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New York Estate Tax Law Changes
In addition to the federal estate tax, which may be levied upon a decedent’s estate, New York imposes a separate state estate tax regime. Generally a decedent’s estate is subject to the New York State estate tax if such...more
In a significant legislative shift, the Tax Cuts and Jobs Act of 2017 doubled the exemption amounts for estate, gift, and generation-skipping transfer taxes (collectively known as “Death Taxes”). As of 2024, the federal...more
In 2024, the federal estate, gift, and Generation Skipping Transfer tax exemption amount increased from $12.92 million to $13.61 million per individual (a combined $27.22 million for a married couple), representing an...more
As young family members head off to school or leave home for a job, parents and other relatives may wonder how they can continue to support a child or assist with health care or other decisions. Many parents are surprised...more
From time to time, we provide updates in the estate planning area. While the November 2022 federal elections resulted in a divided Congress that dampens the likelihood of major federal tax legislation, we thought this would...more
The gift tax annual exclusion and the gift and estate tax exemption increased significantly for 2023. Effective January 1, 2023, the following amounts may be helpful in considering estate planning options for the new year: ...more
There are more estate planning opportunities as a result of inflation-adjusted figures recently released by the IRS. The gift, estate, and generation-skipping transfer (“GST”) tax exemption amounts are each increasing to...more
A critical estate planning decision is whether to transfer wealth during your lifetime or keep your assets in your estate and transfer your wealth to loved ones after your death. Some say it would be wise to make gifts now to...more
The Internal Revenue Service has announced that the annual gift tax exclusion is increasing next year due to inflation. After four years of being at $15,000, the exclusion will be $16,000 per recipient for 2022—the highest...more
The U.S. House Committee on Ways and Means’ tax proposals would significantly impact estate planning for high net worth individuals if enacted. Gift, estate and GST exemption amounts would be decreased; grantor trusts would...more
In 2018 the gift and estate tax exemption was doubled from $5 million to $10 million (per person). The exemption is adjusted for inflation every year. In 2021 the exemption as adjusted for inflation is $11.7 million. The...more
Democrats recently unveiled the Build Back Better Act, which, if passed, would bring significant changes to the Tax Code and would have a drastic impact on common estate planning techniques, including gifts to trusts. The...more
We recently wrote about a window of opportunity to take advantage of the rising estate and gift tax exemption before it sets. It is becoming clearer that the window may be shutting fast. The opportunity to take advantage...more
Based on recent election results, attention has focused on what is in store for the federal transfer tax system. This article discusses the status of the current transfer tax laws and President Biden’s proposals for changes....more
The amount that you can give to your children during life or leave to them after death estate tax-free currently is at a historically high level. As of January 1, 2021, an individual can give or leave $11.7 million and a...more
The U.S. imposes an estate tax of approximately 40% on the net estate of U.S. tax residents. The current exemption from estate tax is $11,700,000 per person, leaving very few estates actually subject to the tax. Under current...more
As the 2020 United States election and the end of the year approach, you may wish to consider making changes to your estate plan and/or making gifts to transfer assets to younger generations now. ...more
The current tax laws, which took effect on January 1, 2018, temporarily double the estate, gift, and generation-skipping transfer (GST) tax exemptions from $5 million (adjusted annually for inflation) to $10 million (also...more
The federal government taxes the transfer of assets via three separate but interrelated taxes: the estate tax, which taxes the transfer of assets at death, the gift tax, which taxes gratuitous transfers during your lifetime,...more
The COVID-19 pandemic has disrupted our lives and shifted our priorities in an unprecedented manner. Against this backdrop of uncertainty, though, opportunities in estate planning abound. Basic planning documents, such as...more
In the wake of COVID-19, we may see significant statutory changes to the federal estate, gift, and generation-skipping transfer tax exemptions. Spousal Lifetime Access Trusts and other planning techniques provide...more
You may have heard by now that the Gift and Estate Tax exemption amount was increased by the Tax Cuts and Jobs Act of 2017, which became effective on January 1, 2018. This article is to highlight some of the key estate...more
Beginning in 2018, the Tax Cuts and Jobs Act (TCJA) effectively removed gift and estate tax liability concerns for many families. However, the favorable estate tax changes in the TCJA are currently scheduled to sunset after...more
Congress's recent increase in the federal estate, gift, and generation-skipping transfer ("GST") tax exemption to $10 million per person adjusted annually for inflation ($11.18 million in 2018) is a welcome sweetener for many...more
Under the new tax law, estate tax has not been repealed. However, there is relief for higher net worth individuals, business owners and people with large estates that have little or no liquidity who previously might have...more