Capital Gains and Gifting: Where Are We Now and Where Are We Going?

By WealthCounsel Staff on Jul 23, 2021 10:00:00 AM

capital-gains

With the 2021 federal estate tax exemption amount at $11.7 million for individuals and $23.4 million for couples, many estate planning attorneys have shifted to other financial savings objectives to plan for their clients whose taxable estates fall below these thresholds. Because of this high exemption amount, the federal estate tax has impacted less than 1 percent of the US population, and thus the planning focus has shifted towards reducing income tax liability for clients. More specifically, the focus has been on how to strategically and effectively reduce a client’s capital gains tax liability. Although these strategies may eventually need to change given new proposals by the Biden administration, there are several important rules regarding capital gains taxes that currently apply to gifts made during a client’s life or at death that legal counsel must consider when advising clients. 

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Current Developments in Estate Planning and Business Law: July 2021

By WealthCounsel Staff on Jul 9, 2021 10:00:00 AM

monthly-recap (1)

From new state statutes designed to attract wealthy residents to the validity of employer vaccine mandates, we have recently seen significant developments in estate planning and business law. To ensure that you stay abreast of these legal changes, we have highlighted a few noteworthy developments and analyzed how they may impact your estate planning and business law practice.

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Current Developments in Estate Planning and Business Law: June 2021

By WealthCounsel Staff on Jun 11, 2021 10:00:00 AM

monthly-recap (1)

From the Department of the Treasury’s issuance of a new “green book” to the Biden administration’s withdrawal of a proposed Trump-era independent contractor rule, we have recently seen significant developments in estate planning and business law. To ensure that you stay abreast of these legal changes, we have highlighted a few noteworthy developments and analyzed how they may impact your estate planning and business law practice.

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