Trusts and Estates | Davis|Kuelthau, s.c.

When Congress Says, “Never Mind”, Does It Mean It? The latest news regarding changes to the Gift and Estate Tax Laws.

Oct 29, 2021

For nearly a year, various proposals and so-called “frameworks” have been debated in Congress regarding changes to the federal estate and gift tax laws. Nearly all would have (i) reduced the amount that individuals could gift during lifetime or bequeath at death before application of federal transfer taxes, (ii) eliminated the so-called “step up” in basis that occurs at death and enables those...

Available for Download: Proposed Wealth Tax Changes Under the Biden Administration

Jun 29, 2021

Click here to access the handout from Davis|Kuelthau’s breakout session at the Family Business Summit from June 29th. This resource provides a summary of the current wealth tax system, the proposed changes, and steps to consider now or in the near future to minimize such taxes.

Family & Closely Held Business Summit 2021

Jun 29, 2021

Davis|Kuelthau is sponsoring BizTimes Media’s Family and Closely Held Business Summit on June 29, 2021, at Brookfield Conference Center from 2:00 – 6:30 PM. Join other family & closely held companies as they navigate the complex issues of maintaining a successful, sustainable family or closely-held business. It’s your opportunity to learn and network with others who are on the same journey...

Act Now – Estate Tax Planning Under the Biden Administration

Jan 25, 2021

Over the past twenty years, there has been a dramatic change in the Estate tax laws. Given the Democratic control established in Washington, D.C. this month, additional Estate Tax reform is now a distinct possibility. Currently, each person can give away during lifetime, or distribute at death, an amount of $11.7 million without being subject to federal Estate Tax. That high exemption amount may...

IRS Clarifies Stimulus Checks Sent to Deceased Taxpayers Must Be Returned

May 8, 2020

By: Jacqueline L. Messler The Coronavirus Aid, Relief and Economic Security (CARES) Act, signed into law March 27, made cash rebates of up to $1,200 available to 150 million Americans. Shortly after the IRS started sending payments, there were stories of payments being made to deceased taxpayers. Specifically, checks were made payable to the recipient, with “DECD” next to the recipient’s...

CARES Act: Historic Senate Legislation to Provide Individuals with Personal Tax Rebates Among Other Tax Advantages (Updated March 27, 2020)

Mar 26, 2020

By: Ann M. Rieger On Friday, March 27th, the House of Representative approved the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The Act, which is designed to provide economic relief as the United States adapts to the outbreak of COVID-19, had previously been approved by the Senate in the late hours of March 25th, by a rare bipartisan vote of 96-0. With President Trump’s...

Emergency Use of Remote Online Notarization

Mar 20, 2020

By: Joseph E. Tierney IV Update: The Department of Financial Institutions (DFI) issued emergency guidance on remote notarizations last week. Such emergency guidance referenced certain types of estate planning documents and included citations to state statutes addressing certain types of estate planning documents. The Department has reconsidered its initial guidance and, as of March 20, 2020,...

Due Date for Payment of Certain Taxes Due April 15, 2020 Postponed to July 15, 2020 Pursuant to IRS Notice 2020-17

Mar 18, 2020

By: Mark G. Kmiecik The Treasury Department issued guidance on March 18, 2020, certain taxpayers to delay payment of income taxes for 90 days. This relief was first described by a Treasury Secretary Mnuchin in a March 17, 2020, press conference. IRS Notice 2020-17 entitled “Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019" provides for the postponement of the April 15, 2020,...

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