The One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, is a sweeping piece of legislation spanning nearly 1,000 pages. It includes significant changes to federal estate and income tax laws that will affect...more
8/8/2025
/ Charitable Deductions ,
Estate Planning ,
Estate Tax ,
Generation-Skipping Transfer ,
Gift Tax ,
Grantor Retained Annuity Trusts (GRATs) ,
New Legislation ,
New York ,
One Big Beautiful Bill Act ,
SALT ,
State Taxes ,
Tax Reform ,
Trusts
On February 13, 2025, Republican lawmakers in Congress introduced the Death Tax Repeal Act, which aims to permanently eliminate the federal estate tax. Since 2015, various legislative efforts to repeal the estate, gift, and...more
3/3/2025
/ Death Tax ,
Estate Planning ,
Estate Tax ,
Generation-Skipping Transfer ,
Gift Tax ,
Internal Revenue Code (IRC) ,
IRS ,
Tax Exemptions ,
Tax Planning ,
Tax Reform ,
Transfer Taxes
For federal estate and gift tax purposes, transfers are valued at the “fair market value” of the asset on the date of transfer. One of the more common estate tax audit issues is the failure to properly report the value of...more
For federal estate and gift tax purposes, transfers are valued at the “fair market value” of the asset on the date of transfer. One of the more common estate tax audit issues is the failure to properly report the value of...more
Art and collectibles, while beautiful and culturally significant, can pose significant estate planning challenges. At the time of death, these assets are subject to estate taxes based on their fair market value. Without...more
1/21/2025
/ Art ,
Charitable Donations ,
Estate Planning ,
Estate Tax ,
Fair Market Value ,
Gift Tax ,
Limited Liability Company (LLC) ,
Tax Liability ,
Tax Planning ,
Trusts ,
Wealth Management