Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. The new tax law doubled the amount that can be passed free of federal estate taxation, at least through 2025. In 2018, an individual can pass $11.18 million free from federal estate taxation. But, estate planning was never just about estate taxation. The core of estate planning has always been about protecting your loved ones and the assets you leave them. There … [Read more...] about Estate Planning is About More Than Taxes
Proposed Regulations Address “Clawback” Issue
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. The Tax Cuts and Jobs Act temporarily doubled the amount which can be given free of tax. However, that amount reverts to the permanent, undoubled amount in 2026. The estate tax ordinarily includes prior taxable gifts and then applies the exclusion to the total. However, in 2026 or later, this could result in a tax on amounts which weren’t taxable when gifted. This … [Read more...] about Proposed Regulations Address “Clawback” Issue
How the New Tax Law Affects You
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. There are many changes for 2018. Congress passed a last-minute tax law, which the President signed the last business day before the Holidays. Congress Passes New Tax Law In late December, the Senate passed the new tax law, (which had been called the “Tax Cuts and Jobs Act” and due to Senate parliamentarian objections is now ‘An Act to provide for reconciliation … [Read more...] about How the New Tax Law Affects You
