The 2024 annual inflation adjustments were announced by the IRS on November 9, 2023. The adjustments include increases to the federal gift and estate tax exemption amounts and increases to annual exclusion gifts.
Proskauer Rose LLP
The estate and gift tax regimes have been permanent and unified since the passage of The American Taxpayer Relief Act of 2012 (the "2012 Act"). In 2017, the Tax Cuts and Jobs Act (the "2017 Act")...
Pierce Atwood LLP
On October 4, 2023, Massachusetts Governor Maura Healey signed a historic tax relief package titled, "An Act to improve the Commonwealth's competitiveness, affordability, and equity."
Greensfelder, Hemker & Gale
Under current law, in 2023 individuals are able to give away during their lifetime, or pass along to others at their death, up to $12.92 million in assets...
Ward and Smith, P.A.
With the summer almost in the rearview, gift-giving may not feel like a top priority. From a tax planning perspective, however, it might be the perfect season to consider making substantial gifts to benefit your family.
Cadwalader, Wickersham & Taft LLP
The U.S. tax system developed in response to colonial opposition to taxation without representation. As such, Article I of the Constitution provides that Congress may not impose...
Greenberg Glusker Fields Claman & Machtinger
The concept of domicile is key to determining an individual's liability for US estate tax purposes.
L.L.C., Inc. and Fun Holdings, LLC v. Hegar, No. 13-21-00011-CV (Tex. App.—Corpus Christi June 8, 2023)—The Texas Thirteenth Court of Appeals affirmed the district court's dismissal of a case...
Ward and Smith, P.A.
A primary goal of most married couples when contemplating basic estate planning documents is to ensure that the surviving spouse, and commonly, the couple's children and grandchildren, are supported financially.
Ivins, Phillips & Barker
The short answer is no. While President Biden's latest budget proposal, released on March 9, includes provisions that would affect high-net-worth individuals...
Moodys Private Client Law LLP
In our renunciation blogs and webinars, we outline why American expats decide to renounce their US citizenship. The top reasons include the following...
Bohm, Wildish & Madsen
Although estate planning may sound daunting, please don't put it off. To ensure your money and assets flow to your intended heirs, you must have an estate planning strategy in place.
McNees Wallace & Nurick
Pennsylvania imposes an inheritance tax on the transfer of certain assets from a decedent's estate to certain beneficiaries of the estate. The payment of the tax can present issues for estates...
Foley & Lardner
The gift tax annual exclusion and the gift and estate tax exemption increased significantly for 2023. Effective January 1, 2023, the following amounts may be helpful...
The COVID-19 pandemic forced many employees to participate in a global experiment on the pros and cons of remote work. As a result, it is here to stay for many businesses. A remote workforce...
Frankfurt Kurnit Klein & Selz
The Federal estate, gift and generation-skipping transfer ("GST") tax exemption amounts have increased in 2023 to $12.92 million per individual (up from $12.06 million in 2022).
US real estate markets, particularly California, reportedly cooled in the post-pandemic years. With relatively cool summer temperatures in San Diego, Los Angeles, San Francisco, and the rest...
Miller, Canfield, Paddock and Stone P.L.C.
The Internal Revenue Service recently announced the 2023 cost of living adjustments for the estate and gift tax exclusion amounts.
Everyone loves inflation, right? No? When you are looking at the
effects of inflation on your estate plan, you may realize there is
a bit of a silver lining and there are some opportunities to
O'Sullivan Estate Lawyers LLP
What is the current state of play when it comes to U.S. estate tax, including its impact on many Canadian tax residents and others with U.S. connections?