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Coronavirus/COVID-19 › Estate Tax › Gift Tax

Read guidance, analysis, and updates on the myriad issues arising from the global response to the COVID-19 pandemic. Updated hourly every day, the insights published here are written by leading lawyers and law firms... more +
Read guidance, analysis, and updates on the myriad issues arising from the global response to the COVID-19 pandemic. Updated hourly every day, the insights published here are written by leading lawyers and law firms helping to make sense of insurance, employment, tax, securities, M&A, risk management, and every other consideration touched by this crisis. Follow the channel for a daily email brief of the latest and best updates. less -
Ropes & Gray LLP

2025 Tax Legislation Update: One Big Beautiful Bill Act Narrowly Passes Senate

Ropes & Gray LLP on

The “One Big Beautiful Bill Act” (the “BBB”) was passed by the U.S. House of Representatives on May 22, 2025 (such version, the “House Bill”) as part of the Republican Congress’s reconciliation package. The BBB generally...more

McDermott Will & Schulte

Weekly IRS Roundup November 2 – November 6, 2020

McDermott Will & Schulte on

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of November 2, 2020 – November 6, 2020... November 2, 2020: The IRS announced COVID-19-related...more

Rivkin Radler LLP

The Time to Plan for Tax Code Changes Is Now

Rivkin Radler LLP on

The election is only weeks away, and with it is likely to come significant changes to the tax code. Many economists anticipate that, regardless of the outcome, there will likely be tax increases to reduce the federal deficit,...more

Farrell Fritz, P.C.

The Election, The Democrats’ Tax Proposals, And Year-End Tax Planning: Caught Between Scylla And Charybdis

Farrell Fritz, P.C. on

What a Week- There is no denying that last week’s political events were historic; one can only hope they were aberrational. The week began with the Sunday New York Times publishing a story in which it claimed to have...more

Farrell Fritz, P.C.

Intra-Family Loan: A Gift Alternative In Turbulent Times?

Farrell Fritz, P.C. on

Woe to Us? We live in strange times. The coronavirus pandemic hit the United States hard, the scientific community fears a second round later this year, and there have been wildly differing estimates over when an...more

McDermott Will & Schulte

Weekly IRS Roundup August 24 – August 28, 2020

McDermott Will & Schulte on

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of August 24, 2020 – August 28, 2020... August 24 2020: The IRS published a memorandum concerning...more

Mitchell, Williams, Selig, Gates & Woodyard,...

Estate and Gift Planning with Low Interest Rates - Making the Best of a Bad Situation

Mitchell, Williams, Selig, Gates & Woodyard,... on

Because of the current pandemic, the August 2020 applicable federal rates and section 7520 rate are at historical lows, creating opportunities for interest sensitive estate and gift tax planning. Loans to family members or...more

Ruder Ware

Peter, Paul, and Mary Should Make Large Gifts – Now!

Ruder Ware on

Peter, Paul, and Mary have done well for themselves. Each has a nice home, a seasonal residence, and a large IRA. Coincidentally, each also has an additional $11 million worth of real estate, savings, brokerage accounts, and...more

Farrell Fritz, P.C.

Wealth Inequality, COVID-19, Recession, The 2020 Election & The Estate Tax

Farrell Fritz, P.C. on

Politics and Wealth Inequality- As we approach the presidential convention season, and the election campaign that will follow, the thoughts of many business owners have turned to the federal estate tax, and for good...more

Greenbaum, Rowe, Smith & Davis LLP

Wealth Transfer Strategies to Consider in the Age of COVID-19

Greenbaum, Rowe, Smith & Davis LLP on

The COVID-19 pandemic has disrupted our lives and shifted our priorities in an unprecedented manner.  Against this backdrop of uncertainty, though, opportunities in estate planning abound.  Basic planning documents, such as...more

Farrell Fritz, P.C.

Wills, Trusts & Estates: Plain and Simple – Estate Planning In The Time Of Coronavirus

Farrell Fritz, P.C. on

This is a surrealistic time for most of us, but we will come out on the “other side” and we still need to plan for the future. We should continue to take at least basic steps to plan our estates, like preparing wills and/or...more

Troutman Pepper Locke

Estate Planning Opportunities in a COVID-19 Environment

Troutman Pepper Locke on

COVID-19 has created uncertainty in many aspects of our daily lives and caused an unprecedented disruption to the economy. Financial markets have been turned upside down, asset values have dropped, and interest rates have...more

Farrell Fritz, P.C.

Revised COVID-19-related FAQs From the IRS

Farrell Fritz, P.C. on

The IRS has revised its COVID-19-related FAQs. The updated “frequently asked questions” – reproduced below – address estate tax return filings and tax payments, portability, qualified disclaimers, allocation of GST exemption,...more

Bond Schoeneck & King PLLC

Opportunities in Estate Planning During the COVID-19 Crisis

Bond Schoeneck & King PLLC on

In the last several weeks we have seen the drastic impact of the COVID-19 crisis on our health, way of living and the economy. While these times may feel uncertain, there are still many factors in your control and even...more

Farrell Fritz, P.C.

The Remote Witnessing Of Estate Planninig Documents During The COVID-19 Pandemic

Farrell Fritz, P.C. on

As our everyday life continues to be impacted by the novel coronavirus (COVID-19), Governor Andrew Cuomo has signed various executive orders to address the issues faced by the State and its residents during these...more

Conn Kavanaugh

More Tax Deadline Updates!

Conn Kavanaugh on

April 1, 2020 We continue to receive updated guidance regarding tax deadlines. In recent news....more

Cranfill Sumner LLP

Who, What, When, Where, & Why of Estate Planning During Covid-19 and Beyond

Cranfill Sumner LLP on

When a health crisis hits, families often scramble to find and locate estate planning documents and other legal documents. At times, loved ones learn that the documents are not consistent with the plans they believed were in...more

Winthrop & Weinstine, P.A.

COVID-19 and Estate Planning: Strategies to Consider Now

Winthrop & Weinstine, P.A. on

The COVID-19 pandemic has led to dramatic fluctuations in the stock market and the value of closely held businesses.  Although we all hope that the massive dips in values are temporary, these challenges present unique...more

Farrell Fritz, P.C.

Wealth Transfer Opportunities with Devalued Assets

Farrell Fritz, P.C. on

The COVID-19 pandemic continues to have far-reaching effects which are expected to be felt for months to come, if not longer. The economy has been hit hard and the stock market has seen a dramatic reduction in value. ...more

McDermott Will & Schulte

IRS Clarifies Tax Filing and Payment Deadline Extensions

McDermott Will & Schulte on

The Internal Revenue Service released a Q&A on Notice 2020-18 to clarify the relief available to taxpayers during the Coronavirus (COVID-19) pandemic. The Q&A offers important new details on the federal income tax filing and...more

Rivkin Radler LLP

IRS Provides Answers to FAQs Regarding COVID-19 Relief

Rivkin Radler LLP on

In an effort to provide as much timely guidance as possible, the IRS has created a Frequently Asked Questions (FAQs) site to address taxpayer questions and concerns with respect to recently promulgated Notice 2020-18. The...more

Lowenstein Sandler LLP

Estate, Gift, and Income Tax Planning in the Time of COVID-19

Lowenstein Sandler LLP on

First, and most important, we are thinking of all of our clients and friends and hoping everyone is safe and healthy at this challenging time. We have heard the following statement frequently of late: “Never let a crisis...more

Neal, Gerber & Eisenberg LLP

Client Alert: Lowered Interest Rates, Market Declines and Increased Exemptions Present an Opportune Time for Tax Planning

Neal, Gerber & Eisenberg LLP on

The current economic environment may be an opportune time to implement certain planning techniques that could be enormously beneficial to you and your family from an estate and tax planning perspective. There are at least...more

Ballard Spahr LLP

Estate Planning in Uncertain Times

Ballard Spahr LLP on

The coronavirus (COVID-19) outbreak has given reason for us to not only make sure our estate plans reflect current wishes, but also to seek potential opportunities for smart tax planning. In the words of Albert Einstein,...more

Patterson Belknap Webb & Tyler LLP

Perspective and Planning During Uncertainty

Patterson Belknap Webb & Tyler LLP on

Recent market volatility and the public health implications of the spread of coronavirus (COVID-19) have been unsettling. It can be stabilizing in turbulent times to take a deep breath, focus on long-term planning strategies...more

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