What's trending on NP Trusts & Estates



January 04, 2017

Author(s): Kelly Acevedo, EA, Deborah L. Anderson, Christopher F. Caldwell, EA, Mary-Benham B. Nygren, Alyson L. Stevenson

Tax related numbers for 2016-2017, CME Group launches Bitcoin reference rate and real time index, 2017 individual tax filing deadlines, income tax rates and filing thresholds, estate and gift tax exclusion amounts, and more. Here’s what’s trending in estate planning and wealth management.

Wealth Management

First Bitcoin Index and Reference Rate launched

The CME Group has legitimized bitcoin’s use as a financial asset by creating a daily reference rate and a real-time index, aggregating price feeds from global bitcoin trading platforms and exchanges. This tool will provide much needed validation for the emerging asset class that is digital currencies.— Thomas A. Stedman

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Income Tax Planning

Individual income, gift and estate tax related numbers for 2016-2017

Here are the tax number changes (many based on mandated inflation adjustments) that you might find interesting and helpful for 2017 tax and estate planning (with 2016 comparative numbers). — Deborah L. Anderson and Mary M. Paul, EA

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2017 Federal tax filing deadlines for individuals

Mark your calendars so you don't miss a 2017 individual tax filing deadline.— Mary-Benham B. Nygren

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2017 Filing Thresholds and Rates

What are the 2017 Income Tax Rates and Filing Thresholds?— Kelly Acevedo

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What documents do I need to prepare my income taxes?

It’s not too early to start gathering documents needed to prepare your 2016 income tax returns which are due on April 18, 2017.— Alyson L. Stevenson

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Is your ITIN expiring on January 1, 2017?

Individual Taxpayer Identification Numbers (ITINs) are used by persons who are not eligible for a Social Security Number, like foreign nationals, but are required to make U.S. tax filings and payments. Under a new IRS policy, some ITINs are set to expire on January 1, 2017, if not renewed.— Christopher F. Caldwell

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Estate and Gift Planning

Why create an irrevocable life insurance trust?

Irrevocable life insurance trusts are an estate planning vehicle designed to remove life insurance proceeds from the insured’s gross estate.— Julie M. Wood

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What is a Dynasty Trust?

A Dynasty Trust is a powerful tool for a grantor to leverage his exemptions from federal estate, gift and GST tax while leaving property in trust for multiple generations.— Kenneth F. Hunt

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2017 Estate and Gift tax exclusion amounts

On an annual basis, the IRS determines whether the Gift, Estate and GST tax exclusion amounts will be adjusted. For 2017, two exclusions will be increased.— Mary-Benham B. Nygren

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The foregoing has been prepared for the general information of clients and friends of the firm. It is not meant to provide legal advice with respect to any specific matter and should not be acted upon without professional counsel. If you have any questions or require any further information regarding these or other related matters, please contact your regular Nixon Peabody LLP representative. This material may be considered advertising under certain rules of professional conduct.

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