Category: Trusts & Estates

Estate Planning, Tax, Trusts & Estates

Estate and Gift Tax Impact of the “One Big Beautiful Bill”

Written by Jeffrey K. Eisen On July 4, 2025, President Trump signed the “One Big Beautiful Act” into law.  Of its 870 pages and its massive impact on virtually all Americans, only one provision (on page 227) affects the estate tax, gift tax and Generation-Skipping Transfer (GST) tax, but it is a very important one. What Changed?          For deaths occurring, or gifts made, on or … Continue reading Estate and Gift Tax Impact of the “One Big Beautiful Bill”

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Charitable Organizations, Trusts & Estates

Understanding UPMIFA: Fiduciary Issues with Mission-Related Investing

Written by David Wheeler Newman The Uniform Prudent Management of Institutional Funds Act (UPMIFA), adopted in 49 states, provides guidance to charitable organizations concerning the management and investment of charitable funds. Prior posts (Understanding UPMIFA: Delegation of Management and Investment of Endowment Funds and Understanding UPMIFA: Important Endowment Concepts) focused on UPMIFA standards for determining the endowment spending rate and rules for delegation of management … Continue reading Understanding UPMIFA: Fiduciary Issues with Mission-Related Investing

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Payroll & Employment Taxes, Trusts & Estates

Employee Expense Reimbursements Will be More Difficult After COVID-19

Written by Jeffrey D. Davine Termination of COVID-19 Emergency. The White House recently announced that the Presidentially declared disaster concerning the COVID-19 pandemic will be withdrawn as of May 11, 2023.  The effect of this withdrawal will make it more difficult for employers to reimburse employees for their work-from-home expenses. Declaration of National Emergency. On March 13, 2020, President Trump declared a nationwide emergency as a result … Continue reading Employee Expense Reimbursements Will be More Difficult After COVID-19

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Charitable Organizations, Trusts & Estates

New Opportunities for Charitable Gift Annuities

Written by Justin Farrell and David Wheeler Newman The Secure Act 2.0, signed by the President on December 29, opens new opportunities to fund charitable gifts with IRA distributions. The first change is to index for inflation the cap on qualified charitable distributions (QCDs) from IRAs to charity, which has been stuck at $100,000 since the “IRA rollover” was first introduced. (Indexing begins in 2024.) … Continue reading New Opportunities for Charitable Gift Annuities

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Charitable Organizations, Estate Planning, Tax, Trusts & Estates

House Ways & Means Committee Passes Tax Bill With Potentially Significant Effects on Estate Planning

Written by Allan B. Cutrow and Jeffrey K. Eisen On September 15, 2021, the House Ways and Means Committee passed a tax bill designed to raise revenue for President Biden’s “Build Back Better” plan.  It contains significant changes to the estate and gift tax laws, and the income tax laws related to them.  Of course, this is only another step down a very uncertain road.  … Continue reading House Ways & Means Committee Passes Tax Bill With Potentially Significant Effects on Estate Planning

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Charitable Organizations, Trusts & Estates

Proposed Legislation Would have a Dramatic Impact on Donor Advised Funds

Written by David Wheeler Newman The “Accelerating Charitable Efforts Act”, or the “ACE Act”, introduced on June 9th by Senators Grassley and King, would have major impacts on donor advised funds (DAFs) and private foundations. Our prior post discussed the proposed changes to the private foundation rules, and this post will discuss those affecting DAFs. Under existing law, a donor may generally claim a charitable … Continue reading Proposed Legislation Would have a Dramatic Impact on Donor Advised Funds

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Charitable Organizations, Tax, Trusts & Estates

Proposed Legislation Would Affect Private Foundations

Written by David Wheeler Newman Senators Chuck Grassley and Angus King on June 9 announced their intention to introduce tax legislation, dubbed the “Accelerating Charitable Efforts Act”, or the “ACE Act”, that would have major impacts on donor advised funds (DAFs) and private foundations.  This post will discuss the proposed changes to the private foundation rules, and the next post will discuss those affecting DAFs. … Continue reading Proposed Legislation Would Affect Private Foundations

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Charitable Organizations, Trusts, Trusts & Estates

Administration Proposal Would Negatively Affect Tax Benefits of Charitable Remainder Trusts

Written by David Wheeler Newman Since its introduction into the Internal Revenue Code in 1969, the charitable remainder trust has been the “Swiss Army Knife” for charitable gift, financial and estate planners because of its flexible features that allow a balancing of financial planning or estate planning objectives with philanthropic objectives.  Those features include two CRT tax benefits provided in the Code – the charitable … Continue reading Administration Proposal Would Negatively Affect Tax Benefits of Charitable Remainder Trusts

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COVID-19, Payroll & Employment Taxes, Tax

New COVID Relief Legislation Provides Tax Benefit

Written by Jeffrey D. Davine The new COVID relief bill extends (and modifies) certain provisions that were included in the CARES Act that was enacted in March.  This legislation, signed by the President on December 27, will provide $900 billion of additional financial assistance to individuals and businesses that have been affected by the pandemic. Among the provisions contained in the new legislation is funding for additional … Continue reading New COVID Relief Legislation Provides Tax Benefit

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Tax, Trusts & Estates

Proposition 19 Set to End Major Property Tax Exemption

Written by Rachel Ronca Proposition 19 will essentially end your ability to transfer real estate to your children free of property tax reassessment.[1]  If you have a legacy property that you intend to pass to the next generation (regardless of whether it is your home, or it is a rental, commercial or industrial property), you must act quickly. Generally, when real estate changes ownership, the property … Continue reading Proposition 19 Set to End Major Property Tax Exemption

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