United States: Inheritance Tax

California's Proposition 40 would impose a one-time excise tax of up to 5 percent on billionaires' worldwide net worth, measured as of December 31, 2026, but based on residency as of January 1, 2026. The measure faces significant legal challenges and could be nullified by competing ballot initiatives that have also qualified for the November 2026 ballot.

Qualified terminable interest property (“QTIP”) trusts are a familiar estate-planning tool. Under a QTIP trust, a spouse receives the benefit of trust assets during life, with the remainder passing to children or other beneficiaries after the spouse’s death. No transfer tax is payable on the creation of the QTIP trust due to the availability of the marital deduction but the trust assets will be subject to estate tax on the spouse’s death.

The September 2026 Wealth Management Update covers critical developments in estate planning, including updated AFRs and Section 7520 rates, comprehensive analysis of NYC's new pied-à-terre tax...

Treasury Department and the IRS established a transfer tax safe harbor for individual donors who fund these accounts, treating qualifying contributions as completed gifts that are not gifts of future interests...

The US Supreme Court's June 2026 decision upholding birthright citizenship has significant implications for American expatriates who hoped a policy change might release them from lifelong US tax obligations. For "accidental Americans" born in the US but living abroad with minimal connection to the country, the ruling confirms that citizenship—and its accompanying worldwide tax filing requirements, foreign account reporting, and estate tax exposure—remains an inescapable reality unless formally r

Washington State's estate tax rates are set to change again on July 1, 2026, bringing significant relief to estates of all sizes. The top rate will drop from 35% back to 20%, potentially saving estates hundreds of thousands of dollars compared to the current rate structure that has been in effect since July 2025.

You have spent years, maybe decades, building something real. A business that employs people you care about, serves a community you are part of, and provides for a family that depends on you.

Leaving real estate to heirs through a will or a revocable trust has long been standard practice in estate planning. Many clients expect to pass along the home they have lived in for years...

Navigating estate planning can be complex, especially in light of legislation like the One Big Beautiful Bill Act ("OBBBA" or the "Act"), signed into law on July 4, 2025.