What’s trending on NP Trusts & Estates

January 02, 2018

NP Trusts & Estates Blog

Author(s): Mary-Benham B. Nygren, Kerri L. Painting, Steven M. Richard, Sarah M. Richards

Estate and gift tax changes under the recent Tax Cuts and Jobs Act, estate planning for your wine cellar and locating assets in the digital age. Here’s what’s trending in estate planning and wealth management.

Estate Planning

Estate and gift tax changes under the Tax Cuts and Jobs Act

The Tax Cuts and Jobs Act of 2017 (“TCJA”) increases the federal estate, gift and generation-skipping transfer (GST) tax exemptions to $10,000,000 (indexed for inflation) per person beginning January 1, 2018. The exemptions are scheduled to sunset effective January 1, 2026, with reversion to current federal law.— Sarah M. Richards, Sarah Roscioli, Mary-Benham B. Nygren

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Estate planning for your wine cellar

In executing an estate plan, it is important to give special consideration to unique assets, such as a wine cellar. Unlike many other items of personal property, a wine cellar represents time and effort and has both sentimental and fiscal value.— Sarah Roscioli

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Estate Administration

Will your family be able to find all of your assets after you die?

One of the tasks your family and executor face after your death is finding your assets. It used to be straightforward but gone are the days of opening a safe deposit box to find a decedent’s stock certificates and reviewing mail for dividend checks and statements. Book-entry stock accounts, direct deposit of dividends, electronic bank statements and forms 1099 that are directed to your e-mail account make the task much harder now.— Sarah M. Richards

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Notifying the credit bureaus of a family member’s death

Identity theft is a topic that has become increasingly popular in the past several years; more specifically, how to prevent identity theft. Typically, when we think of identity theft, we do not associate that with someone who has passed away. Protecting the identity of a deceased person is sometimes just as important as that of someone who is still living. — Kerri Painting

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Wealth Management

Market Pulse: December Economic Highlights

What’s happening: Highlights from the NP Investment Team—NP Investment Team

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Income Tax

IRS standard mileage rate for 2018

As of January 1, 2018, the Internal Revenue Service (IRS) standard mileage rates for cars, vans, pickups and panel trucks will be:

  • 54.5¢ per mile for business travel purposes
  • 18¢ per mile for medical or moving purposes
  • 14¢ per mile for charitable purposes

The business, medical and moving rates increased 1¢ over the 2017 standard mileage rates while the charitable rate remained the same.— Mary-Benham B. Nygren

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In the News

FTC advises consumers to think about privacy in DNA test kit purchases

This post originally appeared on NP Privacy Partner.

We’ve seen the commercials and advertisements enticing us to learn about our heritage. While intrigue may prompt a purchase, the Federal Trade Commission suggests that consumers should not lose sight of the privacy issues that can arise when seeking to learn more about who you are and where your ancestors lived. — Steven M. Richard

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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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