News & Analysis as of July 23, 2025

Estate Planning › Internal Revenue Code (IRC)

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Estate Planning is a process where individuals prepare or plan for the settlement of their personal affairs in the event of incapacitation or death. Estate plans typically include provisions relating to the disposition of assets, guardianship of minor children, and appointment of representatives to make medical and financial decisions. Effective estate planning can decrease tax liability and facilitate the probate process. less -

One Big Beautiful Bill and Opportunities To Avoid or Defer Tax on Gains

Lowenstein Sandler LLP on 7/22/2025

On July 4, 2025, President Donald Trump signed into law the One Big Beautiful Bill Act (H.R.1) (OBBBA). This alert focuses on OBBBA changes regarding qualified small business stock (QSBS) and qualified opportunity zone (QOZ)...more

Estate Planning and Other Tax Strategies under the One Big Beautiful Bill Act

Husch Blackwell LLP on 7/16/2025

President Donald Trump signed the One Big Beautiful Bill Act (OBBBA) into law on July 4, 2025. The OBBBA represents a significant overhaul of the U.S. tax system, making permanent many provisions of the 2017 Tax Cuts and Jobs...more

One Big Beautiful Bill Act Enacts a Permanent Increase in the Estate and Gift Tax Lifetime Exclusion Amount for 2025 and Later...

Frost Brown Todd on 7/11/2025

On July 3, 2025, and by a vote of 218 to 214, the U.S. House of Representative passed the Senate’s amended version of H.R. 1 (also known as the “One Big Beautiful Bill Act” or OBBBA 2025), which is the tax-and-budget...more

Trump Accounts: The New Child Savings Account Established Under the One Big Beautiful Bill Act

Foley & Lardner LLP on 7/10/2025

On July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act (OBBA). The OBBA established a new type of tax-advantaged savings account for minors, known as “Trump Accounts.” While the specific details of...more

Elementos clave de la “One Big Beautiful Bill”

Procopio, Cory, Hargreaves & Savitch LLP on 7/7/2025

La Cámara de Representantes de los EE.UU. aprobó hoy, con una votación de 218 a favor y 214 en contra, la versión previamente autorizada por el Senado del proyecto de ley conocido como “One Big Beautiful Bill”. Se espera que...more

Business Succession Planning: Pros and Cons of Passing S Corp Shares in Trust

DarrowEverett LLP on 6/11/2025

Business succession planning and estate planning are often linked together, particularly in the case of closely held family businesses. In the case of a shareholder who wishes to pass along their shares of an S corporation as...more

Do You Know Where Your Gift or Bequest Is Coming From? If Not, You May Be Subject to a Gift/Inheritance Tax and the Related New...

Bilzin Sumberg on 6/9/2025

Pursuant to Internal Revenue Code Section (“Code §”) 2801, if you are a “U.S. Beneficiary” - who is the recipient of a gift or bequest from, or a distribution from a trust established by, a former U.S. citizen or former Green...more

When is a U.S. International Tax Attorney Needed?

Hone Maxwell on 6/9/2025

Individuals and businesses are frequently navigating transactions that span multiple countries. These transactions are often complex, as they navigate multiple jurisdictions’ unique — and often complicated — taxation systems....more

Residency for Federal Taxation

Freeman Law on 5/19/2025

Residence may seem to be a relatively simple thing to determine. It’s where you live, right? Well, leave it to the Internal Revenue Code to complicate this question. There are different tests for residency when it comes to...more

Wealth Management Update - May 2025

Proskauer Rose LLP on 5/2/2025

The May 2025 Section 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 5.00%, which is the same as the April 2025 Section 7520 rate...more

How to Take Advantage of Changes in Interest Rates For Gift and Estate Tax Savings

Bressler, Amery & Ross, P.C. on 4/23/2025

A recent Tax Court order highlights the gift and estate planning opportunities afforded when a senior family member makes loans to other family members. In Galli v. Commissioner, Docket Nos. 7003-20 and 7005-20, the Court had...more

Wealth Management Update - April 2025

Proskauer Rose LLP on 4/9/2025

The April 2025 Section 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 5.00%, which is 0.40% less than the March 2025 rate. The April applicable federal rate (“AFR”) for use with a...more

Create a New Trust or Update an Existing Estate Plan

Allen Barron, Inc. on 3/27/2025

If you wish to create a new trust or update an existing estate plan, you will need skill and expertise across many disciplines: tax, estate planning, and legal services. Look for a service provider who can seamlessly...more

To Be or Not to Be Contemplating the Meaning of Life Through Private Placement Life Insurance

Gerald Nowotny - Law Office of Gerald R.... on 3/25/2025

The focus of this article illustrates why private placement life insurance (“PPLI”) is the best asset to utilize in the “Buy, Borrow and Die” strategy for high net worth investors including billionaires. After this article,...more

Benefits Basics - When an Employee Dies: A Resource Guide for HR & Benefits Professionals

Foley & Lardner LLP on 3/25/2025

As a member of your company’s human resources or employee benefits department, one of the most difficult calls you may receive is from a colleague or an employee’s family member notifying you of the death of an employee. This...more

Transferring the Family Business To A Private Foundation? Are You Sure About That?

Rivkin Radler LLP on 3/21/2025

Charitable organizations are dependent, in no small part, upon the financial support of many successful business owners. The generosity of these individuals and their organizations may be a manifestation of several factors...more

Advanced Section 1202 (QSBS) Planning for S Corporations - UPDATED March 2025

Frost Brown Todd on 3/20/2025

Section 1202 provides for a substantial exclusion of gain from federal income taxes when stockholders sell qualified small business stock (QSBS). But a number of requirements must be met before a stockholder is eligible to...more

Not Considering the Importance of Charitable Giving

Offit Kurman on 3/12/2025

When a client’s family does not wish to inherit a collection or if its inclusion in the estate would create a significant tax burden, it is crucial to explore charitable giving options. Proper planning can help maximize the...more

Wealth Management Update - March 2025

Proskauer Rose LLP on 3/10/2025

March 2025 AFRs and 7520 Rate - The March 2025 Section 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 5.40%, which was the same as the February 2025 rate...more

Understanding IRS Private Letter Ruling 202504006: Crucial Takeaways for Tax Planning

Gray Reed on 3/7/2025

The Internal Revenue Service (IRS) recently issued Private Letter Ruling (PLR) 202504006, addressing several important estate and gift tax questions related to the division of a marital trust and the subsequent disclaimer of...more

Act Now or Pay Later? Will Congress Extend the Higher Estate Tax Exemption Before 2026?

Kohrman Jackson & Krantz LLP on 3/4/2025

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

Death Tax Repeal Act

Offit Kurman on 3/3/2025

On February 13, 2025, Republican lawmakers in Congress introduced the Death Tax Repeal Act, which aims to permanently eliminate the federal estate tax. Since 2015, various legislative efforts to repeal the estate, gift, and...more

Watch the Sunset: Federal Estate Exclusion Set To Shrink in 2026; New Changes on the Horizon

Davis Wright Tremaine LLP on 2/14/2025

The 2017 Tax Cuts and Jobs Act (TCJA) is set to end at the close of this year, resulting in a federal estate exclusion that is less than half of the current $13.99 million exclusion. Other changes to the tax structure are...more

Wealth Management Update - February 2025

Proskauer Rose LLP on 2/6/2025

February 2025 Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The February applicable federal rate (“AFR”) for use with a sale to a defective grantor...more

The Estate Planning Benefits of Marriage: What Unmarried Couples Need to Know

Offit Kurman on 2/4/2025

It is becoming increasingly commonplace for people to enter long-term romantic relationships without legally marrying. While there are no exact statistics on how many Americans fall into this growing category, a 2019 Pew...more

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Estate Planning › Internal Revenue Code (IRC)

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