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And Just Like That: No Estate Tax Changes for 2021 (But 2022?)
The much discussed proposed changes to federal gift and estate taxes has not materialized for 2021. Instead as the law now exists there are more planning opportunities available for 2000. For 2022 the annual gift tax exclusion amount (the amount you can gift to a person without having to utilize the unified credit) will rise…
Read moreEstate Tax Legislation – Where are we now?
In June I wrote that close attention and possibly quick action may be required for estate planning this year. My message is still the same as we continue to watch the legislative negotiations in Washington develop. On September 13 the House Ways & Means Committee released proposals for over $2 trillion dollars in net tax…
Read moreUnique Estate Planning Opportunities in 2020
The federal gift and estate tax exemptions (the amount an individual can give away during lifetime and at death before which there is a federal estate or gift tax) have varied wildly over the last few years. Below is a chart demonstrating the drastic changes in the federal gift and estate tax over the years.…
Read moreGovernor Cuomo’s April 7th COVID-19 Executive Order Makes Remote Will Executions a (Virtual) Reality
“Update: Although offices can now be open and restrictions regarding in-person gatherings are starting to ease, the Governor has issued another executive order that extends the ability to do remote witnessing until August 5, 2020.” COVID-19 has brought estate planning to the forefront of the minds of many individuals, particularly at-risk populations such as senior…
Read moreGovernor Cuomo’s April 7th COVID-19 Executive Order Makes Remote Will Executions a (Virtual) Reality
“Update: Although offices can now be open and restrictions regarding in-person gatherings are starting to ease, the Governor has issued another executive order that extends the ability to do remote witnessing until August 5, 2020.” COVID-19 has brought estate planning to the forefront of the minds of many individuals, particularly at-risk populations such as senior…
Read moreNew Legislation and Estate Planning
New Legislation and Estate Planning What is the buzz about the SECURE Act that keeps popping up in news reports, tweets and in your email account? You are curious to find out but you’ve always been too busy to sit down and read about it. Take a few moments and read on. The SECURE Act…
Read moreEstate Planning Considerations for the year 2020
The start of a new year is always a good time to step back and consider estate planning. A carefully thought out plan is a wonderful legacy for your family. With the turmoil that now exists in our nation’s capital and the national elections which will take place next year, we should carefully consider what…
Read moreNew York State Budget Extends “Clawback” of Gifts for New York Estate Tax Purposes
New York State Budget Extends “Clawback” of Gifts for New York Estate Tax Purposes As an update to Ryan’s 2014 blog that in part discussed New York’s treatment of gifts, New York had let a provision in the law lapse that required the value of certain gifts to be included back into a New York…
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