Welcome to Our Resource Library

Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.

Client Alert

Library

Scarinci Hollenbeck remains committed not only to providing top-tier legal services but also to regularly providing information and resources to our client base and internet following. Client Alerts provided by our attorneys supply businesses, municipalities, and more with the latest and relevant legal updates that may impact them and how they might be able to proceed.

1-12 of 23

Estate Planning Regulation Impacts Small Business And Estate Tax Planning Strategies

The government lost estate and gift tax cases that attracted headlines. The government lost estate and gift tax cases that attracted headlines. In response, the Department of Treasury (“Treasury”) proposed new regulations in early 2016 that would amend definitions in the 1992 regulations that were problematic in the court cases. In addition, Treasury it added […]

Author: James F. McDonough

January 10, 2017

IRS Raises Estate & Gift Tax Exemption for 2017

Those getting their estates in order will be pleased to hear that the IRS raised the estate, gift and generation skipping transfer tax exemption to $5.49 million per person effective January 1, 2017. What the changes mean Individuals who own assets worth more than $5.49 million at their death could have to pay a 40 […]

Author: Jeffrey R. Pittard

December 16, 2016

Split-Dollar Arrangements Not Subject to Gift Tax

In a Groundbreaking Tax Court Decision in Estate of Morrissette v. Commissioner, the Court Deems Split-Dollar Arrangements are not Subject to Gift Taxes A recent Tax Court decision has potentially groundbreaking results. In Estate of Morrissette v. Commissioner, the Court ruled that the economic benefit regime applies to this split-dollar arrangement because the only economic […]

Author: James F. McDonough

May 9, 2016

New Changes for Gift Tax Laws in 2016

2016: new changes for gift tax laws All gifts may be subject to IRS gift taxes, and some of those rules are becoming more stringent next tax year. According to a Motley Fool report, a prime example of a gift tax law that has become more strict is when gifts are given between U.S. citizens and […]

Author: James F. McDonough

February 11, 2016

IRS Proposes Rules to Tax Gifts from Expatriates

The IRS recently issued a new set of proposed rules on taxes for high-net-worth individuals in the U.S., including citizens and residents, who receive gifts from expatriates. According to the National Law Review, the tax is significant because it is designed to disincentivize U.S. citizens from expatriating individually. The new rules The proposed tax, which […]

Author: James F. McDonough

October 21, 2015

What You Need to Know About the Gift Tax Exclusion & How to Potentially Avoid it

Currently, the gift tax exclusion threshold is $14,000, but most high net worth individuals will probably never pay the tax, according to the Motley Fool. This is due to the fact that even if individuals exceed the $14,000 limit, they will most likely only need to file a gift tax return and apply part of […]

Author: James F. McDonough

July 15, 2015

Is NY One of the Most Tax Friendly States?

New York state has long been a gift tax haven, but recent changes to legislation have reduced the burden of the estate tax as well. By doubling the estate tax exemption from $1 million to over $2 million, New York has positioned itself as one of the most gift and estate tax friendly states in […]

Author: Frank L. Brunetti

July 7, 2015

New Legislation Protects Large Gift Donations To Nonprofits

The House of Representatives recently took action to protect individuals who make large gift donations By approving legislation that would ensure these donations do not incur the gift tax, H.R. 1104, the Fair Treatment for All Donations Act, now affects gifts made out to 501(c)4, 501(c)5 and 501(c)6 non-profit organizations. The New Legislation Rep. Peter Roskam, R-Ill., […]

Author: Frank L. Brunetti

May 26, 2015

2015 Gift Tax Limit Remains Steady

The federal gift tax limit will remain the same this year as it was last year, according to the IRS. As a result, a taxpayer (donor) may gift as much as $14,000 to each recipient (donee) without being required to file a gift tax return or paying gift taxes on these amounts. In addition, married couples can […]

Author: James F. McDonough

May 14, 2015

Robin Williams Estate Plan Leaves Heirs In Right Hands

After the loss of comedy icon Robin Williams, the entertainment community is still reeling in shock. One ray of light for Williams’ relations, however, is that his well thought-out estate plan seems likely to leave his heirs in good hands. Large sums of money, extreme attention from fans and the stress of living life in […]

Author: James F. McDonough

August 18, 2014

House Republicans Talk About Repealing the Estate Tax

Republicans may cast a vote this year to repealing the estate tax in the U.S., according to House Ways and Means Chairman Dave Camp, R-Michigan, Bloomberg reported. Camp told reporters July 30 that a number of House members haven’t had a chance to cast their vote on the issue yet. “It’s been a long time since […]

Author: Frank L. Brunetti

August 8, 2014

The Basics of Estate Planning

A number of people make the assumption that they do not need to worry about estate planning, particularly if their estate will be under $5 million, the federal exemption. However, while an estate below this level will not necessarily incur any federal taxes, there are a number of other benefits to ensuring that your affairs […]

Author: Frank L. Brunetti

May 7, 2014

Gift Tax

First
Previous
1(current)
2
Next
Last

Sign up to get the latest from our attorneys!

Explore What Matters Most to You.

Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.