Trusts Estates and Succession Planning
Act Now – Estate Tax Planning Under the Biden Administration

Act Now – Estate Tax Planning Under the Biden Administration

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...

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Individual Tax Planning Following the November 2020 Elections

Individual Tax Planning Following the November 2020 Elections

Following the recent November 2020 elections, individual tax planning faces further uncertainty for the remainder of this year and into the beginning of 2021. While it appears that Democrats will control the House of Representatives and the White House, under a Joe Biden presidency, it is not clear which political party will control the U.S....

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IRS Issues Additional Guidance for Retirement Account Withdrawals in 2020

By: Jacqueline L. Messler The IRS recently released Notices 2020-50 and 2020-51, on June 19 and June 26, respectively, which offer important but temporary relief to individuals who took their Required Minimum Distributions (RMDs) in 2020 prior to the enactment of the CARES Act. The Notices also expanded the number of people eligible to withdraw...

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

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Emergency Use of Remote Online Notarization

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...

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2020 Inflation Adjustments Impacting Individual Taxpayers

2020 Inflation Adjustments Impacting Individual Taxpayers

By: Mark G. Kmiecik Last month, the IRS released the 2020 inflation adjustments for several tax provisions in Rev. Proc. 2019-44. The adjustments apply to tax years beginning in 2020 and transactions or events occurring during the 2020 calendar year. A select group of key provisions relative to trusts and estates are identified below. Income Tax...

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Family Business Succession Planning in the Era of Tax Uncertainty: Use Available Tax Advantages or Perhaps Lose Them

Stage Is Set for Significant Retirement Bill to Pass by Year End (SECURE Act)

By: Ann M. Rieger For several months, attorneys and tax practitioners have been following the so-called “SECURE” Act,[1] which will greatly impact qualified retirement plans and individual retirement accounts (IRAs).  While the Act passed the House of Representatives by a margin of 417 to 3 in May of this year, similar legislation stalled in the...

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Act Now – Estate Tax Planning Under the Biden Administration

Estate Planning For Your Pets

By: Jacqueline L. Messler Do you have a friend or family member who is that pet owner? Expensive toys. Over the top sweaters.  Facebook or Instagram account filled solely with pet pictures. Maybe you are that pet owner if you are reading this article. It’s ok. I have a professional reason to care about estate planning for your pets, and a...

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