On April 10, 2025, the House of Representatives narrowly approved the Senate’s version of the FY 2025 budget resolution, which it passed on April 5, formally aligning both chambers on President Trump’s legislative tax agenda....more
As lawmakers advance toward the critical 2025 tax cliff, a key—and increasingly contentious—policy question is coming into sharper focus: What should Congress assume about the future when it scores the cost of extending the...more
4/8/2025
/ Estate Planning ,
Estate Tax ,
Estate-Tax Exemption ,
Federal Budget ,
Gift Tax ,
Gift-Tax Exemption ,
New Legislation ,
Proposed Legislation ,
Tax Cuts and Jobs Act ,
Tax Exemptions ,
Tax Liability ,
Tax Reform
As we approach the end of the first quarter of 2025, estate planners and their clients are closely monitoring developments in Washington, D.C. The scheduled sunset of the increased estate and gift tax exemption is now less...more
The current federal estate tax exemption levels, introduced by the Tax Cuts and Jobs Act (TCJA) in 2018, have provided historically high federal estate tax exemptions. But this period of increased exemption is expected to...more
1/17/2025
/ Charitable Donations ,
Estate Planning ,
Estate Tax ,
Gift Tax ,
Grantor Retained Annuity Trusts (GRATs) ,
Internal Revenue Code (IRC) ,
Irrevocable Trusts ,
IRS ,
Spousal Lifetime Access Trust (SLAT) ,
Tax Cuts and Jobs Act ,
Tax Exemptions ,
Tax Planning
Understanding the nuances of the Internal Revenue Code (I.R.C.) is crucial for effective estate planning and tax strategy. For example, estate planners must be familiar with the tax basis adjustment provisions in 26 U.S.C. §...more
The American housing market is grappling with escalating interest rates and limited inventory, pricing many Americans out of home ownership. Massachusetts’s senior Senator Elizabeth Warren seeks to address this issue in the...more