What s trending on NP Trusts & Estates

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1 January 4, 2017 What s trending on NP Trusts & Estates Tax related numbers for , CME Group launches Bitcoin reference rate and real time index, 2017 individual tax filing deadlines, income tax rates and filing thresholds, estate and gift tax exclusion amounts, and more. Here s what s trending in estate planning and wealth management. Wealth Management First Bitcoin Index and Reference Rate launched Bitcoin appeared in 2008 in the aftermath of the financial crisis as a new form of electronic money or cryptocurrency. Bitcoin s connection to criminal activity and the darknet markets has cast it in an unfavorable light with government officials, law enforcement and the media, but its explosive growth over the past eight years has caught the attention of serious investors and financial institutions. In a move that will help legitimize bitcoin s use as a financial asset, the CME (Chicago Mercantile Exchange) Group has launched its CME CF Bitcoin Reference Rate (BRR) and CME CF Bitcoin Real Time Index (BRTI) on November 13. Although other bitcoin price indexes exist, this will mark the first time a large exchange has implemented such a measure. Several leading bitcoin exchanges and trading platforms will provide real-time pricing data to CME. The BRR combines the trade flow of these exchanges throughout the day and calculates a daily reference rate for the U.S. dollar price of one bitcoin (Click here to view the current BRR for one bitcoin). Meanwhile, the BRTI will reflect aggregate global buy and sell demand into a consolidated order book that will reflect the current price of one bitcoin in U.S. dollars. According to CME, these two numbers will be standardized and spot checked with independent oversight, and will be used to quicken the authentication of digital assets as a new asset class. What does this mean for investors? They will most likely see futures and options based on the bitcoin index and new ETFs for digital currencies in the near future, as well as new This newsletter is intended as an information source for the clients and friends of Nixon Peabody LLP. The content should not be construed as legal advice, and readers should not act upon information in the publication without professional counsel. This material may be considered advertising under certain rules of professional conduct. Copyright 2016 Nixon Peabody LLP. All rights reserved.

2 innovations for worldwide trade and lower costs due to a single, uniform currency whose price is visible to all. There are many potential advantages for digital currencies, and those who participate will be in the best position to gain from their promising future. Thomas A. Stedman Income Tax Planning Individual income, gift and estate tax related numbers for The following list contains some of the "number" changes (many based on mandated inflation adjustments) that you might find interesting and helpful for 2017 tax and estate planning *(with 2016 comparative numbers). Federal Income Tax Items Top federal marginal tax rate for ordinary income (applicable for taxable income over $466,950 joint and $415,050 single in 2016 and $470,700 joint and $418,400 single in 2017); lower tax brackets are 10%, 15%, 25%, 28%, 33% and 35% in 2016 and 2017 Federal tax rate for long-term capital gains (assets held for more than one year) and qualified dividends for individuals in the 10% and 15% tax brackets (taxable income of up to $75,300 joint and $37,650 single in 2016 and $75,900 joint and $37,950 single in 2017) Federal tax rate for long-term capital gains (assets held for more than one year) and qualified dividends for individuals in the 25%, 28%, 33% and 35% brackets (taxable income between $75,300 and $466,950 joint and $37,650 and $415,050 single in 2016 and between $75,900 and $470,700 joint and $37,950 and $418,400 single in 2017) Federal tax rate for long-term capital gains (assets held for more than one year) and qualified dividends for individuals in the 39.6% bracket (taxable income over $466,950 joint and $415,050 single in 2016 and 39.6% 39.6% 0% 0% 15% 15% 20% 20%

3 $470,700 joint and $418,400 single in 2017) Federal tax rate on the portion of long-term gain from real estate that represents depreciation recapture (so-called Section 1250 gain ) Federal tax rate on long-term gain from collectibles (e.g., art, antiques, precious metals, gems, stamps, coins, etc.) Federal tax rate on long-term gain on small business stock eligible for the 50% exclusion 25% 25% 28% 28% 28% 28% Standard deduction Married filing jointly $12,600 $12,700 Head of household $9,300 $9,350 Single or married filing separate returns $6,300 $6,350 Additional amount for over 65 or blind Married filing jointly $1,250 $1,250 Single $1,550 $1,550 Net unearned income of children under age 19 and dependent full-time students under age 24 that escapes the kiddie tax (child taxed at parent s marginal rate) $2,100 $2,100 Kiddie tax standard deduction $1,050 $1,050 Personal exemption amount (subject to phase out, as noted below) $4,050 $4,050 Range of Adjusted Gross Income (AGI) where the personal exemption phases out Married filing jointly $311,300 $433,800 $313,800 $436,300 Head of household $285,350 $287,650

4 $407,850 $410,150 Single $259,400 $381,900 Married filing separately $155,650 $216,900 $261,500 $384,000 $156,900 $218,150 Applicable amount of AGI after which itemized deductions are reduced by 3% of AGI over this applicable amount the Pease Limitation Married filing jointly $311,300 $313,800 Head of household $285,350 $287,650 Single $259,400 $261,500 Married filing separately $155,650 $156,900 Taxable wage base for Social Security and selfemployment income $118,500 $127,200 Social Security COLA (cost of living adjustment) 0.0% 0.3% Additional Medicare tax on wages and selfemployment income when wages and selfemployment income exceed the following thresholds: Married filing jointly $250, % 0.9% Married filing separately $125,000 Single/Head of household $200,000 Medicare surtax on investment income when Modified Adjusted Gross Income (MAGI) (which is AGI plus foreign earned income) exceeds the following thresholds: Married filing jointly $250, % 3.8% Married filing separately $125,000

5 Single/Head of household $200,000 Tax is assessed on the smaller of the filer s net investment income or the excess of MAGI over the applicable threshold amount Maximum alternative minimum tax (AMT) rate on AMT income over $186,300 in 2016 and $187,800 in 2017; below these amounts, the AMT rate is 26% 28% 28% Alternative minimum tax (AMT) exemption: Married filing jointly $83,800 $84,500 Single $53,900 $54,300 Married filing separately $41,900 $42,250 Range of AMT taxable income where the AMT exemption phases out Married filing jointly $159,700 $494,900 Single $119,700 $335,300 Married filing separately $79,850 $247,450 $160,900 $498,900 $120,700 $337,900 $80,450 $249,450 Health Savings Account (HSA) annual contribution: Family $6,750 $6,750 Single $3,350 $3,400 Additional catch-up contributions for individuals aged 55 or older $1,000 $1,000 Maximum traditional and Roth IRA contributions $5,500 $5,500 Additional catch-up contributions for individuals aged 50 or older $1,000 $1,000 AGI phase-out range for Roth IRA contributions

6 Married filing jointly $184,000 $194,000 Single/Head of household $117,000 $132,000 $186,000 $196,000 $118,000 $133,000 Maximum elective deferrals for 401(k) plans, 403(b) plans, governmental 457 plans and SARSEPs Additional catch-up contributions for above plans for those aged 50 or older $18,000 $18,000 $6,000 $6,000 Maximum deferral for SIMPLE plans $12,500 $12,500 Additional catch-up contributions for SIMPLE plans for those aged 50 or older Maximum deferral for non-governmental 457 plans (catch-up contribution is not allowed) Maximum compensation limit for defined contribution retirement plan purposes Maximum contribution limit for defined contribution plans $3,000 $3,000 $18,000 $18,000 $265,000 $270,000 $53,000 $54,000 Defined benefit plan limit $210,000 $215,000 Maximum Qualified Charitable Distribution (QCD, or a taxable distribution from an IRA owned by an individual over 70 ½ that is paid directly from the IRA to a qualified charity. QCD amount may be excluded from income and also may be used to satisfy the Required Minimum Distribution amount. QCD is not taken into account in determining any deduction for charitable contributions) $100,000 $100,000 Maximum foreign earned income exclusion $101,300 $102,100 Business mileage rate (per mile) $0.54 $0.535 Charitable mileage rate (per mile) $0.14 $0.14

7 Medical and moving mileage rate (per mile) $0.19 $0.17 AGI threshold for deducting qualified medical expenses Under age 65 10% 10% Over age % 10% Estimated tax payments and withholding required to avoid penalties: Percentage of current year tax liability or 90% 90% Percentage of prior year tax liability: if AGI is $150,000 or less 100% 100% if AGI is greater than $150, % 110% General IRS interest rate on overpayments and underpayments 1st Q 3% 2nd Q 4% 3rd Q 4% 4th Q 4% 1st Q 4% 2nd Q TBD 3rd Q TBD 4th Q TBD Amount of compensation that triggers withholding and FICA responsibility for domestic employees ( nanny tax ) Maximum amount of business equipment that can be immediately expensed under Section 179 (rather than capitalized and depreciated) Maximum amount of additional first-year depreciation ( Bonus Depreciation") applied to the adjusted basis of qualified property $2,000 $2,000 $500,000 $510,000 50% 50% Medicare Part B monthly premium premiums will be based on modified adjusted gross income as follows:

8 Less than or equal to $85,000 (single) or $170,000 (joint) monthly premium $85,001 $107,000 (single) or $170,001 $214,000 (joint) monthly premium $107,00 $160,000 (single) or $214,001 $320,000 (joint) monthly premium $160,001 $214,000 (single) or $320,001 $428,000 (joint) monthly premium More than $214,000 (single) or greater than $428,000 (joint) monthly premium $ $ $ $ $ $ $ $ $ $ Federal Transfer Tax Items Top estate tax rate 40% 40% Top gift tax rate 40% 40% Top generation-skipping tax (GST) rate for transfers after 12/31/12 40% 40% Annual gift tax exclusion per donee $14,000 $14,000 Applicable lifetime gift tax exemption $5,450,000 $5,490,000 Applicable estate tax exemption $5,450,000 $5,490,000 The exemption amount does not reflect Portability, which is the ability of a surviving spouse to utilize the unused estate exemption of a spouse who died in or after Applicable generation-skipping tax (GST) exemption $5,450,000 $5,490,000 Transfers to a spouse during life or at death (U.S. citizens) Unlimited Unlimited Annual gift tax exclusion for transfer to non-citizen spouse $148,000 $149,000

9 Reporting threshold for gifts received from foreign corporations and partnerships Reporting threshold for gifts received from nonresident aliens and foreign estates $15,671 $15,797 $100,000 $100,000 California Tax Items Top California marginal income tax rate for filers with taxable income of $1,000,000 or more. A 12.3% rate applies to filers with taxable income below $999, % 13.3% Top California estate tax rate due to the repeal of the federal state death tax credit, there is no California estate tax. Top California gift tax rate there is no state gift tax. Florida Tax Items Top Florida marginal income tax rate Top intangible tax rate (per value of intangible assets owned on January 1). The tax was repealed effective January 1, Top Florida estate tax rate due to the repeal of the federal state death tax credit, there is no Florida estate tax. Top Florida gift tax rate there is no state gift tax. Illinois Tax Items Top Illinois marginal income tax rate 3.75% 3.75% Top Illinois estate tax rate (designed to absorb the 16% 16%

10 state death tax credit allowed under federal law before the 2001 tax legislation); the effective rate could be as high as 28.5%. Estate tax exemption (lower than the federal exemption) $4,000,000 $4,000,000 Top Illinois gift tax rate there is no state gift tax. Maryland Tax Items Top Maryland marginal income tax rate 5.75% 5.75% Top local income tax rate (Baltimore City and counties of Howard, Wicomico, Montgomery, Queen Anne s and Prince George s) Top Maryland estate tax rate (designed to absorb the state death tax credit allowed under federal law before the 2001 tax legislation) Estate tax exemption (lower than the federal exemption); will increase annually to equal the federal exemption in % 3.2% 16% 16% $2,000,000 $2,000,000 Top Maryland gift tax rate there is no state gift tax. Massachusetts Tax Items Massachusetts income tax rates: Parts A, B and C income (excluding short-term gains) and collectibles Part A income net short-term gain and gain on all collectibles Top Massachusetts estate tax rate (designed to absorb the state death tax credit under federal law before the 5.10% 5.10% 12% 12% 16% 16%

11 2001 tax legislation) Estate tax exemption (Note: lower than the federal exemption) $1,000,000 $1,000,000 Top Massachusetts gift tax rate there is no state gift tax. New Hampshire Tax Items Interest and dividend income tax rate for residents 5% 5% Top marginal income tax rate on other income Top New Hampshire estate tax rate due to the repeal of the federal state death tax credit, there is no New Hampshire estate tax. Top New Hampshire gift tax rate there is no state gift tax. New York State Tax Items Top New York State marginal income tax rate for filers with taxable income in excess of $2,140, % 8.82% Top New York City marginal income tax rate 3.876% 3.876% Top New York estate tax rate on taxable estates over $10,100,000 (with effective rates over 100% on the initial amounts over 105% of the basic exclusion amount). 16% 16% Estate tax applicable exclusion amount. An applicable credit is allowed against the New York estate tax. For taxable estates less than the applicable exclusion amount, no tax payable. For taxable estates between 100% and 105% of the basic exclusion amount, credit is phased out. No credit if taxable estate is over 105% $4,187,500 (04/01/16 03/31/17) $5,250,000 (04/01/17 12/31/18)

12 of the basic exclusion amount. Top New York gift tax rate there is no state gift tax, although gifts made between April 1, 2014, and January 1, 2019, will be subject to an estate inclusion if made within three years of death. Rhode Island Tax Items Top Rhode Island marginal income tax rate 5.99% 5.99% Top Rhode Island estate tax rate (designed to absorb the state death tax credit allowed under federal law before the 2001 tax legislation) Estate tax exemption (Note: lower than the federal exemption) 16% 16% $1,500,000 $1,500,000 Top Rhode Island gift tax rate there is no state gift tax. Virginia Tax Items Top Virginia marginal income tax rate 5.75% 5.75% Top Virginia estate tax rate due to the repeal of the federal state death tax credit, there is no Virginia estate tax. Top Virginia gift tax rate there is no state gift tax. Deborah L. Anderson and Mary M. Paul, EA 2017 Federal tax filing deadlines for individuals Mark your calendars with the 2017 federal individual tax filing deadlines. Missing a deadline may result in the IRS assessing penalties and interest.

13 January 17 4 th quarter 2016 estimated income tax payment April 18 Income tax return for 2016 (or request for an extension of time to file) April 18 1 st quarter 2017 estimated income tax payment April 18 Gift tax return for 2016 Form 1040-ES Form 1040 (Form 4868 to extend deadline) Form 1040-ES Form 709 April 18 (or request for an extension of time to file) FBAR* for 2016 (Form 8892 to extend deadline; Form 8892 is not required if you also file Form 4868 to extend the deadline for your income tax return) FinCEN Report 114 (new due date) June 15 September 15 October 16 October 16 (or request for an extension of time to file) 2 nd quarter 2017 estimated income tax payment 3 rd quarter 2017 estimated income tax payment Extended income tax return for 2016 Extended gift tax return for 2016 Form 1040-ES Form 1040-ES Form 1040 Form 709 * United States persons are required to file a Foreign Bank and Financial Account Report (FBAR) if: 1. the United States person had a financial interest in or signature authority over at least one financial account located outside of the United States; and 2. the aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year reported.

14 A United States person includes U.S. citizens; U.S. residents; entities, including but not limited to, corporations, partnerships, or limited liability companies, created or organized in the United States or under the laws of the United States; and trusts or estates formed under the laws of the United States. Mary-Benham B. Nygren 2017 Filing Thresholds and Rates Even though you are working on your 2016 tax returns, the IRS has released the 2017 tax rates. See the tables below based on your filing status. Single Taxpayers If Taxable Income is Between: The Tax Due Is: 0 $9,325 10% of taxable income $9,326 $37,950 $ % of the amount over $9,325 $37,951 $91,900 $5, % of the amount over $37,950 $91,901 $191,650 $18, % of the amount over $91,900 $191,651 $416,700 $46, % of the amount over $191,650 $416,701 $418,400 $120, % of the amount over $416,700 $418,401 + $121, % of the amount over $418,400 Married Individuals Filing Joint Returns and Surviving Spouses If Taxable Income is Between: The Tax Due Is: 0 $18,650 10% of taxable income $18,651 $75,900 $1, % of the amount over $18,650 $75,901 $153,100 $10, % of the amount over $75,900 $153,101 $233,350 $29, % of the amount over $153,100

15 $233,351 $416,700 $52, % of the amount over $233,350 $416,701 $470,700 $112, % of the amount over $416,700 $470,701 + $131, % of the amount over $470,700 Heads of Household If Taxable Income is Between: The Tax Due Is: 0 $13,350 10% of taxable income $13,351 $50,800 $1, % of the amount over $13,350 $50,801 $131,200 $6, % of the amount over $50,800 $131,201 $212,500 $27, % of the amount over $131,200 $212,501 $416,700 $49, % of the amount over $212,500 $416,701 $444,550 $117, % of the amount over $416,700 $444,551 + $126, % of the amount over $444,550 Married Filing Separately If Taxable Income is Between: The Tax Due Is: 0 $9,325 10% of taxable income $9,326 $37,950 $ % of the amount over $9,325 $37,951 $76,550 $5, % of the amount over $37,950 $ 76,551 $116,675 $14, % of the amount over $76,550 $116,676 $208,350 $26, % of the amount over $116,675 $208,351 $235,350 $56, % of the amount over $208,350 $235,351 + $65, % of the amount over $235,350

16 The filing thresholds for 2017 will increase slightly from You are not required to file a tax return if your filing status is Single and your gross income was less than $10,400, Married filing jointly gross income less than $20,800, Married filing separately gross income less than $4,050, Head of household gross income less than $13,400, and Surviving spouses gross income less than $16,750. There are additional situations and age requirements that may affect your filing obligation. You should contact your tax advisor to discuss your situation. Kelly Acevedo What documents do I need to prepare my income taxes? April 18, 2017 is the due date for filing your 2016 tax return or 2016 extension. It s not too early to start gathering documents that you will need to provide to your tax preparer during the first few months of Get yourself an empty, bright colored envelope or file folder for paper documents and establish a tax folder on your computer for tax documents received electronically. Examples of information to gather in December: Review your checkbook, credit card statements, receipts and bank transactions and make a list of the following: o Cash and non-cash charitable contributions o Unreimbursed business expenses o Daycare expenses o Alimony paid or received o Real estate taxes not paid out of escrow o If paying quarterly taxes, amounts paid during the year If applicable, obtain records relating to income and expenses for rental properties. If self- employed, obtain records relating to income and expenses of your business. If you purchased or sold your residence, obtain Form HUD-1 Settlement Statement. For purchases or sales occurring after October 3, 2016, obtain your Closing Disclosure Statement that replaces Form HUD-1. If using a new tax preparer, obtain copies of your prior year tax return so it can be used as a reference to your income and deductions to determine if anything is missing for the current year.

17 Examples of information to gather in the first few months of 2017 that may be received in the mail or electronically: Forms W-2 and forms in the 1099 category. These forms will report any income earned in 2016 (i.e INT interest income, 1099-DIV dividends, 1099-R Retirement Distributions, 1099-MISC rents, royalties, nonemployee compensation, 1099G government payments, tax refunds, unemployment compensation, 1099-B sales of securities). Form 1098 reporting the amount of mortgage interest paid in Forms in the 1095 category documenting health coverage (i.e A, 1095-B, 1095-C). Forms in the K-1 category reporting income and deductions from partnerships, S corporations, Trusts, and Estates. Forms related to education expenses and credits (Form 1098-T Tuition Payments Statement, Form 1099-Q withdrawals from a 529 plan, Form 1098-E Student Loan interest statement). Be prepared! Assembling tax information is easier now when transactions are fresh in your mind and documents are being received on a daily basis by mail or electronically. This will eliminate lost documents and a last minute scramble for information. Alyson L. Stevenson Is your ITIN expiring on January 1, 2017? Individual Taxpayer Identification Numbers (ITINs) are obtained by those persons who are not eligible for a Social Security Number (SSN) but are required to make a tax filing or have a payment obligation under U.S. law. The IRS recently added an expiration period for ITINs. The following ITINs will expire on January 1, 2017: ITINs that have not been used on a tax filing in the last three years; ITINs with middle digits of either 78 or 79 (or 9NN-78-NNNN and 9NN-79- NNNN). If you have an ITIN set to expire, you should file for a renewal of your ITIN, using Form W-7, as soon as possible. Any delay in your ability to use your ITIN on future tax filings can cause refund delays and/or denial of tax benefits.

18 It is currently taking the IRS seven (7) weeks to process accurate ITIN renewals. The IRS, however, anticipates that the time frame will expand to as much as eleven (11) weeks during the January to April tax season. Christopher F. Caldwell Estate and Gift Planning Why create an irrevocable life insurance trust? An irrevocable life insurance trust (ILIT) is used to remove the proceeds of a life insurance policy from an individual s estate for estate tax purposes. As its name indicates, an ILIT may not be amended or revoked by the grantor of the trust, and it typically holds insurance policies on the grantor s life. The ownership of the policy is transferred from the grantor to the name of the trust, and the trust is then also named as the primary beneficiary of the policy. Upon the death of the grantor, the death benefit is paid out to the trust and passes in accordance with its terms. Since the ILIT is the legal owner of the policy, the proceeds are not included in the measure of the grantor s gross estate and are therefore not included for estate tax purposes. For decedents with sizable estates that may otherwise be subject to a state or federal estate tax, an ILIT is a useful planning vehicle to help transfer wealth and liquidity to lower generations without the burden of estate tax. It should be noted that upon the initial transfer of the policy to the trust (and also subsequent additions made to the trust to pay insurance premiums) a portion of a taxpayer s lifetime exemption (currently $5.45M in 2016) may be utilized and the transfers must be reported on a gift tax return. The transfers may also be subject to the generationskipping transfer ( GST ) tax and a lifetime GST exemption may be allocated to the trust. Julie M. Wood What is a Dynasty Trust? A Dynasty Trust is a type of irrevocable trust designed to last for a long time (potentially forever) and is a valuable tool for wealthy individuals to benefit their families for generations to come. Traditionally, trusts were subject to the rule against perpetuities, which meant that property could be held in trust only for a limited period of time usually determined by a

19 particular formula. Recently, however, many jurisdictions, including trust-friendly states such as Delaware and New Hampshire, have abolished the rule against perpetuities (meaning some trusts can last forever) or substantially lengthened the perpetuities period. In order to take advantage of a Dynasty Trust, a trustee located in the desired state (typically a bank or trust company) must be appointed. One common structure is to hold the Dynasty Trust as a single pot for all of the grantor s descendants until his or her death. At the grantor s death, the Dynasty Trust divides into separate share trusts for each child of the grantor. At the death of each child, the trust is further divided among each branch of the family, possibly in perpetuity. At the death of each generation, assets continue to be held in further trust without the imposition of any transfer tax. In addition to being extremely tax efficient, a Dynasty Trust should protect beneficiaries from creditors, including divorcing spouses. The usual Dynasty Trust is created using all or a portion of the grantor s $5.45 million exemption from federal gift and estate tax. The grantor also applies his or her exemption from generation-skipping transfer (GST) tax so that distributions made to grandchildren and more remote descendants are never subject to federal transfer tax. Many times the Dynasty Trust is designed as a grantor trust for federal income tax purposes, meaning that the grantor will be responsible for paying the income tax generated by the Dynasty Trust on his or her personal income tax return, which allows the Dynasty Trust to grow even further. It may also be possible to structure a Dynasty Trust as a spousal limited access trust or SLAT under which the grantor s spouse is a beneficiary during his or her lifetime. This allows an opportunity for trust funds to be distributed to the grantor s spouse in case those funds were ever needed again in the future. Kenneth F. Hunt 2017 Estate and Gift tax exclusion amounts On an annual basis, the Internal Revenue Service (IRS) reviews the Consumer Price Index to determine if the Estate and Gift tax exclusion amounts should be adjusted for inflation. For 2017, two of the three estate and gift tax exclusion amounts will be increased. Annual gift exclusion

20 The annual gift exclusion is the amount that an individual donor is allowed to exclude per donee from the donor s taxable gifts in a calendar year. For 2016, the annual gift exclusion amount was $14,000. The annual exclusion amount for 2017 will remain at $14,000. Annual gift exclusion for non-u.s. citizen spouses This annual gift exclusion applies to the amount that a U.S. citizen spouse can transfer to his or her non-u.s. citizen spouse without a gift tax consequence. In 2016, this exclusion was $148,000. In 2017, the exclusion will increase by a thousand dollars to $149,000. Note: there is no limit on the amount that a U.S. citizen spouse can transfer to a U.S. citizen spouse in a calendar year. Lifetime exclusion The lifetime exemption is the combined amount that an individual can transfer during the individual s lifetime and/or at death that is excluded from the gift and estate tax. In 2016, the lifetime exemption was $5,450,000. The lifetime exemption will increase in 2017 to $5,490,000. The Generation-Skipping Transfer (GST) tax exclusion will also increase to $5,490,000. The annual, lifetime and GST exclusion amounts present opportunities for individuals to transfer wealth to family and loved ones without paying gift or estate tax. Mary-Benham B. Nygren For more information, please contact: Kelly Acevedo at kacevedo@nixonpeabody.com or Deborah L. Anderson at danderson@nixonpeabody.com or Christopher F. Caldwell at ccaldwell@nixonpeabody.com or Kenneth F. Hunt at kfhunt@nixonpeabody.com or Mary-Benham B. Nygren at mnygren@nixonpeabody.com or Mary M. Paul at mmpaul@nixonpeabody.com or Thomas A. Stedman at tstedman@nixonpeabody.com or Alyson L. Stevenson at astevenson@nixonpeabody.com or Julie M. Wood at jwood@nixonpeabody.com or NP Trust & Estates Blog

21 Achieving success in estate planning, wealth management and tax minimization.