As family offices continue to adapt to economic, financial, and technological changes, several ongoing developments are giving family offices plenty consider heading into 2025, including gift and estate tax exemptions, which...more
The US Internal Revenue Service (IRS) has announced that the annual gift tax exclusion is increasing in 2025 due to inflation. The exclusion will be $19,000 per recipient for 2025—the highest exclusion amount ever....more
In the last decade, family offices have become increasing popular vehicles among high-net-worth individuals and families looking for more formalized investment management, tax planning, estate planning, and philanthropic...more
January 1, 2024 ushered in a new regulatory scheme for small business owners across the United States with the Corporate Transparency Act (CTA). The CTA seeks to combat illicit activity involving tax fraud, money laundering,...more
At a time marked by themes of “push” and “pull,” organizations across all sectors and jurisdictions are grappling with the pursuit of innovation within an increasingly complex regulatory framework. Over the next 12 months,...more
Although family offices have long been exempt from many of the more onerous regulations and reporting requirements governing US investment advisors and asset managers, recent amendments to federal rules will impact how family...more
The US Internal Revenue Service has announced that the annual gift tax exclusion is increasing in 2024 due to inflation. The exclusion will be $18,000 per recipient for 2024—the highest exclusion amount ever....more
Massachusetts Governor Maura Healey signed a bill on October 4, 2023 amending the state’s estate tax law.
INCREASED MASSACHUSETTS ESTATE TAX EXEMPTION AMOUNT
For individuals dying on or after January 1, 2023, the new law...more
With the effective date of the Corporate Transparency Act (CTA) approaching at the start of 2024, affected entities should be aware of and begin preparing for new requirements, including for beneficial ownership information...more
The new Massachusetts “Millionaires Tax” imposes an additional 4% income tax on the portion of annual taxable income in excess of $1 million (indexed for inflation), starting in 2023. The new tax will affect high-income...more
The US Internal Revenue Service has announced that the annual gift tax exclusion is increasing next year due to inflation. The exclusion will be $17,000 per recipient for 2023—the highest exclusion amount ever. Further, the...more
While they may still be under the care of their parents, college-aged or other young adult children should have certain legal documents in place in case of emergency or incapacitation, as well as to ensure prudent management...more
During the estate planning process, it is important to ensure that your fiduciaries (the personal representatives of the estate, trustees, and agents named in the durable power of attorney) have the information necessary to...more
The Internal Revenue Service has announced that the annual gift tax exclusion is increasing next year due to inflation. After four years of being at $15,000, the exclusion will be $16,000 per recipient for 2022—the highest...more
The Democrats of the House of Representatives have released a much-anticipated tax plan that would significantly impact the federal estate and gift tax system. Importantly, the House could still amend this legislation and the...more
9/21/2021
/ Biden Administration ,
Closely Held Businesses ,
Estate Planning ,
Estate Tax ,
Generation-Skipping Transfer ,
Gift Tax ,
Grantor Trusts ,
Income Taxes ,
Life Insurance ,
Spousal Lifetime Access Trust (SLAT) ,
Tax Planning