Changes to the Estate and Gift Laws Enacted
For most of 2010, we expected action from Congress on the fate of the estate tax. As most of you know, Congress agreed on a temporary estate tax measure at the end of the year, which clarifies the tax laws for now. On December 17, 2010, President Obama signed into law the Tax Relief, Unemployment Insurance Authorization and Job Creation Act of 2010, which includes changes to the federal estate, gift and generation-skipping transfer ("GST") tax laws for 2011 and 2012.
While the new law provides short-term clarity for estate, gift and GST taxes, the statute is “temporary” and sunsets on December 31, 2012. Therefore, we can expect further changes to the laws in this area sometime within the next two years. A brief summary of the key items from the new law and some planning items to consider follow.
What does the new law say?
These are some general points about the new law. Please contact us if you would like to discuss how these changes may affect you. If you have not updated your documents in the last few years, this is an appropriate time for a more comprehensive review of your estate plan to ensure that it still meets your estate planning needs and objectives.
Warren Whitaker will be Program Chair of the 13th Annual International Estate Planning Institute at the Crowne Plaza Hotel in New York, NY.
Amy Lonergan co-authored an article, "Digital assets have more value than we think," published in Massachusetts Lawyers Weekly
Jed Davis authored an article, "Cybersecurity for Family Offices," for Trusts & Estates.
Warren Whitaker was a featured speaker at an event called "CLE - Cross-Border Estate Planning," which was sponsored by the Trusts & Estates Section of the Boston Bar Association.
Tina Albright was a featured panelist at an international forum uniting the most senior and elite legal advisers to HNWs and UHNWs.
Day Pitney Press Release
Day Pitney Press Release
Day Pitney LLP was named 'Law Firm of the Year' by Family Wealth Report at its 2017 Awards Ceremony at the Mandarin Oriental Hotel in New York City.
David Silvian was quoted in an article, "Awash with uncertainty, advisers scramble to prepare for potential tax overhaul," published in Private Asset Management.
Stephen Ziobrowski was quoted in an article, "How Bermudians can be exposed to US taxes," in The Royal Gazette. The article is a recap of an International Tax and Planning Seminar at an AFL Investment sponsored event held in May 2016, in which Ziobrowski participated.