News & Analysis as of August 31, 2025

Estate Planning › State Taxes

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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 -

Major Estate Tax Changes Under the One Big Beautiful Bill Act

Offit Kurman on 8/8/2025

The One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, is a sweeping piece of legislation spanning nearly 1,000 pages. It includes significant changes to federal estate and income tax laws that will affect...more

One Big Beautiful Bill (OBBB) Results in Major Estate and Income Tax Changes

Cole Schotz on 7/22/2025

After months of intense negotiations, on July 4, 2025, the One Big Beautiful Bill (OBBB) was signed into law making various changes to the tax code that impacts estate, gift and income tax planning. Increased Estate, Gift...more

The One Big Beautiful Bill Act: An Initial Analysis of Key Tax Proposals - June Insights

Skadden, Arps, Slate, Meagher & Flom LLP on 6/27/2025

On May 22, 2025, the House of Representatives passed the One Big Beautiful Bill Act (OBBBA). Tax-related proposals contained in the OBBBA would extend or make permanent select corporate, international and individual tax...more

New Washington Estate Tax Law Raises Exemption, Hikes Rates for Wealthy

Lasher Holzapfel Sperry & Ebberson PLLC on 6/17/2025

Since 2018, estate planning legislation in Washington has remained stagnant. Increases in our legislated estate tax exemption rate had been tied to a Consumer Price Index that no longer existed, and the legislature largely...more

Washington Tax Changes 2025: Capital Gains, Estate Tax Increases, and Wealth Tax Update

Perkins Coie on 6/4/2025

Washington concluded an eventful legislative session with the largest set of tax increases in the state's history. This Update focuses on two significant changes that affect Washington residents and a senate bill proposal...more

“One Beautiful Bill Act” | Tax-Related Provisions

Freeman Law on 5/29/2025

President Donald Trump’s “One Big Beautiful Bill Act” recently passed the House. Below are some, but not all, of the tax-related provisions included in the bill. It is worth noting that many of the items below are temporary...more

WA Estate and Capital Gains Tax Changes Under SB 5813

Ballard Spahr LLP on 5/23/2025

Facing a projected budget deficit of $12 to $16 billion, Governor Bob Ferguson signed several bills into law this week which will significantly increase taxes in Washington State. An overview of the increases to Business and...more

House Tax Bill 2025

Seward & Kissel LLP on 5/19/2025

On May 12, 2025, Republicans in the House of Representatives introduced the One, Big, Beautiful Bill of 2025 (the “House Bill”). The House Bill comes out of the House Ways and Means Committee after weeks of internal drafting...more

Tax Consequences of a Natural Disaster

Holland & Knight LLP on 4/18/2025

Between wildfires such as the ones in Southern California earlier this year and hurricanes and other major storms experienced by other parts of the country annually, there is no shortage of natural disasters affecting people...more

Nonresidents Beware: Oregon's and Washington's Fractional Formula and Apportionment Rules Apply to In-State Property

Davis Wright Tremaine LLP on 3/3/2025

At $13.99 million for 2025, the federal estate tax exclusion is the largest it has ever been, but it will be reduced by half in 2026, which you can read more about in this advisory....more

Maryland’s 2025 Budget Proposal: Changes to Estate Taxes and What They Mean for Estate Planning

Offit Kurman on 1/21/2025

Recent Maryland proposed budget cause for close estate planning review before the sunset of the federal Tax Cuts and Jobs Act. This week, Maryland Governor Wes Moore released his proposed 2025 budget to the public and...more

2024 Year-End Estate Planning: Texas Updates

Katten Muchin Rosenman LLP on 12/12/2024

It has been a quiet year in Texas on the Private Wealth front as the Texas State Legislature enjoyed its biennial recess. Nevertheless, Texas' increasingly business-friendly environment saw some activity with its special new...more

2024 Year-End Estate Planning: Florida Updates

Katten Muchin Rosenman LLP on 12/12/2024

Several legislative proposals and new laws have been introduced in Florida affecting Private Wealth. A brief summary of the 2024 changes follows....more

2024 Year-End Estate Planning: International Developments

Katten Muchin Rosenman LLP on 12/10/2024

It has been back to business as usual for the Internal Revenue Service (IRS) and Department of the Treasury in 2024. US tax authorities are not shaking up the international private client landscape, but instead are providing...more

2024 Year-End Estate Planning: California Updates

Katten Muchin Rosenman LLP on 12/10/2024

Uniform Directed Trust Act and Uniform Fiduciary Income and Principal Act Become Effective - As reported in Katten's 2023 Year-End Advisory, the California Uniform Directed Trust Act (UDTA) and the Uniform Fiduciary...more

2024 Year-End Estate Planning: New York Updates

Katten Muchin Rosenman LLP on 12/10/2024

In 2024, there was much legislative activity in New York that affected the Private Wealth realm. A brief summary of the 2024 changes follows....more

Further Updates to the Massachusetts Estate Tax

Goulston & Storrs PC on 10/24/2024

On October 4, 2023, the Massachusetts estate tax was updated for the first time in seventeen years (the “2023 Act”). Primarily, the 2023 Act created a $2,000,000 exemption from the estate tax for all decedents who died on or...more

Understanding 2024 Estate, Gift, and Generation-Skipping Transfer Tax Exemptions

Hinckley Allen on 1/22/2024

Each year, certain estate, gift, and generation-skipping transfer (“GST”) tax figures are subject to inflation adjustments that go in effect on January 1. Below are the current adjustments for 2024....more

Massachusetts Estate Tax Changes

Partridge Snow & Hahn LLP on 10/19/2023

Governor Maura Healey signed a tax relief package into law on October 4, 2023, making changes to how the Massachusetts estate tax is calculated. The new law doubles the Massachusetts estate tax exemption from $1 million to...more

Massachusetts Tax Relief Becomes Law

Harris Beach Murtha PLLC on 10/5/2023

Today, October 4, 2023, Governor Healey signed into law major tax legislation that includes estate tax relief, closing a loophole around the newly implemented millionaire’s tax, short-term capital gains tax cuts and more....more

Estate and Income Tax Provisions in Pending Massachusetts Tax Relief Package

Nutter McClennen & Fish LLP on 10/2/2023

The Massachusetts House and Senate voted in favor of a Massachusetts tax relief bill. The legislation is now on Governor Maura Healey’s desk, and she has until October 8th to act. More than two decades have passed since the...more

Massachusetts Unveils New Tax Relief

Harris Beach Murtha PLLC on 10/2/2023

On September 26, 2023, Massachusetts leaders announced major tax legislation that includes estate tax relief, closing a loophole around the newly implemented millionaire’s tax, short-term capital gains tax cuts and more. It...more

Cocktails & Estate Planning are Not Necessarily Good Mixers

Rivkin Radler LLP on 4/18/2023

Oh, the things you hear at cocktail parties: “Everyone should have a revocable trust,” “It’s easy to change your residence to Florida for tax purposes – just count days and get a Florida license,” “Make all your trusts...more

Personal Planning Strategies - July 2022

Proskauer Rose LLP on 7/26/2022

With Recent Court Decision, Out-of-State Owners of New York Houses Can Breathe Easier - A recent New York appellate court ruling has major implications for individuals who own a house in New York State but do not consider...more

2022 California Estate and Tax Planning Newsletter

Blank Rome LLP on 1/26/2022

Our annual estate and tax planning newsletter discusses certain concepts and techniques that should be considered in 2022 by our clients and friends in California. Perhaps the most important recent development was the failure...more

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Estate Planning › State Taxes

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