by Arthur Geffen | May 4, 2022 | Estate Planning, Estate Planning Solutions, Estate Tax
Recently issued proposed clawback regulations (Proposed Treasury Regulations Section 20.2010-1(c)(3)), (the proposed regs) may undermine the planning your clients completed over the past few years to address the coming reduction in the estate tax exemption or the then...
by Arthur Geffen | Mar 30, 2022 | Estate Tax, Income Tax
On March 28th, the Biden Administration issued a 250-page General Explanation of the administration’s fiscal year 2023 revenue proposals. Click this link the view the “Green Book” PDF. Well-advised taxpayers are already considering actions to take before these...
by Arthur Geffen | Dec 9, 2021 | Estate Planning, Estate Planning Solutions, Estate Tax
Rising ExemptionsThe lifetime gift and estate tax exemption is rising to $11.85 million next year, said Cain, but there is a lot of speculation that Congress will act to cut the exemption, and in any case, the current law will cut it by nearly half at the end of 2025....
by Arthur Geffen | Nov 12, 2021 | Estate Planning, Estate Tax
The updated version of the Build Back Better Act released by the House Budget Committee on November 3, 2021, does not include any of the significant gift tax, estate tax, generation-skipping transfer tax or grantor trust legislation that was included in the House Ways...
by Arthur Geffen | Oct 27, 2021 | Estate Tax, Tax, Tax Planning
Inheritance can make your taxes tricky. If you inherit property or assets, as opposed to cash, you generally don’t owe taxes until you sell those assets. These capital gains taxes are then calculated using what’s known as a stepped-up cost basis. This means that you...
by Arthur Geffen | Oct 6, 2021 | Estate Planning, Estate Planning Solutions, Estate Tax
Last month, the House Ways & Means Committee (the “Committee”) approved draft legislation (the “Legislation”) as part of Congress’ ongoing $3.5 trillion budget reconciliation process. The Legislation includes significant tax proposals that, if...
