The latest text of the proposed reconciliation bill, titled the Build Back Better Act, published on October 28, 2021, is void of many of the prior proposed tax changes that would have upended estate planning. Changes that were included in
Preservation | Family Wealth Protection and Planning
The Preservation | Family Wealth Protection and Planning blog, published by UB Greensfelder LLP, focuses on legal issues related to estate planning, trust administration, and wealth preservation strategies. It covers topics such as the use of supplemental needs trusts for beneficiaries with disabilities, the role and benefits of trust protectors, compliance with new legislation like the Corporate Transparency Act, and updates on retirement plan regulations including the SECURE 2.0 Act. The blog also addresses state-specific tax law changes and practical guidance on navigating complex trust and estate matters to protect family wealth and ensure effective long-term planning.
Latest from Preservation | Family Wealth Protection and Planning - Page 2
House Ways and Means Committee Proposal Brings Big Changes for Estate Planning
On Monday, September 13, 2021, the House Ways and Means Committee released the text for proposed tax changes to be incorporated in a budget reconciliation bill called the Build Back Better Act (the “Act”). The 881-page text includes several significant…
How Will the Corporate Transparency Act Affect Estate Planning?
In Congress’ ongoing fight against fraud, corruption, terrorism financing and money laundering, lawmakers passed the Corporate Transparency Act (CTA) on January 1, 2021, as part of the 2021 National Defense Authorization Act. The CTA contains significant new federal reporting obligations…
Consider Going Back in Time if You Are an Estate or Trust: 65-Day Rule
How many times have you prepared your income tax returns for the previous year, only wishing you knew then what you know now, so you could go back and make more advantageous tax decisions? In most cases, you are stuck…
2021 Tax Rates and Exemption Amounts for Estates and Trusts
Now that the new year has arrived, it is a good time to catch up on the latest tax rates for estate and trust income tax brackets and exemption amounts for estate, gift and generation-skipping transfer (GST) taxes in 2021.…
Today is Giving Tuesday
This holiday weekend, you may have tackled your holiday shopping with deals from Black Friday, Small Business Saturday and Cyber Monday. Now, you may wish to join Giving Tuesday and add charitable giving to finish your holiday shopping!
This year,…
2020 End-of-Year Estate Tax Planning
In 2020, the estate/gift and generation-skipping (GST) transfer tax exemptions are each $11.58 million per person, and the tax rate for each is 40 percent. These exemptions will be reduced to $5 million (indexed for inflation) on Jan. 1, 2026,…
Powers of attorney for your college-age child are more important than ever
For the parents of students entering college this fall, there are some unique challenges in store. In navigating all the changes related to the pandemic’s effect on college students, it’s possible you are missing one of the most important items:…
I received a stimulus payment for my deceased family member … now what?
The IRS has posted an Economic Impact Payment Information Center that addresses many frequently asked questions regarding the stimulus payments authorized by the CARES Act. However, like many things related to the act, there are remaining questions and gray areas…
What are the requirements for remote notarization in Missouri?
Due to the outbreak of COVID-19, many Missourians are finding it difficult to carry on a modicum of “business as usual.” One of the many difficulties is the requirement that certain legal documents, including deeds, deeds of trust (mortgages), wills…