Nonprofit Quick Tip: State Filings in Massachusetts and Connecticut
EV Tech Series: The Inflation Reduction Act’s Impact on the Energy Industry With Judy Kwok and Marc Machlin - Battery + Storage Podcast
Tribal Tax Exemption Under McGirt Gains Preliminary Victory
Taking the Sting Out of Death Taxes with Dylan Metzner, Jones & Keller
ATTENTION ALL CADETS!
One Note Samba
Podcast: State Taxation of Digital Health Products
Investment Management Roundtable Discussion – Personal Estate Planning
Podcast: Credit Funds: Withholding Tax on European Investments
Podcast: Tax Reform and Its Impact on Exempt Organizations, One Year In
Podcast: Credit Funds: The Benefits, Challenges and Applications of Treaty Fund Structures When Investing in Credit
Podcast - New Unrelated Business Taxable Income Liability for Providing Certain Fringe Benefits
Episode 26: Talking Tax Reform and Executive Comp
Videocast: Sutherland SALT Scoreboard – 2nd Quarter Highlights
New York Estate Tax Law Changes
As we will see shortly, it is often “better to give than to receive,” though this statement begs the obvious question of whether it is better to do so during one’s lifetime or upon one’s death. Many well-to-do individuals...more
A key benefit to families with taxable estates may be about to go away. The Tax Reform Act of 2017 incorporated numerous tax reductions into U.S. law, with one significantly increasing the ability of taxable estate owners to...more
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
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
The start of a new year is a great time to review your current estate plan or consider creating one. 2024 brings a number of opportunities for creating an estate plan, pursuing gifting strategies, and considering...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
As the end of the calendar year approaches, we would like to remind our clients of some year-end estate planning ideas to consider. A person can currently make annual gifts of up to US$16,000 per recipient to an unlimited...more
October 2022 Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The October applicable federal rate ("AFR") for use with a sale to a defective grantor...more
The federal estate tax exemption provisions are set to expire at the end of 2025, potentially requiring more people to pay estate taxes. In view of the uncertainty of the estate tax laws, it is important to have estate...more
I have yet to meet a client who wants to pay estate taxes. Tax avoidance is among the primary reasons people meet with estate planning attorneys and develop estate plans. In 2022, the federal gift, estate, and generation...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
Even if your 2022 New Year's resolutions have long since gone by the wayside, as most have, now can and should be a time of renewed focus on family and self-betterment. In the midst of economic uncertainty, geopolitical...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 House Ways and Means Committee recently released its plan to pay for President Biden's proposed Build Back Better Act. Many of the changes to the Internal Revenue Code proposed by that plan would directly impact gift and...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
House Democrats recently released additional legislative proposals that, if passed, would affect several commonly used estate planning techniques. Among those proposals are three that would significantly impact some of the...more
Let the taxpayer beware: the recently proposed “For the 99.5 Percent Act” introduced by Senators Bernie Sanders and Sheldon Whitehouse would radically limit the ability of parents or grandparents to make annual exclusion...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
Earlier this month, I provided a very brief overview of the estate tax in a vlog. In this blog post, I’ll expand on estate tax basics. What is the estate tax? At its foundation, the estate tax is a tax imposed on the...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