United States: Inheritance Tax

The IRS and Treasury Department have issued new guidance addressing how contributions to Trump Accounts are treated for federal gift tax purposes, creating a safe harbor for qualifying donors. Revenue Procedure 2026-25 establishes specific requirements that allow certain contributions to be treated as completed gifts of a present interest, eligible for the annual gift tax exclusion without requiring Form 709 filing. Understanding these requirements is critical for donors to ensure compliance and avoid unnec

S corporation shareholders who elected to defer the Section 965 transition tax under the Tax Cuts and Jobs Act face ongoing compliance obligations and potential acceleration risks. Understanding the strict filing deadlines, triggering events, and annual reporting requirements is essential to avoid unexpected tax liabilities and costly penalties that can arise from routine business transactions or estate planning activities.

The U.S. Treasury issued final regulations on July 9, 2026, modernizing the requirements for qualified domestic trusts (QDOTs) under Internal Revenue Code Section 2056A. These updated rules introduce new procedures, filing requirements, and security arrangements that estates must follow when a deceased spouse leaves behind a non-U.S. citizen surviving spouse, fundamentally changing how international couples navigate estate tax planning.

Max Schneberger discusses how recent changes from the One Big Beautiful Bill Act (OBBBA) have created expanded trust planning opportunities for individuals and families in the July issue of Lake Country Living.

Recent tax developments include New York City's new property tax surcharge on high-value pied-à-terre homes and potential changes to IRS Form 1040 that would require disclosure of citizenship status and dual citizenship. These policy shifts reflect growing efforts to address tax equity in luxury real estate markets and enhance transparency in tax reporting for individuals with complex international ties.

Louisiana voters will have the opportunity to expand property tax relief for senior homeowners when a proposed constitutional amendment appears on the statewide ballot on November 3, 2026.

The U.S. Federal Estate Tax Unified Credit (the "Credit"), which allowed individuals to leave up to $13,990,000 to their non-spouse heirs federal estate tax free...

In this episode of Trust Us, Danielle Friedman, Max McCauley, and Herb Fineburg discuss the recent changes brought by the One Big Beautiful Bill Act, which raised the estate tax exemption level...

On July 1, 2025, three big changes to Washington's estate tax law will go into effect.