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Tax Cuts and Jobs Acts Moves Forward in House and Senate

Trust and Estate Attorney Orlando
Published: November 20th, 2017

By: Kyle C. Griffin Matthew J. Ahearn

On November 16, 2017, the House of Representative passed the Tax Cuts and Jobs Act on a party-line vote (227-205), with several GOP representatives from California, New Jersey, and New York voting against the bill in part because it would reduce the deduction for state and local taxes. Later that same day, the Senate Finance Committee […]

Senate Releases Chairman’s Mark to Tax Cuts and Jobs Act

Trust and Estate Attorney Orlando
Published: November 10th, 2017

By: Kyle C. Griffin Matthew J. Ahearn

On November 9, 2017, the Joint Committee on Taxation released the Description of the Chairman’s Mark of the Tax Cuts and Jobs Act (the “Chairman’s Mark”) that is scheduled for markup by the Senate Finance Committee on November 13, 2017. The Chairman’s Mark shows that the Senate’s concepts for tax legislation contain significant differences from the […]

House Tax Cuts and Jobs Act Contains Significant Tax Changes Impacting Estate Planning

Trust and Estate Attorney Orlando
Published: November 3rd, 2017

By: Matthew J. Ahearn Brian M. Malec

On November 2, 2017, the House introduced the highly anticipated Tax Cuts and Jobs Act (“TCJA”).  If enacted in its current form, the TCJA would be the largest tax overhaul since 1986.  This Article will address certain provisions of the proposed legislation that impact estate planning. The TCJA generally maintains the current transfer tax regime […]

2018 Inflation Adjusted Transfer Tax Exclusions and Exemptions

Trust and Estate Attorney Orlando
Published: October 26th, 2017

By: Matthew J. Ahearn

On October 19, 2017, the IRS published in Rev. Proc. 2017-58 inflation adjusted exemptions and exclusions from the Federal gift, estate and generation-skipping transfer taxes, which are summarized in the following table: Inflation Adjustments for Federal Transfer Tax Exclusions and Exemptions 2017 2018 Gift Tax Annual Exclusion $14,000 $15,000 Estate and Gift Tax Lifetime Exemption […]

Section 2704 Proposed Regulations Withdrawn!

Trust and Estate Attorney Orlando
Published: October 19th, 2017

By: Matthew J. Ahearn Brian M. Malec

Last August, Dean Mead reported on the issuance of proposed regulations under Code section 2704 that would have significantly curtailed valuation discounts applicable to transfers of interests in closely-held family businesses for tax purposes.  These proposed regulations were seen as one of the most important developments in the estate planning community in recent memory, and […]

Failure to Follow Signing Formalities Can Sink an Estate Plan

Published: June 6th, 2017

By: Brad Gould

Wills and trusts must be executed with certain formalities. If those formalities are not strictly complied with by the parties, the documents may be disregarded. In the case of Kelly vs. Lindenau, a grantor’s failure to have two witnesses sign a trust amendment resulted in the invalidity of the trust amendment. The grantor, Ralph Falkenthal, […]

The Pros & Cons of ESOPs – Is This Succession Planning Tool for You?

Published: October 26th, 2016

By: Joseph “Jay” Van Heyde II

Many business owners who are at or nearing retirement age are facing the difficult task of developing a business succession plan in order to reap the benefits of years spent developing a successful business. Often times, there is no “next generation” to inherit or carry on the family business or no team of key management […]

IRS Attack on Valuation Discounts Creates Urgency for Transfer Tax Planning Prior to Year-End

Trust and Estate Attorney Orlando
Published: August 23rd, 2016

By: Matthew J. Ahearn Brian M. Malec

On August 2, 2016, the IRS issued proposed regulations under Code section 2704 that, if finalized in their current form, will effectively eliminate any meaningful valuation discounts for transfers of interests in family-controlled entities between family members. The issuance of these proposed regulations is one of the most important developments for high net worth families […]