The U.S. generation-skipping transfer tax (“GSTT”) imposes a tax on both outright gifts and transfers in trust to or for the benefit of unrelated persons who are more than 37.5 years younger than the donor or to related persons more than one generation younger than the donor, such as grandchildren. Wikipedia Consider Tom, who has […]

Testacy vs. Intestacy  At its most basic, a Last Will and Testament (“Will”) is a legal document that provides for the distribution of your assets (often referred to as your “probate estate”) upon your death. Generally, your Will does not control the disposition of non-probate assets on your death. Common examples of non-probate assets include […]

Updated August 17, 2022 In general, when one individual transfers money or property to another and does not receive an adequate return (i.e., makes a gift), the transfer is a potentially taxable event for the transferor. Such transfers made during life are inter vivos transfers subject to the federal gift tax, while such transfers made at […]

On Friday, March 27, 2020, President Trump signed into law what is generally referred to as the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act” or the “Act”). While the most publicized aspect of the CARES Act provides for direct payments of up to $1,200 for eligible individual taxpayers ($2,400 for eligible couples […]

In December 2019, Congress passed, and the President signed into law what is generally referred to as the Setting Every Community Up for Retirement Enhancement Act (“SECURE Act”). Generally effective January 1, 2020, the SECURE Act significantly modifies many requirements for employer- provided retirement plans, individual retirement accounts (“IRAs”), and other tax-favored savings accounts. As […]