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. 

From the Internal Revenue Service’s (IRS’s) release of 2025 tax inflation adjustments to approaching Corporate Transparency Act (CTA) deadlines and a new Centers for Medicare & Medicaid Services (CMS) final rule establishing an appeals process for Medicare beneficiaries, we have recently seen significant legal developments.

To ensure that you stay abreast of these changes, we have highlighted some noteworthy developments and analyzed how they may impact your estate planning, elder and special needs law, and business law practices.

By Zach Bloxham, JD

Assisting Veterans and their spouses in planning for long-term care is one of the most professionally rewarding and emotionally satisfying experiences the practice of law can provide. This article introduces the five tests a claimant must meet to attain VA eligibility.