News & Analysis as of August 3, 2025

Estate Planning › Tax Returns

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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 -

A Trustee or Executor has Substantial Financial and Legal Liability

Allen Barron, Inc. on 5/21/2025

Have you been asked to be a trustee or executor? A trustee or executor has substantial financial and legal liability, and the trust or estate will pay an attorney to guide them through the process....more

The Essential Role of Qualified Personal Property Appraisers in Estate and Donation Valuations

J.S. Held on 4/24/2025

When purchasing an expensive engagement ring, one would not seek the expertise of a real estate agent. Similarly, when an estate requires an appraisal, it is crucial to engage the appropriate expert for high value personal...more

What You Need to Know About Washington’s New Estate Tax Break for Family Homes

Lasher Holzapfel Sperry & Ebberson PLLC on 4/24/2025

Washington state recently enacted some changes that may impact married couples and registered domestic partners. Under the new Spousal Personal Residence Exclusion, when a spouse/partner passes away on or after January 1,...more

The Essential Guide to Document Preservation for Estate and Business Planning

Hinckley Allen on 4/15/2025

Over the course of a lifetime, each of us will accumulate a small mountain of documents, paperwork that is often carelessly tossed in a drawer and then, perhaps, eventually discarded. Though much of this paperwork is...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

Will the Federal Estate and Gift Tax Exemption Be Reduced in 2026?

Rivkin Radler LLP on 1/16/2025

The federal estate and gift tax exemption changes from year to year. The current combined federal estate and gift tax exemption amount of $13.99 million per person ($27.98 million per married couple) is scheduled to “sunset”...more

Adopting the Moving Van Approach

Offit Kurman on 1/15/2025

When it comes to estate taxes, the Internal Revenue Service (IRS) expects all tangible personal property to be properly reported on Schedule F of Form 706. This includes any valuable assets such as art collections, antiques,...more

Expiring Federal Transfer Tax Benefits – Nothing is Certain or Lasts Forever

Rivkin Radler LLP on 1/14/2025

Just a few weeks ago, many individual taxpayers, driven by what they viewed as the relatively imminent expiration of the enhanced federal transfer tax exemptions, sought advice on how to leverage their remaining exemption and...more

Annual Exclusion Gifting

Bowditch & Dewey on 12/18/2024

Clients are often interested in gifting to their loved ones not only to benefit the recipient of the gift, but also to reduce the donor’s taxable estate for estate tax purposes. Every taxpayer can give a certain amount each...more

Weekly IRS Roundup October 28 – November 1, 2024

McDermott Will & Emery on 11/5/2024

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of October 28, 2024 – November 1, 2024....more

Legal-Ease: Steps for When a Loved One Passes Away - Part Two

Foster Swift Collins & Smith on 6/14/2024

This is the second of three articles addressing the topic of what needs to be done when a spouse or loved one passes away. My last article addressed the immediate things that need to be done prior to the decedent’s funeral...more

The Sunset of the TCJA – Tax Cuts and Jobs Act of 2017 – Is Scheduled for the End of 2025

Allen Barron, Inc. on 4/19/2024

The sunset of the TCJA – the Tax Cuts and Jobs Act of 2017, is currently scheduled for the end of 2025. The TCJA contributed substantial changes to the US tax code that have benefited many US taxpayers. How should a US...more

IRS to Leave More in Our Paychecks in 2024

Allen Barron, Inc. on 11/17/2023

Is it possible for the IRS to leave more in our paychecks in 2024? What has changed for the 2024 federal income tax brackets and how will these apply to the tax return(s) you’ll file in 2025?...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

Transferee Liability for Estate Tax: The Downside of Being a Beneficiary

Rivkin Radler LLP on 8/11/2023

Death of a Parent- In the context of a family-owned business, it is often the case that the matriarch or patriarch of the family is also the chief executive of the business. They may have founded the business, or they may...more

Will The Corporate Transparency Act Affect Estate Planning?

Kohrman Jackson & Krantz LLP on 4/6/2023

The Corporate Transparency Act of 2020 (CTA) passed through Congress on Jan. 2, 2021. The CTA was enacted to prevent companies from being able to conceal ownership of businesses where concealment could facilitate illicit...more

Fall 2022 Estate Planning Update

Keating Muething & Klekamp PLL on 10/25/2022

This Estate Planning Update reviews the newly-released estate tax exemption and gifting adjustments for 2023, the extended deadline to make a portability election, and simple ways that business owners and professionals can...more

How Can I Tell You?

Gerald Nowotny - Law Office of Gerald R.... on 10/21/2022

I am on the record stating that as far as musical taste is concerned, I am a "horn band" aficionado - Tower of Power, Chicago, Blood, Sweat and Tears. By default, I am not an aficionado of folk music and ballads. Having said...more

Appellate Division Addresses the Removal of a Fiduciary

Farrell Fritz, P.C. on 5/6/2022

While the removal of a fiduciary has long been the subject of Surrogate’s Court opinions, it is not often that the Appellate Division weighs in on the issue. However, in Matter of Epstein, 2022 NY Slip Op 00658 (2d Dep’t...more

The Renoir Spelling Bee

Lowenstein Sandler LLP on 4/26/2022

On this episode of “Splitting Heirs,” Warren K. Racusin is joined by Tracy A. Snow, counsel in Lowenstein’s Trusts & Estates practice, and Richard Schmalbeck, Professor of Law at Duke University, to explain the how, what and...more

Wealth Management Update - February 2022

Proskauer Rose LLP on 1/31/2022

February 2022 Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split-Interest Charitable Trusts....more

The IRS’s Renewed Focus on Abusive Trust Arrangements

Freeman Law on 1/14/2022

Taxpayers have long utilized trust arrangements for the transfer of wealth to beneficiaries or for the protection of assets from creditors. Generally, there is nothing nefarious about these types of arrangements. Rather,...more

How Dealings Between Related Parties Doomed A Captive Insurer

Farrell Fritz, P.C. on 3/17/2021

Insurance: What is it? How does it work? Assume that Acme Co is paying premiums for commercial insurance coverage to protect itself from economic losses that may arise out of various events. These premiums are deductible...more

Holiday Giving: Will My Gifts Have Tax Consequences?

Ruder Ware on 12/15/2020

The holiday season is a time of giving! With Christmas arriving next week, you might be rushing to find last minute gifts for the special people in your life. Have you considered potential tax consequences of those gifts? ...more

Planning for Retirement: How Attractive is Massachusetts for Estate Tax Planning?

Bowditch & Dewey on 10/5/2020

Massachusetts is already an unattractive state of residency from an estate tax planning perspective because of its low estate tax filing threshold of $1,000,000 per person. Once a person’s adjusted taxable estate is over $1M...more

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Estate Planning › Tax Returns

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