Author: Sam Soffe
3 February 2023 - 3:33, by , in Estate Planning, Estate Tax, Comments off
Another topic heavily discussed at Heckerling is the Corporate Transparency Act (“CTA”). I never thought that as an estate planning attorney I would need to become familiar with anti-money laundering legislation but the CTA is coming and it is going to affect nearly everyone I work with. Here are the high points:1. Starting in 2024,...
6 August 2022 - 17:40, by , in Estate Tax, Comments off
The IRS recently extended the time period for estates to elect portability of their deceased spouse’s unused estate tax exemption with Revenue Procedure 2022-32. Estates now have five years, instead of two, after the decedent’s date of death to make a portability election.  Portability allows a surviving spouse to claim the unused portion of their...
27 October 2021 - 16:22, by , in Estate Planning, Estate Tax, Tax Provisions, Comments off
Build Back Better Act.  The House Democrats have proposed the Build Back Better Act that would contain the following tax provisions (subject to further change) Increase top individual income tax rate to 39.6% 3% surcharge on income greater than $5M Increase capital gains rate to 25% Limitation on 199A pass through income exemption Increase top...