From the Internal Revenue Service’s (IRS’s) issuance of private letter rulings regarding extensions and trust modifications to a nationwide injunction against the enforcement of the Corporate Transparency Act (CTA) deadlines and newly released Medicaid and Veterans and Survivors Pension figures, we have recently seen significant legal developments.

Written by Phoebe Stone, JD, MA (Bioethics) on August 8, 2024

Exemption amounts for gift, estate, and generation-skipping transfer (GST) taxes are at historically high levels as of the writing of this article. However, absent congressional action, these exemptions are scheduled to revert to pre-2017 levels ($5 million adjusted for inflation) as of January 1, 2026, under the terms of the 2017 Tax Cuts and Jobs Act (TCJA). This is what is referred to as the coming “sunset.” Even if this dramatic decrease occurs as scheduled, the vast majority of American taxpayers are still likely to have estates below federally taxable thresholds. However, the sunset is likely to impact higher-net-worth clients, who may wish to take action now to preserve the benefits of the historically high exemptions. 

By Fran-Marie Silveri, JD

As estate planning attorneys, our paramount responsibility is to guide clients through the intricate terrain of planning for incapacity and death. Client representation always poses specific ethical and practical challenges, such as properly addressing their goals and needs, checking for conflicts of interest, and maintaining confidentiality (or using confidentiality waivers where appropriate). When it comes to representing married couples jointly, the considerations and complexities multiply, necessitating a more nuanced approach that addresses both individual and joint interests. This article delves into some of the issues to consider throughout all phases of the relationship when representing married clients.