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RIP Stretch Inherited IRA?

October 24, 2019

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RIP Stretch Inherited IRA?

October 24, 2019

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While the Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”) has not yet been enacted, there are many who anticipate that it will be enacted by year end, primarily because it passed the House 413 to 3 and was on the fast track in the Senate to enactment until Senator Ted Cruz took it off the consent calendar (purportedly because it did not contain the prior version’s provision that would have authorized the use of 529 accounts for home schooling and not because he disagreed with the contents of the SECURE ACT remaining).  In addition, as pointed out in an October 15, 2019 letter from 7 Senators to Mitch McConnell, there are provisions in this Act that would “expand access to retirement plans for millions of Americans.”  Most of the provisions of the SECURE ACT do not have a direct impact on estate planning.  However

Thomson Reuters Checkpoint Calculates Projected Inflation-Adjusted Figures for Estate and Gift Taxes for 2020

September 17, 2019

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Based on the inflation measure provided by the Tax Cuts and Jobs Act and Consumer Price Index for the 12-month period ending August 31, 2019, Thompson Reuters Checkpoint has released their projected inflation-adjusted Estate, Gift, GST tax, and other exclusion amounts for 2020, as follows:

The unified estate and gift tax exclusion amount (gift and estate tax exemptions) for gifts made and decedents dying in 2020 will be $11,580,000 (up from $11,400,000 in 2019).

The generation-skipping transfer (GST) tax exemption for transfers made in 2020 will be $11,580,000 (up from $11,400,000 in 2019).

The gift tax annual exclusion amount for gifts made in 2020 will be $15,000 (the same amount as for gifts made in 2019 and 2018).

The annual exclusion for gifts to noncitizen spouses in 2020 will be $157,000 (up from $155,000 in 2019).

The special use valuation reduction limit for estate of decedents dying in 2020 will

Ruben Sinha named in CityWealth’s 2019 Future Leaders Top 100

July 8, 2019

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Hong Kong Senior Associate, Ruben Sinha,  has been named in CityWealth’s 2019 Future Leaders Top 100. This publication is judged by industry leaders and recognises rising talent (under 40 years old) and leading next generation advisers working within the international private wealth industry across law, private banking, trust services and asset management. This is, in part, recognition of Ruben’s experience advising ultra-high net worth clients in complex international and often high profile cases from both London and Hong Kong. His work is increasingly focused on asset protection and trusts in the context of family litigation, in particular, advising offshore trustees within international divorce proceedings. Ruben’s inclusion follows his recognition in Legal Week’s Private Client Global Elite ‘Ones to Watch’ last summer.’

Stephanie Moll Elected as STEP USA Treasurer

April 23, 2019

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Congratulations to Stephanie Moll for her election to the position of treasurer of STEP USA!  Stephanie is a partner in the private client group of Bryan Cave Leighton Paisner and supports primarily the Denver, Boulder, and St. Louis offices.  Her practice focuses on estate planning and administration, particularly wealth transfer tax planning.

STEP USA is the U.S. division of the Society of Trusts and Estates Practitioners, a global organization whose primary purpose is to improve public understanding of the issues families face in relation to inheritance and succession planning and promote education and high professional standards among its members.  STEP USA includes 18 different local branches and chapters around the country.

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