News & Analysis as of

Wealth Management Internal Revenue Service Tax Reform

Hinshaw & Culbertson LLP

Use It or Lose It: Federal Gift and Estate Tax Exemption Set to Sunset at the End of 2025

The Tax Cuts and Jobs Act (TCJA) of 2017 nearly doubled the federal lifetime gift and estate tax exemption. In 2024, this act currently allows individuals to transfer up to $13.61 million per person and $27.22 million per...more

Skadden, Arps, Slate, Meagher & Flom LLP

The IRS Is Coming for Partnerships and High Net Wealth Individuals

The Internal Revenue Service plans to deploy thousands of new hires to expand audits of partnerships and high net wealth individuals. As part of a larger transformation at the agency, it is using some of the $60 billion in...more

Goulston & Storrs PC

Massachusetts Doubles Estate Tax Threshold as Part of $1 Billion Tax Reform Act

Goulston & Storrs PC on

On October 4, 2023, Massachusetts enacted a new law called “An Act to improve the Commonwealth’s competitiveness, affordability, and equity” (the “Act”). The Act makes several tax law changes relevant to Massachusetts...more

Cadwalader, Wickersham & Taft LLP

The States Come Marching In: Investors Ignore State Wealth Taxes at Their Peril

As President Biden reminded taxpayers in his recent State of the Union address, the federal government continues to pursue new taxes on high-net-worth individuals. While such efforts have foundered in Congress, causing many...more

Proskauer Rose LLP

Personal Planning Strategies - October 2021

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Act Now Before the Window of Opportunity Closes - By now you have probably heard that the House Ways and Means Committee introduced legislation a few weeks ago (see Let the Estate Tax Planning Games Begin - But Where Will...more

Akerman LLP

Draft Legislation in U.S. House of Representatives Would Dramatically Alter Estate Planning Strategies

Akerman LLP on

On September 10, 2021, the U.S. House Committee on Ways and Means released a draft of proposed legislation that, if enacted into law, would reduce the estate tax exemption and significantly limit the effectiveness of certain...more

Proskauer Rose LLP

Let the Estate Tax Planning Games Begin - But Where Will They Land - the House Ways and Committee Has Spoken

Proskauer Rose LLP on

“President Biden and Democrats in the Congress have been working on a $3.5 trillion spending and tax package, and the details are starting to be revealed. Indeed, on Sunday, September 12th, the House Ways and Means Committee...more

Proskauer Rose LLP

Wealth Management Update - August 2021

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Federal interest rates were largely stable in August of 2021.The August applicable federal rate ("AFR") for use with a sale to a defective grantor trust, self-canceling installment note ("SCIN") or intra-family loan with a...more

Polsinelli

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

Polsinelli on

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

Proskauer Rose LLP

Wealth Management Update - December 2017

Proskauer Rose LLP on

December Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The December § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs...more

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