Update on Transfer Taxes for 2022
Despite the various proposals to lower federal transfer tax (estate, gift and GST taxes) exemptions and increase the tax rates, none of them were enacted in 2021.
What Happens If a Trust Is Invalid?
This case should be required reading for any person who has an interest in an entity or a trust.
Estate Planning when So Much Is Uncertain
Taxpayers should, of course, carefully consider whether to engage in a lifetime gifting strategy, which has other considerations beyond just estate taxes (such as the tradeoff with the ‘step‑up’ in basis, and non-tax family related considerations).
Do Gifts Count Toward Estate Taxes?
A recipient of a gift does not pay income taxes on the gift. However, the gift-giver may pay gift taxes, unless one of two exemptions applies.
Will Inheritance and Gift Tax Exemptions Change in 2021?
The increase in the exemption is set to lapse after 2025. However, the Treasury Department and the IRS issued “grandfather” regulations in 2019 allowing the increased exemption to apply to gifts made while it was in effect, if Congress lowers the exemption after those gifts.