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Dec 9, 2024 | 
natlawreview.com | Joshua Rubenstein
It has been back to business as usual for the Internal Revenue Service (IRS) and Department of the Treasury in 2024.
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Dec 9, 2024 | 
natlawreview.com | Joshua Rubenstein
The following is a summary of some of the key legislative and judicial updates from Illinois in 2024. On August 9, 2024, Senate Bill 3343 (SB 3343) was signed into law, which amends Sections 809 and 810 of the Illinois Trust Code. Section 809 of the Illinois Trust Code, titled "Control and Protection of Trust Property," currently requires that a trustee take reasonable steps to take control of and protect trust property.
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Dec 9, 2024 | 
natlawreview.com | Joshua Rubenstein |Jonathan Byer |Michael Arnold |Corbin Carter
Skip to main content December 09, 2024 Volume XIV, Number 344 Legal Analysis. Expertly Written. Quickly Found.
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Dec 9, 2024 | 
natlawreview.com | Joshua Rubenstein
As reported in Katten's 2023 Year-End Advisory, the California Uniform Directed Trust Act (UDTA) and the Uniform Fiduciary Income and Principal Act (UFIPA) became effective January 1, 2024. The UDTA provides a method for regulating directed trusts in California and establishes the duties and responsibilities of the non-trustee fiduciaries and directed trustees.
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Dec 9, 2024 | 
natlawreview.com | Joshua Rubenstein
In 2024, there was much legislative activity in New York that affected the Private Wealth realm. A brief summary of the 2024 changes follows. For individuals dying on or after January 1, 2025, the basic exclusion amount will be equal to the federal basic exclusion amount indexed annually, but without regard to the passage of the Tax Cuts and Jobs Act (TCJA) of 2017.
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Dec 9, 2024 | 
natlawreview.com | Joshua Rubenstein
The "big ticket" item of the Tax Cuts and Jobs Act (TCJA) is the significant increase to the lifetime gift, estate and generation-skipping tax (GST) tax exemptions. Under the TCJA, the exemptions were increased from $5 million (adjusted for inflation) to $10 million (adjusted for inflation). In 2024, these amounts are $13.61 million and in 2025, are $13.99 million.
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Dec 9, 2024 | 
natlawreview.com | Joshua Rubenstein
Several legislative proposals and new laws have been introduced in Florida affecting Private Wealth. A brief summary of the 2024 changes follows. Florida is one of a few states in the nation that allows for a property tax break for taxpayers who have a Florida home as their primary residence (otherwise known as a "homestead exemption"). To qualify for the homestead exemption, a taxpayer must annually file for such exemption with the Florida Department of Revenue.
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Dec 9, 2024 | 
natlawreview.com | Joshua Rubenstein
President-Elect Donald Trump has not published a comprehensive tax plan as of the time of this writing, but he and Vice President-Elect J.D. Vance have made several proposals in campaign speeches, interviews and online. Though Trump has not articulated specific details, he generally supports making the tax cuts under the Tax Cuts and Jobs Act (TCJA) permanent, which includes extending the increased estate and gift tax exemption amount and maintaining a transfer tax rate of 40 percent.
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Dec 9, 2024 | 
natlawreview.com | Joshua Rubenstein
The Setting Every Community Up for Retirement Enhancement Act of 2019 (the SECURE Act), was originally signed into law on December 20, 2019. Intended to assist and encourage Americans in saving and investing for retirement, the SECURE Act incentivizes retirement planning by providing Americans with more choices for retirement saving, as well as increasing access to tax-advantaged savings plans.
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Dec 9, 2024 | 
natlawreview.com | Joshua Rubenstein
The federal estate, gift and GST applicable exclusion amounts are as summarized below. In simple terms, these dollar figures represent the amount of wealth that each individual can transfer during their lifetime and/or at death (in the aggregate) before incurring any federal transfer taxes (which currently are assessed at a maximum rate of 40 percent):The federal estate tax exemption that applies to non-resident aliens was not increased under the TCJA.
