Author: Pete Finch
Many of the provisions in the Tax Cuts and Jobs Act (TCJA), the first Trump Administration’s signature tax law, are scheduled to sunset at the end of 2025. Unless Congress acts, the federal gift and estate tax exemption will drop in half — from about $14 million per person...
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Much of the talk about estate taxes these days centers on whether the incoming Trump Administration will extend the high federal exemption ($13.99 million for 2025), which is currently scheduled to sunset at the end of 2025 to its pre-2018 baseline of roughly $7 million. Thanks to the portability election,...
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When the new tax law disallowed miscellaneous 2% deductions and personal exemptions, it was unclear how this would affect Estates and Non-Grantor Trusts. On 7/13/2018, the IRS issued Notice 2018-61 that announced the Treasury Department and IRS intend to issue regulations providing clarification. In general, some deductions and the personal...
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FEDERAL: Under the Tax Cuts and Jobs Act of 2017 that was signed into law by President Donald Trump on 12/22/2017, the basic exclusion amount for gifts made and estates of decedents passing away after December 31, 2017 and before January 1, 2026 has doubled from an inflation-adjusted $5 million...
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As part of the Omnibus Tax Bill passed by the Minnesota State Legislature during the 2017 Special Session and signed into law by Governor Dayton, the Minnesota Estate Tax Exclusions have been retroactively increased for Estates of Decedents dying after December 31, 2016 to the following: $2,100,000 (for decedents passing...
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