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Blank Rome LLP

Making Sense of New York’s Estate Tax “Cliff”

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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

Rosenberg Martin Greenberg LLP

Seize the Moment: Maximizing Your Estate Planning Before 2026

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

Ballard Spahr LLP

Increases to Gift and Estate Tax Exemption, Generation Skipping Transfer Tax Exemption, and Annual Gift Tax Exclusion

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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

Lasher Holzapfel Sperry & Ebberson PLLC

2024 Estate Planning Opportunities

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

K&L Gates LLP

2024 Tax and Estate Planning Opportunities

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A New Year is upon us, it is an election year, and a rollback of the federal estate, gift, and generation-skipping transfer taxes is scheduled for the not too distant future. State and federal estate and gift taxes are an...more

Adler Pollock & Sheehan P.C.

Gifting Made Easy: Max Out Your Annual Gift Tax Exclusion Amount

The annual gift tax exclusion amount has increased for the second straight year. The IRS raised the exclusion amount for 2023 to $17,000 per recipient, up from $16,000 per recipient in 2022. In the recent past, adjustments...more

K&L Gates LLP

Year-End Estate Planning Update

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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

Rivkin Radler LLP

Besides Saving Estate Taxes, What Should Be on Your Estate Planning Checklist?

Rivkin Radler LLP on

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

Adler Pollock & Sheehan P.C.

Decisions, Decisions: Many Factors Go Into Deciding When to Transfer Wealth

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

Ward and Smith, P.A.

Make Estate Planning a Point of Focus in 2022

Ward and Smith, P.A. on

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

Morgan Lewis

IRS Announces Increased Gift and Estate Tax Exemption Amounts

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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

Goodwin

U.S. House Proposals Would Significantly Impact Estate Planning for High Net Worth Individuals If Enacted

Goodwin on

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

Saul Ewing LLP

Proposed Tax Changes Shorten the Window for Using the Current Gift and Estate Tax Exemption Before it Drops

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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

UB Greensfelder LLP

Gifts for the People – Proposed Drastic Changes to Federal Gift Tax Law

UB Greensfelder LLP on

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

Faegre Drinker Biddle & Reath LLP

The 2020 Election and the Effect on Current Gift, Estate and Generation-Skipping Transfer Taxes

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

Ruder Ware

Holiday Giving: Will My Gifts Have Tax Consequences?

Ruder Ware on

The holiday season is a time of giving! With Christmas arriving next week, you might be rushing to find last minute gifts for the special people in your life. Have you considered potential tax consequences of those gifts? ...more

Rivkin Radler LLP

The Time to Plan for Tax Code Changes Is Now

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The election is only weeks away, and with it is likely to come significant changes to the tax code. Many economists anticipate that, regardless of the outcome, there will likely be tax increases to reduce the federal deficit,...more

Farella Braun + Martel LLP

Year-End Estate Planning in an Election Year

The 2020 election is less than a month away and year-end estate planning is already underway for many. Under current law, the estate, gift and GST (generation-skipping transfer) tax exemptions for 2020 are set at $11,580,000...more

Goodwin

Estate Planning Considerations For Year End 2020

Goodwin on

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

Arnall Golden Gregory LLP

Possible Limited Duration of Increased Wealth Transfer Tax Exemptions Strongly Encourages Immediate Action

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

Moritt Hock & Hamroff LLP

Additional Estate Planning Considerations Resulting From Coronavirus (COVID-19)

We hope this newsletter finds you and your loved ones safe and healthy. We previously noted that the coronavirus "lock down" is causing many of our clients to re-think their existing estate plans. In the past, certain estate...more

Polsinelli

IRS Confirms No “Clawback” for Gifts Made Under the Increased Estate and Gift Tax Exclusion

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On November 26, 2019, the Treasury Department and the IRS issued final regulations under IR-2019-189 confirming that there will be no “clawback” for gifts made under the increased estate and gift tax exclusion put in place by...more

Farrell Fritz, P.C.

To Gift Or Not To Gift? The Time May Have Arrived

Farrell Fritz, P.C. on

The Joy – and Tax Benefits – of Gifting As we enter the “season of giving” and the end of yet another year, the thoughts of many tax advisers turn to . . . tax planning. In keeping with the spirit of the season, an adviser...more

Womble Bond Dickinson

Transfer Taxes and the Tax Act: An Overview and Three Possible Responses

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Individuals and businesses continue to evaluate the Tax Cuts and Jobs Act of 2017 (the “Tax Act” or “Act”) and, in particular, the specific effects on personal and business tax planning. Our clients are asking us daily how...more

Polsinelli

Impact of New Tax Laws on Estate Planning

Polsinelli on

The Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law by the President on December 22, 2017, and represents one of the most significant rewritings of the federal tax code since 1986. ...more

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