Welcome back to Loeb & Loeb’s High Net Worth Family Tax Report, bringing you in-depth articles highlighting important topics and providing practical insights for high net worth individuals, with a focus on trusts and estates, tax, family offices, and tax-exempt organizations.
With the new year almost here, this issue includes articles on year-end planning reminders and 2024 inflation adjustments, summarizing actions that individuals may want to consider as part of their tax planning for the remainder of this year and into the next.
Associate Vanessa Davidson and partner Danielle E. Miller review planning opportunities for high net worth families to maximize the benefits of the higher federal gift, estate and generation-skipping transfer tax exemptions ($13.61 million in 2024) before these increased levels sunset in 2026. In our Family Office Corner, featuring insights on topics of interest to our family office clients, partner Stefan Schick discusses the unique world of Broadway entertainment and the issues family offices and other potential investors should consider before investing in a Broadway production.
Looking at the increasing popularity of directed trusts and corresponding developments in state legislation, partners Camille Lu, Danielle E. Miller, Cristine Sapers and Todd I. Steinberg; senior counsel Jennifer M. Smith; and associates David V. Khanjyan and Erica Stern summarize the rules applicable to settlors and trustees when creating directed trusts in various states, including the recent enactment of the California Uniform Directed Trust Act, which takes effect on Jan. 1, 2024.
Finally, in case you missed it, partner Alyse N. Pelavin and senior counsel Christina Hammervold summarize the reporting requirements taking effect on Jan. 1, 2024, that will require most entities to report beneficial ownership information to the U.S. government in their alert Beneficial Ownership Reporting Under the Corporate Transparency Act (CTA)—Key Questions Answered, and partners Kimberly Eney and Diara M. Holmes and associate Kensington Wolgamott review recently issued proposed regulations affecting donor-advised funds, including what qualifies as a “donor-advised fund,” a “donor” and a “donor-advisor,” in their alert Proposed Regulations on Donor-Advised Funds—Part I of the Anticipated Guidance: What Qualifies and What Doesn’t.
- Year-End Planning Reminders: Last-Minute Action Items
- 2024 Inflation Adjustments for Personal Tax Planning
- Planning for 2026: Opportunities and Drafting Guide
- Family Office Corner: The Basics of Investing on Broadway
- Using Directed Trusts to Create More-Customized Estate Plans: Legislative Developments in California and Other States