Comiter Singer is thrilled to announce that Christopher C. Weeg has become a partner in the firm. As a partner, Mr. Weeg’s practice will continue to focus on tax and estate planning. “Chris Weeg’s promotion to partner reflects our firm’s dedication to recognizing talent and expertise within our ranks,” said Michael S. Singer,…
Category: Tax Planning
Certain key provisions of the Internal Revenue Code affecting estate planning are indexed each year for inflation. The new year brings in the following increases and estate planning opportunities for 2024. The lifetime gift and estate tax exclusion amounts have been increased from $12,920,000 to $13,610,000. The GST exemption amount…
Transfer tax planning focuses on gift, estate, and generation-skipping transfer (“GST”) taxes, which are collectively referred to as “transfer taxes.” The base transfer tax exemption amount is $10,000,000 ($12,920,000 million for 2023, as indexed for inflation). Under current law, the base transfer tax exemption amount is set to reduce to…
On April 28th, Andrew R. Comiter and Adam J. Smith presented on “Key Considerations with Rollover Equity Transactions” at the Taxation of Business Deals and M&A Transactions conference hosted by the The Florida Bar’s Tax Section.
A common question that arises when preparing federal gift tax returns is whether a gift in trust qualifies not only for the gift tax annual exclusion but also for the lesser know (and lesser understood) generation-skipping transfer (“GST”) tax annual exclusion. This article will clarify when gifts in trust…
