Estate Planning Tips, Resources, and Blogs

Estate planning is not on the top of the “to-do” list for most people. We are focused on enjoying our daily lives, not on planning for what happens after our passing. However, estate planning can save families significant money as well as stress and frustration. And with an upcoming law change, we will hear much more about estate planning in the coming weeks and months. Background Estate taxes, often referred to as the “death tax,” have long been a topic of political debate and financial planni

The following is a brief summary of the changes to the estate, gift, and GST exemptions that will occur due to the sunset of provisions in the Tax Cuts and Jobs Act of 2017. Our team outlines some of the timely implications on tax planning and estate planning that should be considered. For a broader overview of the tax law changes expected in 2026, read this blog post. Introduction The Tax Cut and Jobs Act (TCJA) of 2017 was a major tax reform that, amongst other changes, doubled the estate, gi

Owning and ultimately gifting art and collectibles brings unique challenges to its current owners and potential inheritors. Unlike traditional investments and real estate, the marketability of art and collectibles, whether in the form of fine art, cars, jewelry, wine, furniture, books, or manuscripts, can be erratic and often poses problems when the IRS comes knocking for its share of taxes. According to reports, over half of owners of collectibles have never had their collection appraised, abo

This post will help you consider estate planning strategies in light of the current federal estate, gift and generation skipping transfer tax exemption, which in 2018 increased to $11.18M and has been indexed for inflation each year since then. However, the exemption amounts are scheduled to revert back to the pre-2018 exemptions (indexed for inflation) when the clock strikes midnight on January 1, 2026. Remind me what the numbers are. Below is a basic chart outlining the numbers (per person) i

Intentionally Defective Grantor Trusts (“IDGTs”) are a commonly used estate planning vehicle to transfer wealth to family members during the life of the grantor. In this whitepaper we will explore the four tax types relevant to IDGTs, and the mechanics of how IDGTs work. The use of the phrase “intentionally defective” is confusing, but it simply refers to an irrevocable trust where the grantor pays the trust’s income tax bill during his or her life. What taxes relate to an IDGT? There are four

The bad news is that there is a federal transfer tax on assets that you give away during life, at death, and to individuals two or more generations below you. The good news is that this transfer tax will only apply to the wealthiest Americans and, even so, there are strategies you can use to minimize or avoid its application. The federal estate, gift and GST tax only kicks in above a certain dollar threshold. Furthermore, there are additional wealth transfer strategies that do not trigger any t

While the large increase in the federal estate tax exemption has provided many with federal estate tax relief, New Yorkers must continue to plan for New York estate tax. For a quick review of the New York Estate Tax “Cliff” basics, see the “Understanding New York’s Estate Tax “Cliff” blog post. What is the current exemption from New York estate tax again? The current New York estate tax exemption amount is $6,940,000 in 2024 (up from $6,580,000 in 2023). Under current law, this number will rema

In 2014, dramatic changes were made to New York’s gift and estate tax law. For many clients, the subject of the New York estate tax “cliff” continues to remain a source of confusion. This is for good reason. The New York estate tax cliff is not easy to understand, nor is it easy to know how it may impact your particular situation. The answers below are intended to guide those who remain baffled by the New York estate tax cliff. Learn more about mitigating the New York estate tax cliff here. Doe

What is a Spousal Lifetime Access Trust (SLAT)? It is a trust that you (the grantor) set up for the benefit of your spouse and your descendants. You would make a gift to the SLAT, using some of your federal lifetime gift exemption (currently $13.61M in 2024) to shield that gift from gift tax. While you give up all your rights and control over the gifted assets, your spouse will have access to the gifted assets as beneficiary of the SLAT. When does it make sense to have a SLAT? You should consid