Many people tend to believe that estate planning is something they can do once, and it is done. They made decisions several years ago about who should receive their assets after their death, who should serve as executor to administer their estates, and who should be the guardians for minor children. Congratulations on getting this
The year 2024 brings new changes to estate and gift tax laws in the United States, with updated exemptions, rates and regulations affecting taxpayers at both federal and state levels. As we settle into the new year, it is important to stay informed about the latest updates and requirements to ensure proper planning and compliance.
Ready to kick off the New Year and make good on all those estate planning resolutions? On this first episode of 2024, Partners Erin Nicholls and Michael Clear highlight the estate planning opportunities resulting from changes in estate, gift and generation-skipping tax exemptions and discuss why 2024 is a good year to consider making big
As the new year approaches, we present our annual year-end advisory for 2023. This edition highlights noteworthy estate and gift tax changes in the law and outlines planning opportunities that can be utilized before the end of the year. We also take a moment to recognize some of our accomplishments in 2023 and provide our
The reporting requirements under the Corporate Transparency Act (CTA) will come into effect on January 1, 2024. The U.S. Treasury estimates that more than 32 million pre-existing entities and approximately 5 million new reporting companies annually over the next decade will have to register under the CTA.
The CTA was enacted on January 1, 2021
Modern families are complex and can consist of unmarried couples, married same-sex couples or couples in second marriages. These families may encounter unique estate planning challenges and may not always enjoy the same legal advantages, spousal rights, and tax benefits as others. For instance, couples who do not take the formal step of marriage under
For many potential home buyers, purchasing a home can be daunting, especially in today’s housing market. It is often a huge financial burden, and many will need some assistance to close the deal. On this episode of “Future Focused: Sophisticated Estate Planning,” Partners Erin Nicholls and Michael Clear discuss several available options to assist with
Ownership of real property in multiple states can raise many estate planning issues. How the property is titled (i.e., whether the property is owned directly or through an entity, such as a trust or a limited liability company, may have a dramatic impact on the settlement of your estate and the taxes due. Fortunately, there
Originally published on February 11, 2021.
The Corporate Transparency Act (CTA) was enacted on January 1, 2021 as part of the National Defense Authorization Act creating a federal beneficial ownership registry applicable to corporations, limited liability companies (LLCs) and most partnerships. Targeted at small, privately-held business entities, the CTA requires these organizations to report
There has been a longstanding effort globally and a lot of pressure on the United States to implement some sort of registry on a federal level for ownership of small and mid-sized entities. On today’s episode of “Future Focused: Sophisticated Estate Planning,” Partners Erin Nicholls and Michael Clear chat with Partner Carolyn Reers about the