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Presidential Election and Coronavirus-Ravaged Economy Provide Impetus to Review Estate Plans
Posted by Chrissy Hammond on Thu, Aug 13, 2020 @ 08:30 AM

It is always important when considering year-end tax planning to include estate and gift tax considerations, but this year’s presidential election paired with the economic downturn makes estate planning especially important. It has been reported that Presidential candidate Joe Biden wants to roll back the estate tax exemption to as little as $3.5 million from the current amount of $11.58 million. He has stated that he also wants to remove many provisions of the tax reform law commonly known as the Tax Cuts and Jobs Act (TCJA), particularly those that benefit wealthy individuals. And lowering the exemption would be consistent with a campaign that is predicated on tax increases for the wealthy.

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Topics: estate planning, estate tax, COVID19, Coronavirus, Coronavirus Aid, Relief, and Economic Security Act, Biden

Trust and Estate Income Tax Considerations After the Tax Cuts and Jobs Act of 2017
Posted by Elizabeth Lindsay-Ochoa on Wed, Sep 19, 2018 @ 05:40 PM

The tax law known as the Tax Cuts and Jobs Act (the TCJA) impacts income tax planning for trusts and estates, at least until Dec. 31, 2025 when many of the provisions are scheduled to expire.

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Topics: estate planning, estate tax, Tax Cuts and Jobs Act, estate income tax, trust income tax

IRS Proposes Curbing Estate and Gift Tax Valuation Discounts
Posted by Stephen Houlihan on Mon, Sep 19, 2016 @ 10:50 AM

The IRS recently issued proposed regulations eliminating important valuation discounts commonly used in gift and estate tax planning. If finalized as currently proposed, these changes could increase an individual’s gift and estate tax liabilities by more than 60 percent. The Obama administration has attempted to limit valuation discounts on family-owned businesses for several years but has been unable to impose these restrictions through legislation. Now the Treasury Department has decided to achieve this goal through the regulatory route. Taxpayers have a small window of opportunity to take action before these regulations are finalized and become effective, which we anticipate to be sometime in 2017.

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Topics: IRS, estate planning, valuation discounts, gift tax, estate tax

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