Estate Tax Reform Proposal and Reminder On March 25th, 2026, U.S. Senator Chris Van Hollen (D-Md.) reintroduced the Strengthen Social Security by Taxing Dynastic Wealth Act, legislation ostensibly to improve the solvency of the Social Security Trust Fund with revenue generated by undoing Republicans’ major cuts to the estate tax in 2017 and 2025. His …
Potential Clarity of Grantor Trust Basis Step-up Will the Loophole Remain and for How Long? – As previously discussed in our Fall/Winter 2023/2024 Client Alert on page 3, a position may be taken based upon current law that assets in a “grantor trust” receive a basis step-up on the death of the grantor. Doing so …
POTENTIAL CLARITY OF GRANTOR TRUST BASIS STEP-UP Read More »
CONSERVATION EASEMENT PROPERTY – THE GOOD, BAD, AND BEAUTIFUL – Land is commonly a good investment, and when purchasing it at a discount because it is encumbered by a conservation easement (for second homes or otherwise), it can prove to be a very beneficial investment or family compound or retreat. Alternatively, land already owned can …
Integration of Cryptocurrency into Estate Plans – Custody of Pass Keys and Their Responsibilities – Security and Not Making Your Heirs Criminals – Those with crypto currency within their asset portfolio have more than likely repeated the phrase “Not your keys, not your coins” once or twice. For those that are unfamiliar with the concept, …
FINCEN ALERT On March 2nd, 2025, the Department of the Treasury issued a notice stating that no penalties or fines will be enforced for failure to file a Beneficial Owner Information Report (“BOIR”) under the existing deadlines. Furthermore, the notice provided a statement that the Treasury would no longer seek to enforce BOIR reporting against …
FINCEN BOI REPORTING BACK IN EFFECT FinCEN Beneficial Ownership Information Reporting (“BOIR”) is back in effect as of February 18th, 2025, following a decision to stay the District Court for the Eastern District of Texas’ ruling to enjoin enforcement of the act until the appeals process has been finalized. On February 19th, 2025, FinCEN issued …
Updated Again 12/26/2024- The Below Stay was Vacated on 12/26/24 and Preliminary Injunction back in place UPDATED Client Alert: 12/23/2024 Dear Clients and Friends: On December 23, 2024, the United States Court of Appeals for the Fifth Circuit granted the government’s motion for a stay on the nationwide preliminary injunction issued by a Texas District …
FINCEN INJUNCTION LIFTED, THEN VACATED SEVERAL DAYS LATER Read More »
Client Alert: Dear Clients and Friends: As you may know, the Corporate Transparency Act requires all existing entities (Corporations, Limited Liability Companies, and Partnerships) to file Beneficial Interest Ownership Reports prior to January 1, 2025 (extended by 6 months for certain individuals affected by Hurricane Milton). On Tuesday, a Federal District Court in Texas declared …
INJUNCTION TEMPORARILY PREVENTS ENVORCEMENT OF “BOI” FILING Read More »
Dear Clients and Friends: The sweeping political shift resulting from our recent elections causes a pause in advanced tax reduction planning and possibly an unwinding of some plans. Many clients have positioned themselves to confront the possibility that estate, gift, and generation skipping tax exemptions would be reduced with a Harris-Walz administration or with a …
WHAT DO THE ELECTION RESULTS HARBOR FOR CURRENT ESTATE PLANNING Read More »
This Client Alert is sent in advance of our annual comprehensive Client Update, which will be sent after the November elections. This will allow us to provide a more focused update that addresses likely tax and related reform. Should there be a further shift to Democrat leadership, there will be a likelihood of significant changes …
