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.
On January 16, Dina Kapur Sanna will be speaking on a panel, "Lose the Fear of the Foreign – Practical Planning Strategies," at the 53rd Annual Heckerling Institute.
Rebecca Tunney authored a case comment article, "Protecting Real Property from MassHealth's Estate Recovery Claim: Is it Possible?" published by the Massachusetts Law Review.
Warren Whitaker and Edda Santiago presented a webinar, entitled "A Guide to International Estate Planning for U.S. Citizens, Residents, Trusts and Assets," produced by Lawline.
Barbara Freedman Wand spoke at a program, "The Philanthropy Talk: How Do I Do It...and Why Do I Have To?," presented by The Boston Foundation in partnership with The Philanthropic Initiative, Massachusetts Society of CPAs, and the Boston Estate Planning Council.
Warren Whitaker and Edda Santiago spoke at a joint meeting of the New York Center for Financial Studies and the New York City Chapter of the Society of Financial Services Professionals on the topic of "International Estate Planning."
Day Pitney's Family Office and Trusts and Estates practices have been shortlisted in two categories, "Best Private Client Law Firm" and "Best Trusts and Estates Division," for the 2019 Private Asset Management Awards.
Day Pitney's Family Office and Trusts and Estates practices have been shortlisted in the "Legal Team of the Year" private client category for the 2019 Family Wealth Report Awards.
Darren Wallace was quoted in an article, "Paul Allen's $26 Billion Estate Will Take Years to Unravel," published by Bloomberg.
On October 3, Day Pitney LLP and the Association of Corporate Counsel (ACC), Northeast Chapter – Women's Initiative co-presented a program, "The Power of Women with Wealth," held at Day Pitney's Boston office.
Partner Leigh A. Newman has been selected by the Jewish Federation of Greater Hartford to receive the Jewish Federations of North America's 2019 Kipnis-Wilson/Friedland Award.