As the new year approaches, we present our annual year-end advisory for 2025. This edition highlights noteworthy estate and gift tax changes and outlines planning opportunities for year-end and beyond. We also take a moment to recognize some of our accomplishments in 2025 and provide our outlook for the new year.
This memorandum is designed to outline some of the basic administrative steps to be followed by the Trustee of an irrevocable life insurance trust (hereinafter referred to as an “ILIT” or the “Trust”). When properly implemented and administered, an ILIT prevents the imposition of estate tax on any life insurance policies owned by the Trust
On July 4, 2025, President Trump signed the One Big Beautiful Bill Act (OBBBA) into law. The OBBBA makes permanent several provisions implemented by Trump’s 2017 Tax Cuts and Jobs Act (TCJA) and also introduces several new rules, many which significantly affect high-net-worth individuals.
Outlined below are five major takeaways from the OBBBA. If you
Intrafamily loans, or loans between family members, can be an effective estate planning tool to transfer potential growth on loaned funds between generations without reducing the lender’s lifetime gift and estate tax exemption. The Internal Revenue Service (“IRS”) generally scrutinizes intrafamily loans and may recharacterize them as disguised gifts subject
When families clash over control of substantial wealth, whether in connection with the testamentary wishes of a loved one or the management of assets in an estate or trust, hiring the right fiduciary and probate litigator can make all the difference. In this episode, Partner Michael Clear sits down with Wiggin and Dana Partner and
How can you reduce taxes by removing assets from your estate? In this episode, Partner Michael Clear answers this question, highlighting several gifting strategies to shift wealth out of a taxable estate. Michael touches on strategies like making annual exclusion gifts, direct payments for tuition and medical expenses, opening 529 accounts, and creating life insurance
GRATs Allow Transfer of Wealth Outside Your Estate With Minimal or No Gift Tax
Now is a good time to consider wealth transfer strategies that remove assets from your taxable estate. A common strategy is a grantor retained annuity trust, commonly referred to as a GRAT.
Description. A GRAT is a strategy that freezes the
Art is a unique asset. A piece of artwork may have incredible personal significance to the collector and the collector’s family. It may also be a lucrative investment and a significant estate asset. In the event of a collector’s death, artwork cannot be easily divided and distributed to beneficiaries. The market value of a piece
As the new year approaches, we present our annual year-end advisory for 2024. This edition highlights noteworthy estate and gift tax changes and outlines planning opportunities for year-end and beyond. We also take a moment to recognize some of our accomplishments in 2024 and provide our outlook for the new year.
A quality education may be one of the best gifts to give a minor child or grandchild this holiday season. As the cost of education continues to increase annually, families may be contemplating various gifting strategies to accumulate funds, minimize taxes and ultimately support younger generations with their future security and education goals.
Two popular