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Estate Planning › Proposed Legislation › Gift Tax

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... more +
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 -
Tarter Krinsky & Drogin LLP

Now Is the Time to Revisit Trusts & Estates Plans, as Tax Exemption Law Changes Are on the Horizon

Tarter Krinsky & Drogin LLP on

On May 22, 2025, the House of Representatives passed the One Big Beautiful Bill Act by a single-vote margin. This bill adopted many of the recommendations of the House Ways and Means Committee, with a few changes along the...more

Farrell Fritz, P.C.

Estate Planning under President Trump’s “One, Big, Beautiful Bill”

Farrell Fritz, P.C. on

On May 22, 2025, the U.S. House of Representatives passed President Trump’s One, Big, Beautiful Bill.  The bill now awaits approval by the Senate.  One of the various goals of the bill is to extend the Tax Cuts and Jobs Act’s...more

Kohrman Jackson & Krantz LLP

Reconciled But Risky: Can the $15 Million Exemption Make It Through Congress?

Kohrman Jackson & Krantz LLP on

On May 12, the House Ways and Means Committee released its long-anticipated reconciliation package—an expansive tax and spending bill aimed at extending the 2017 Trump tax cuts and cementing key fiscal priorities before the...more

Kohrman Jackson & Krantz LLP

Baseline vs. the Byrd Rule: What’s Next for the Gift and Estate Tax?

Kohrman Jackson & Krantz LLP on

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

Kohrman Jackson & Krantz LLP

Baselines and the Bottom Line: How Congress’s Choice Could Determine the Fate of the Estate Tax Exemption

Kohrman Jackson & Krantz LLP on

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

ArentFox Schiff

2024 Estate Planning Outlook: Transfer Tax Changes are on the Horizon

ArentFox Schiff on

The Tax Cuts and Jobs Act of 2017 (TCJA) significantly increased the lifetime estate and gift tax exemption from $5.6 million to $11.18 million for individuals, with adjustments for inflation starting in 2018. For 2023, the...more

Goodwin

Revised Tax Legislation Proposal No Longer Includes Certain Estate and Gift Tax Provisions

Goodwin on

Certain revenue-raising proposals that would have affected the transfer tax regime and estate planning of high-net-worth individuals and trusts, which were included in the prior proposed bill in the House of Representatives,...more

A&O Shearman

Estate Planning Advisory - House Ways and Means Proposal

A&O Shearman on

The House Ways and Means Committee recently proposed sweeping changes to the tax code that would significantly impair fundamental wealth transfer planning techniques. We recommend that you consider taking action now....more

Greenbaum, Rowe, Smith & Davis LLP

The Implications for Estate Planning of Proposed Tax Provisions of the Build Back Better Act

Greenbaum, Rowe, Smith & Davis LLP on

What You Should Know •The House Ways and Means Committee has approved the tax provisions of President Biden’s Build Back Better Act, a significant first step towards passage. •If passed as drafted, the proposed...more

Goodwin

U.S. House Proposals Would Significantly Impact Estate Planning for High Net Worth Individuals If Enacted

Goodwin on

The U.S. House Committee on Ways and Means’ tax proposals would significantly impact estate planning for high net worth individuals if enacted. Gift, estate and GST exemption amounts would be decreased; grantor trusts would...more

Bowditch & Dewey

Impact of House Ways and Means Tax Proposals for Trusts, Estates, and Retirement Accounts

Bowditch & Dewey on

In this second blog post on the House Ways and Means Tax proposals, we address the proposed changes that will affect the taxation of trusts, estates, and retirement plans. As we discussed, on September 13, 2021, the...more

Verrill

House Democrats Propose Estate and Gift Tax Law Changes: Important Estate Planning Implications

Verrill on

What you need to know: On September 13, 2021, the House Ways and Means Committee released its proposed tax plan to fund President Biden’s $3.5 trillion “Build Back Better” social and economic spending package. If enacted as...more

Stoel Rives LLP

Proposed Legislation to Change Estate and Gift Tax Planning

Stoel Rives LLP on

Democrats recently unveiled the Build Back Better Act, which, if passed, would bring significant changes to the Tax Code and would have a drastic impact on common estate planning techniques, including gifts to trusts. The...more

Sheppard Mullin Richter & Hampton LLP

Possible Changes to Estate and Gift Tax Law

Sheppard Mullin Richter & Hampton LLP on

Last week the House Ways and Means Committee released a draft of proposed tax law changes to include in a reconciliation bill. While it is uncertain whether any of these proposals will be adopted – and if so in what form –...more

Pullman & Comley, LLC

Proposed Tax Law Changes Impacting Estate and Gift Taxes

Pullman & Comley, LLC on

As many people are aware, Congress is considering changes to the federal tax code to support President Biden’s Build Back Better spending plan.  As of this writing, on September 22, 2021, no bill has been enacted....more

Tucker Arensberg, P.C.

Estate Planning Alert - Legislative Proposals Could Significantly Impact Estate Planning Options

Tucker Arensberg, P.C. on

Last week, the House Ways and Means Committee released proposed legislation affecting numerous transfer and income tax provisions of the Code. These changes, if enacted, will have a significant impact on estate planning and...more

Winstead PC

Tax Proposals of the House Ways and Means Committee: Reconciliation Bill to Target Trusts, Estates, and the Wealthy

Winstead PC on

On Sunday, September 12, 2021, the House Ways & Means Committee (the "Committee") released draft legislation as part of Congress' ongoing $3.5 trillion budget reconciliation process. The legislation, as approved by the...more

Schwabe, Williamson & Wyatt PC

Three Estate Planning Proposals to Watch

Schwabe, Williamson & Wyatt PC on

House Democrats recently released additional legislative proposals that, if passed, would affect several commonly used estate planning techniques. Among those proposals are three that would significantly impact some of the...more

Bilzin Sumberg

For The 99.5% Act – Is Change a Coming for the Estate Planning World?

Bilzin Sumberg on

On March 25, 2021, Senator Bernie Sanders introduced legislation called “For the 99.5% Act.” This bill is aimed at the fortunes of the top 0.5% of wealthy Americans. ...more

Harris Beach Murtha PLLC

Gift Tax Repeal Not Part of Connecticut's Budget Deal

Harris Beach Murtha PLLC on

Until last week, the Connecticut General Assembly appeared very close to relieving Connecticut of the distinction of being the only state that imposes a gift tax. However, it seems Connecticut will carry that mantle for the...more

Herbert Smith Freehills Kramer

Trust and Estate Planning 2017 Year End Update

Herbert Smith Freehills Kramer on

As we approach the end of the year, we thought you would find it useful to have the following summary of recent developments and updates that may affect your trust and estate planning....more

Proskauer Rose LLP

Personal Planning Strategies - December 2017

Proskauer Rose LLP on

2018 Estate, Gift and GST Tax Update: What This Means for Your Current Will, Revocable Trust and Estate Plan - As we previously reported, the American Taxpayer Relief Act of 2012 (the "Act") made the following permanent:...more

Genova Burns LLC

Federal Death Tax Repeal – Not So Fast

Genova Burns LLC on

Much has been written and speculated about the fate of the Federal Gift, Estate and Generation Skipping Taxes under the current efforts of the Administration and of Republican Congressional leaders to overhaul Federal tax...more

Bowditch & Dewey

Estate Planning Still Critical in Uncertain Times

Bowditch & Dewey on

The “plan” unveiled by the Trump administration in late April to repeal the federal estate tax was a broadly vague outline of tax reform goals. The proposed changes did not mention the federal gift tax or generation skipping...more

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