Jay Scharf

McDermott Will & Schulte

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Prepare for Soaring Estate and Gift Tax Exclusions and GST Tax Exemption to Close After 2025

On January 1, 2024, the amounts that individuals can gift free of federal gift and generation-skipping transfer (GST) tax rose to $13,610,000 for individuals and $27,220,000 for married couples due to inflation adjustments....more

1/18/2024 / Estate Planning , Estate Tax , Estate-Tax Exemption , Generation-Skipping Transfer , Gift Tax , Gift-Tax Exemption , GST , IRS

Window Closing for New Yorkers to Take Advantage of Expanded Federal Tax Exclusions and Exemptions

The federal gift and estate tax exclusions and the generation-skipping transfer (GST) tax exemption increased significantly under the Tax Cuts and Jobs Act of 2017 (TCJA). Recent inflation adjustments have expanded them even...more

1/18/2024 / Estate Planning , Estate Tax , Exclusions , Generation-Skipping Transfer , Gift Tax , New York , State and Local Government , Tax Cuts and Jobs Act , Taxation

Soaring Estate and Gift Tax Exclusions and GST Tax Exemption Offer Temporary Window for Maximizing Wealth Transfer

At the beginning of 2023, the Internal Revenue Service (IRS) increased the amounts individuals can gift free of federal gift and generation-skipping transfer (GST) tax. The amounts now stand at $12,920,000 for individuals and...more

9/1/2023 / Estate Planning , Estate Tax , Estate-Tax Exemption , Generation-Skipping Transfer , Gift Tax , Gift-Tax Exemption , IRS , Tax Planning

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