2026 Fiduciary Legal Update Major 2026 updates in fiduciary law for trusts include new Department of Labor (DOL) guidance for ERISA accounts and expanded state-level administrative requirements. Fiduciaries face heightened risks and must navigate new requirements. Department of Labor (DOL) Proposed Regulations: The DOL issued proposed rules regarding fiduciary duties [...]
Starting January 1, 2014, the individual lifetime estate and gift tax exemption is $5,340,000, adjusted for inflation from 2013's $5,250,000 exemption. In addition, the maximum estate/gift tax rate is 40% for an estate and/or gift(s) exceeding the lifetime exemption amount (the same maximum rate as 2013, and increased from the [...]
After 2 years of "what ifs" and "then whats," we finally have resolution regarding the estate and gift tax exemptions. As a result of the last minute "Fiscal Cliff" legislation, starting January 1, 2013, the individual lifetime estate and gift tax exemption is $5,250,000, adjusted for inflation from 2012's $5,120,000 [...]
The United States Supreme Court stated today that it will review lower court rulings finding California's Prop 8 and the Defense of Marriage Act unconstitutional. Arguments are expected to be heard before the Court March 25-27, 2013, and a decision is expected around June 27, 2013. While there is hope [...]
The IRS recently has made significant pronouncements with respect to community property treatment for Registered Domestic Partners and same-sex spouses. In summary, the IRS: stated that community property is now to be reported by both spouses on their federal income tax returns; and confirmed there is no taxable gift upon [...]
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