TAX

New York’s longest-serving Assembly member on how to really get things done in Albany

Trust And Estate Planning Strategies

What are the most valuable trust and estate planning strategies that business owners should consider this year?

With 2022 bringing very little change to trust and estate law, 2023 remains a prime opportunity to take advantage of the favorable tax landscape. The gift and estate tax benefits under the Tax Cuts and Jobs Act (TCJA) are still in effect, but many of the provisions will sunset at the end of 2025 or even sooner if Congress enacts changes.

Most notably for estate planning purposes, the TCJA doubled the estate, gift, and generationskipping transfer tax exemptions. Adjusted for inflation, the current federal estate, gift and GST exclusion amount is $12.92 million for this year. That is more than double the pre-TCJA amount, which the law will revert to in 2026.

Next Article

New York’s longest-serving Assembly member on how to really get things done in Albany

Trust And Estate Planning Strategies

More articles from this publication:

New York’s longest-serving Assembly member on how to really get things done in Albany

Manhattan office landlords will owe lenders $12.7B in the coming months

Nine-figure funding rounds are back to start off 2023

VC Investments in NY companies halved in

RXR launches portfolio review dubbed Project Kodak to rethink profitability as offices remain half-full

Surprise revival of controversial two-tower Harlem development tests city’s housing commitment

PEOPLE ON THE MOVE

Here’s how to ensure long-term redevelopments don’t turn neighborhoods into dead zones

To combat homelessness, we need to create a state-run fund to renovate existing housing

This article is from:

Crain's New York Business