News & Analysis as of

Estate Planning Step-Up Basis Estate 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 -
Offit Kurman

Building Adaptive Trusts: Ensuring Tax Efficiency in an Evolving Tax Landscape

Offit Kurman on

The lifetime estate tax exemption amount is as high as ever. The estate tax exemption amount rose from $1,000,000 in 2002 to $5,000,000 in 2011. Then, Congress doubled the amount of the estate tax exemption in 2018. As of...more

Lathrop GPM

Estate Planning 2022 Federal Tax Update

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As we start the new year, this Federal Tax Update highlights estate planning-related federal tax information that may be helpful as you consider planning options for 2022. Because Congress could pass legislation that changes...more

Burr & Forman

New Tax Changes That Might Affect Your Estate Planning Strategy

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While there are many new tax policy implementations that may be imminent with the new Biden administration, there are two changes in particular that estate planning attorneys are watching closely. These include (1) a...more

Farrell Fritz, P.C.

The Federal Estate Tax In 2021: What Might We Expect? What Can We Do?

Farrell Fritz, P.C. on

Happy New Year? Ask anyone outside the United States what comes to mind when they think about an American New Year’s celebration, and the odds are pretty good they will mention the ball drop in New York City’s Times Square. ...more

Bowditch & Dewey

When to Take Advantage of a Spousal Lifetime Access Trust (SLAT)

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Under the Tax Cuts and Jobs Act, in 2020 each person may transfer up to $11,580,000 without incurring a gift or estate tax. This generous exemption amount will sunset at the end of 2025, which means that in 2026, the...more

Cozen O'Connor

The Clock Is Ticking on Estate and Gift Planning

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November’s election results could have a profound effect on the estate and gift tax laws. Among a number of significant issues are...more

Dickinson Wright

Follow up on possible Estate Tax Repeal: Important Basis Planning Technique in Estate Planning

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In last week’s Tax Tip our Henry Grix succinctly described the current lay of the land regarding estate tax repeal. This Tax Tip focuses on one narrow but very important aspect in anticipating such action, or possible...more

Patterson Belknap Webb & Tyler LLP

2016 Year-End Trusts & Estates Update

As 2016 comes to a close, we would like to share with you a number of recent developments affecting trust and estate planning that may be of interest: Final regulations restricting valuation discounts unlikely to be...more

Proskauer Rose LLP

Wealth Management Update - September 2016

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September Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The September § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs...more

Goulston & Storrs PC

New Basis Reporting Requirements for Executors and Beneficiaries

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Recent federal legislation adds fresh compliance burdens to an old concept in federal tax law: the step-up in tax basis of appreciated property at death. New reporting requirements will apply to estates required to file a...more

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