclusions and Exemptions Mean Greater Opportunities for New Yorkers

McDermott Will & Emery on 9/1/2023

The federal gift and estate tax exclusions and the generation-skipping transfer (GST) tax exemption increased significantly under the Tax Cuts and Jobs Act of 2017 (TCJA). Recent inflation adjustments have expanded them even...more

IRS Raises Impetus to Make Gifts Now With Proposed Regulations Protecting Gifts From Double Tax

Snell & Wilmer on 12/13/2018

On November 23, 2018, the Internal Revenue Service (“IRS”) proposed new regulations that prevent individuals who make a gift of more than $5,000,000 before 2026 from being double taxed on those gifts if they die after 2026.1...more

Tax Reform and Estate Planning: How the 2017 Tax Cuts and Jobs Act Impacts Estate Plans for McNair Clients

Burr & Forman on 10/5/2018

When the 2017 Tax Cuts and Jobs Act was passed, significant changes were made to the Federal Estate, Gift and Generation-Skipping Transfer Tax, the most prominent of which is the increased applicable exclusion amount, which...more