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 March 27, Warren Whitaker will be speaking on "Passing Down Your Prized Possessions: How to Avoid Fights and Fees In Your Estate," a seminar hosted by the New-York Historical Society's Planned Giving Advisory Council and held at the Robert H. Smith Auditorium in New York City.
Warren Whitaker will be serving as chair of the 15th Annual International Estate Planning Institute, hosted by the New York State Bar Association and The Society of Trust and Estate Practitioners USA (STEP USA).
On March 14, Dina Kapur Sanna spoke on a panel, "Nuts and Bolts of Domesticating Foreign Trust Structures," at the 15th Annual International Estate Planning Institute, hosted by the New York State Bar Association and chaired by Warren Whitaker.
On March 14, Emily Belfer will be speaking at the Yeshivat Chovevei Torah (YCT) Disabilities Seminar.
On January 23, Susan Ylitalo will be a guest speaker on the topic of "Estate Planning for the Business Owner" before the Estate Planning Council of Lower Fairfield County.
Day Pitney Press Release
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.