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2019 Private Clients Group Annual Client Update

November 25, 2019

This annual update summarizes the current status of the estate and gift tax rates and exemptions at the federal and state levels (Connecticut, New York and Florida) and highlights key provisions of these important state law developments.

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Federal Estate and Gift Tax Rates and Exemptions 2017-2026

This chart details the federal estate and gift tax rates and exemptions for the period 2017-2026.

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Connecticut Estate and Gift Tax Rates and Exemptions 2017-2026

This chart details the Connecticut estate and gift tax rates and exemptions for the period 2017-2026.

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Uniform Lifetime Table for Required Minimum Distributions From Traditional IRAs*

This uniform lifetime table details the minimum distributions allowed from traditional IRAs from the ages of 70 through 90.

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IRS Confirms Gifts Using Higher Exemption Amounts Won’t Be “Clawed back” for Estate Tax Purposes After 2025

November 21, 2019

The Treasury Department and the Internal Revenue Service have officially confirmed that in the event the federal gift and estate tax exemptions are reduced in the future, taxpayers will not be penalized with a “clawback” for the use of higher exemption amounts.

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Connecticut Quietly Ends Estate Tax Strategy Previously Available to Non-Residents

July 31, 2019

In the flurry of legislation passed in June at the end of the legislative session, Connecticut quietly closed a Connecticut estate tax loophole that was available to non-residents.    

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U.S. Supreme Court Rules in Favor of Trust on Question of State Income Taxation

June 20, 2019

On June 21, 2019, the United States Supreme Court, by a unanimous decision, held that the State of North Carolina could not impose a state level income tax on a trust based solely on the residence of the beneficiary of the trust. 

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Connecticut Real Estate Sales in Excess of $2.5 Million Will Face Additional “Mansion Tax” under New Law

June 9, 2019

The recently approved Connecticut 2020/2021 state budget includes an increase in the rate of tax charged on real estate sales in excess of $2.5 million, which is being referred to as the “mansion tax.”  This new rate structure will be effective on July 1, 2020. 

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Connecticut Enacts Historic and Sweeping Trust Legislation

June 4, 2019

The Connecticut legislature, on June 5, 2019, enacted HB 7104, an Act Concerning the Connecticut Uniform Trust Code.  This massive bill, over 90 pages in length, adopts four major categories of revisions to trust law that will greatly enhance the administration of trusts and planning opportunities for clients in Connecticut.

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The IRS Clarifies that Private Equity, Hedge Funds and Other Partnerships are Subject to Withholding Requirements When Foreign Persons are Involved

May 22, 2019

On May 7, 2019, the IRS issued proposed regulations for new code section 1446(f), which requires withholding of income tax when a foreign person recognizes gain or loss from the sale or exchange of certain partnership interests, as described in IRC 864(c)(8).

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New IRS Guidance on Opportunity Zone Investments

April 16, 2019

On April 17, 2019, the IRS and U.S. Treasury Department issued proposed regulations (Proposed Treas. Reg. Sec. 1400Z-2), that provide new guidance for qualified "Opportunity Funds" investing in "Opportunity Zones."

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Increase in New York Real Property Transfer Taxes, Including “Progressive Mansion Tax”

April 10, 2019

As part of the 2019/2020 New York State Budget Bill that was passed, New York included a progressive mansion tax with a top tax rate of 3.90% on properties purchased for $25 million or above.

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