Exemptions, Tax Planning, Gift Tax

One Big Beautiful Bill and Three Key Planning Notes

Lowenstein Sandler LLP on 7/15/2025

Last week, President Donald Trump signed into law the One Big Beautiful Bill Act (OBBBA). At nearly 900 pages in length, OBBBA’s size lives up to its name by enacting sweeping changes to estate and gift taxes, income taxes,...more

Exclusions, Exemptions, Estate Tax – What to Know in 2025

Jaburg Wilk on 1/9/2025

As we enter 2025, it’s important to stay informed about the current federal estate and gift tax laws, including annual exclusion limits and significant changes anticipated by the end of this year. Annual Exclusion Amount- ...more

The IRS is Expected to Adjust Certain 2023 Exclusions and Exemptions for Inflation

Husch Blackwell LLP on 9/16/2022

The gift tax annual exclusion allows a taxpayer to gift a certain amount to a recipient each year without using any of the taxpayer’s lifetime exemption amount. In 2022, the annual exclusion amount was $16,000, or $32,000 for...more

Possible Limited Duration of Increased Wealth Transfer Tax Exemptions Strongly Encourages Immediate Action

Arnall Golden Gregory LLP on 9/8/2020

The current tax laws, which took effect on January 1, 2018, temporarily double the estate, gift, and generation-skipping transfer (GST) tax exemptions from $5 million (adjusted annually for inflation) to $10 million (also...more

Inflation Adjustments: A Safe Conversation for the Thanksgiving Table

Harris Beach Murtha PLLC on 11/21/2018

It’s that time of year again when people’s thoughts turn to…inflation adjustments! The Internal Revenue Service (IRS) recently announced the annual inflation adjustments for more than 60 tax provisions for the year 2019,...more

Trusts, Estates, Exemptions and Taxes

Lewitt Hackman on 11/3/2015

It may be hard to believe that in 2001, the estate and gift tax exemption, also known as the unified credit, was a mere $675K. In 2016 that credit is anticipated to go up to $5.45M for single filers; potentially $10.9M...more