After months of intense negotiations, on July 4, 2025, the One Big Beautiful Bill (OBBB) was signed into law making various changes to the tax code that impacts estate, gift and income tax planning.
Increased Estate, Gift...more
7/22/2025
/ Capital Gains ,
Estate Planning ,
Estate Tax ,
Generation-Skipping Transfer ,
Gift Tax ,
Income Taxes ,
New Legislation ,
One Big Beautiful Bill Act ,
Qualified Small Business Stock ,
SALT ,
State Taxes ,
Tax Deductions ,
Tax Exemptions ,
Tax Planning
The arrival of 2025 brings with it increased estate and gift exclusion amounts. For an estate of any decedent dying during calendar year 2025, the Federal applicable exemption will increase from $13.61 million to $13.99...more
The IRS has announced the official estate and gift exclusion amounts for 2024.
For an estate of any decedent dying during calendar year 2024, the Federal applicable exemption will increase from $12.92 million to $13.61...more
In a recently-issued Revenue Ruling (Rev Rul 2023-02), the IRS has held that the basis of the assets in an irrevocable grantor trust, where the assets are not included in the grantor’s gross estate for federal estate tax...more
The IRS released Revenue Procedure 2021-45 which announces the increase in 2022 of the estate, gift and generation-skipping transfer tax applicable exclusion amounts from $11.7 million to $12.06 million. The applicable...more
We often advise clients to consider any changes in their life every two to three years and determine if any adjustments need to be made to their overall estate plan to ensure that their personal and financial goals are met. ...more
In a closely-watched decision, the U.S. Supreme Court unanimously ruled that a beneficiary’s residence within a state alone does not subject a trust to such state’s income tax. In North Carolina Dept. of Revenue v. Kimberley...more
6/26/2019
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Due Process ,
Estate Tax ,
Exclusive Control ,
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In-State Beneficiaries ,
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North Carolina Department of Revenue v The Kimberley Rice Kaestner 1992 Family Trust ,
SCOTUS ,
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Trust Distributions ,
Trustees ,
Trusts
On March 31, 2014, broad changes were made to the New York estate and gift tax laws. In addition to increasing the New York basic exclusion amount for taxable estates, a New York estate tax “cliff” was introduced that phases...more