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Estate Planning

 

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Estate planning is about more than just drafting documents—it's about protecting your legacy and providing for your loved ones.

 

We help individuals and families create comprehensive plans that safeguard their assets, minimize tax implications, and ensure their wishes are carried out.

Authors and Artists
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Estate planning for authors and artists addresses who will ultimately own, value, and control your work, as well as influencing your artistic legacy.

 

We help you make sure the right people have legal authority to manage the unique aspects of your creative work and to protect its integrity now and for the future.

News & Publications
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Join us for our upcoming podcast episode: "Smart RMD Planning: Using Trusts to Manage Your Required Minimum Distributions"

Release Date: December 5, 2024 

Confused about RMDs and wondering how trusts fit into your retirement planning? We'll break down everything you need to know. You'll learn:

  • What Required Minimum Distributions (RMDs) are and why the IRS requires them from your retirement accounts after age 73

  • How to strategically use trusts to manage your RMDs and potentially reduce your tax burden

  • The pros and cons of different trust types for retirement accounts, including:

    • Conduit ("see-through") trusts

    • Accumulation trusts

    • Charitable remainder trusts

Don't miss this essential guide to protecting your retirement assets and maximizing your legacy planning.

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2025 Estate & Gift Tax Updates: Looking Ahead

The IRS has announced inflation-adjusted estate and gift tax exemptions for 2025:

Estate & Gift Tax Exemption:

  • Individual exemption projected at approximately $13.99 million (up from $13.61 million in 2024)

  • Married couples potentially can protect up to $27.98 million

  • 40% tax rate remains unchanged for amounts exceeding the exemption

Annual Gift Tax Exclusion:

  • Projected at $19,000 per recipient (up from $18,000 in 2024)

  • Married couples can gift up to $38,000 per recipient

Critical Planning Considerations:

  • 2025 is the FINAL YEAR of the current higher exemption amounts

  • Beginning January 1, 2026, the base exemption amount is scheduled to revert to $5 million (adjusted for inflation, estimated to be around $7 million)

  • This represents a potential reduction of approximately 50% in available exemption

Planning Implications:

  • Limited window to utilize historically high exemption amounts

  • Crucial year for high-net-worth individuals to complete large gifts

  • Strategic importance of completing wealth transfers before the 2026 reduction

Contact our office to develop a strategy that maximizes these exemption amounts before the significant changes in 2026. Early planning is essential to ensure proper execution of complex gifting strategies.

Contact Us

FOR A CONSULTATION

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+1 646 261 1200

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Peter V. Arcese, JD, LLM (Tax)

Attorney and Counselor at Law
11 Broadway, Suite 615
New York, NY 10004

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Areas of Practice


Estate Planning​

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Author's & Artist's Trusts

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Charitable Gift Planning

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Nonprofit Organizations
 

Wealth Transfer Taxation

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Mediation and Conciliation

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