DONALD S. HENDEL, LLC
  • Welcome
  • Practice Areas
    • HIgh Net Worth Estate Planning
    • Wealth Preservation Trust
    • Asset Protection
    • Estate Tax Planning >
      • Terms
    • Probate & Estate Administration
    • Business Law
    • Business Succession Planning
  • About Us
  • Blog
  • Contact Us
  • Client Forms

Current
​news

Sen. Sanders Introduces Estate Tax Act

2/1/2019

0 Comments

 
February 1, 2019.  Sen. Bernie Sanders of Vermont has introduced legislation that would reform the federal estate tax.  Currently, an individual is entitled to a combined lifetime gift and estate tax exemption of $11,400,000.  The federal tax is 40% on gifts and estates that exceed this threshold.
​

Sen. Sanders’ bill would reduce the combined lifetime gift and estate tax exemption to $3,500,000.  It would impose a 45% tax on the value of an estate between $3,500,000 and $10,000,000, a 50% tax on the value of an estate between $10,000,000 and $50,000,000; a 55% tax on the value of an estate between $50,000,000 and $1,000,000,000, and a 77% tax on the value of an estate above $1,000,000,000.

0 Comments

NY Estate Tax Exemption

12/5/2018

0 Comments

 
New York has announced that the estate tax exemption for deaths in 2019 will be $5,740,000.  

Source:

Estate Tax page from Department of Taxation and Finance in New York State

​
0 Comments

connecticut increases its estate and gift tax exemptions

5/21/2018

0 Comments

 
​May 21, 2018.  On May 15, 2018, Connecticut increased its estate and gift tax exemptions.  The exemptions are as follows:
 
2018                                     $2,600,000
2019                                     $3,600,000
2020                                    $5,100,000
2021                                     $7,100,000
2022                                    $9,100,000
2023 and
thereafter                   equal to federal exemption, currently $11,180,000
0 Comments

Connecticut Budget Impacts Estate Taxes

11/1/2017

0 Comments

 
The recently passed budget contains, among other things, an increase to the Connecticut estate tax exemption that will be phased in over several years.  For decedents who die in 2018, the exemption will be $2,600,000; for decedents who die in 2019, the exemption will be $3,600,000; for decedents who die in 2020 or thereafter, the exemption will be equal to the federal estate tax exemption. ​
0 Comments

IRS Announces New Inflation Adjusted Limits

10/17/2017

0 Comments

 
The IRS recently announced inflation adjustments for more than 50 tax provisions.  Among these are that the federal estate tax exclusion for a decedent who dies in 2018 will be $5,600,000.  The annual gift tax exclusion for 2018 will be $15,000.
0 Comments

Republican Tax Reform Plan Includes Estate Tax Repeal

10/16/2017

0 Comments

 
In the https://www.treasury.gov/press-center/press-releases/Documents/Tax-Framework.pdf (Sept. 27, 2017), the President and Congressional Republicans provided a framework of their tax reform proposal, which includes repeal of the estate and generation-skipping transfer taxes. The proposal would:

Read More
0 Comments

House and Senate Republicans Estate Tax Repeal Bill

2/16/2017

0 Comments

 
​House and Senate Republicans recently introduced legislation to repeal the federal estate tax.  The legislation would repeal the estate tax and the generation skipping tax.  The gift tax would be retained, however the top tax rate would be reduced to 35%.  The present step up in basis rules would be retained so that if a decedent's assets were sold, the heirs would pay income tax only on post date of death appreciation.
0 Comments

New Executor Reporting Requirements

1/1/2017

0 Comments

 
The IRS recently issued regulations that affect the reporting responsibilities of an estate executor or administrator.  If an executor is required to file a federal estate tax return, they must also file with the IRS a separate form stating the value of certain items included in the decedent's estate.   Each beneficiary who receives property from the decedent must receive information regarding the property he or she receives or could receive.  This requirement applies to all estates if the required estate tax return is filed after July 31, 2015.

Read More
0 Comments

Governor Malloy Proposes Estate Tax Reduction

1/1/2017

0 Comments

 
Governor Malloy of Connecticut has proposed a budget for the 2018-2019 fiscal year that would change the state estate tax exemption so that it matches the Federal exclusion. This would increase the exemption from the current $2,000,000 to approximately $5,500,000 over three years. 
0 Comments

New Paradigm in Estate Planning

12/1/2016

0 Comments

 
For many years, wealth preservation entailed aggressively transferring assets out of the estate of high net worth individuals to avoid estate taxes and consequently giving up a "step up" in basis adjustment for income tax purposes.  Because the estate tax rates were significantly greater than the income tax rates, avoiding estate taxes was the primary focus of tax based estate planning.  The new tax landscape is transformed by increased income tax rates and increased federal estate tax exemptions.  It is clear that increasingly the focus of wealth preservation will move away from avoiding estate taxes and be more focused on avoiding income taxes.  Much of the wealth preservation analysis will be about measuring the estate tax cost against the income tax savings of allowing the assets to be subject to estate taxes.  Asset protection techniques will continue to be an important part of wealth preservation planning. ​
0 Comments
<<Previous

    Author

    Mr. Hendel has been practicing wealth preservation planning for over thirty -five years. ​

    Archives

    December 2020
    April 2020
    March 2020
    January 2020
    December 2019
    November 2019
    October 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    May 2018
    November 2017
    October 2017
    July 2017
    May 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    August 2016
    November 2015
    March 2015
    August 2013
    January 2012

    Categories

    All
    Awards
    Blog
    Business Planning
    Estate Planning
    Life Insurance
    News
    Tax Planning
    Updates
    Wills And Trusts

    RSS Feed

(203) 234-6321

© 2017 Donald S. Hendel, LLC 
Disclaimer 

315 Highland Avenue, Suite 101
Cheshire
, CT 06410

Phone: 203.234.6321 
​Donald S. Hendel, LLC serves clients throughout New York and Connecticut including Manhattan, Long Island, Westchester County, New Haven County, Fairfield County, and Litchfield County.
Overview | High Net Worth Estate Planning | Wealth Preservation Trusts | Basic Estate Planning Terms | Asset Protection | Estate Tax Planning | Probate / Estate Administration | Business Law | Business Succession Planning | Recent News | About Us
  • Welcome
  • Practice Areas
    • HIgh Net Worth Estate Planning
    • Wealth Preservation Trust
    • Asset Protection
    • Estate Tax Planning >
      • Terms
    • Probate & Estate Administration
    • Business Law
    • Business Succession Planning
  • About Us
  • Blog
  • Contact Us
  • Client Forms