The estate planning world certainly saw its share of turbulence from 2020-2022. With two significant elections, it is hard to remember a previous time with such substantial uncertainty about how tax planning and estate planning would evolve. The uncertainty meant estate planners and their clients had to be especially nimble, creative to a degree not seen before, and ready to act. Some clients did act, while others waited to see how the tides might turn.

In 2023, a different story unfolded. There was less uncertainty in terms of changing laws. The political arena was also well-established, and the split in legislative control meant that large substantive changes were unlikely.

Yet, 2023 was far from quiet. Those ready to act were able to do so quickly.

We review the previous year and look to what lies ahead in 2024 and beyond, covering the latest developments and offering guidance on how to prepare best for the months ahead. Our 2023 Year-End Estate Planning Advisory includes:

  • Inflation-adjusted tax figures, including federal, GST and gift tax rates, annual gift tax exclusions, federal income tax rates and expatriation-related increases.
  • A review of the Corporate Transparency Act, where the reporting beginning January 1, 2024, requires a close examination of its mandates when identifying which individuals have reporting responsibilities, particularly when trusts are “Beneficial Owners” of a “Reporting Company.”
  • Important planning considerations for 2023 and 2024, including a high-level year-end checklist to review before the New Year.
  • A review of the SECURE 2.0 Act, which fundamentally changed the laws regarding distributions from retirement accounts, both during the lifetime and after the death of an IRA account owner.
  • A review of important federal cases decided in 2023.
  • Pending proposals from the Biden Administration, as noted in its General Explanations of the Administration’s Fiscal Year 2024 Revenue Proposals (the Green Book).
  • International private wealth developments, including tax treaties and plans to institute a global minimum tax.
  • Unique assets, including artwork, NFTs and cryptocurrency.
  • What’s happening in key states, including California, Illinois, New York, North Carolina and Texas.

Read or download the full advisory here.