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Warning! Your ILIT Could Become Subject to Estate Tax Death of the Irrevocable Life Insurance Trust (ILIT) The proposed tax legislation in Washington includes a lurking surprise for many who have used an irrevocable life insurance trust (ILIT) to shift the death benefit of life insurance policies out of their […]

House Committee Reconciliation Bill Requires Clients to Act Now to Lock In Estate Tax Savings To read this alert as a PDF, click here.  The House Ways and Means Committee recently submitted its proposed language for the massive reconciliation bill to the House Budget Committee.  The bill provides insight into […]

  On September 9, 2021, President Biden signed Executive Order 14042, Ensuring Adequate COVID Safety Protocols for Federal Contractors (the “Order”). In general, the Order announced that federal contractors and subcontractors would soon be required to abide by workplace safety protocols related to COVID-19. The Order did not specify what […]

On May 19, 2021, Governor Kelly approved and signed S.B. 78, a lengthy insurance bill, into law. This law relates to various aspects of insurance requirements. Most importantly, however, this law amends the Healthcare Stabilization Fund (the “Fund”) minimum professional liability insurance coverage requirements for all health care providers. Considering […]

On April 9, 2021, Governor Kelly signed H.B. 2126 into law, which provides immunity to nursing home facilities from certain COVID-19-related claims.  This is a long-awaited win for nursing home facilities, which were initially excluded from such immunity when it was provided to other healthcare providers in June 2020.  By […]

  In our recent Alert on March 25, 2021 (see here), we briefly addressed some of the latest COBRA developments regarding (i) how to calculate COBRA deadlines now that the COVID-19-inspired suspension of the original deadlines has been lifted, and (ii) who may be entitled to subsidized COBRA coverage by […]

For 2021, the gift and estate tax exemption under current law is $11.7 million per person. Many pundits and articles have warned people about making gifts in 2021 that could become taxable if tax reform legislation is made retroactive to January 1, 2021. However, there is a trap lurking if […]

Now that Biden has been sworn in as the President of the United States AND the House and Senate are controlled by the Democrats, creating a unified government, many people are asking, “Now What?” when it comes to various estate tax planning strategies. Current Environment Under the Tax Jobs and […]

While interest rates continue to stay low, now is the time to look to these techniques for an effective estate tax planning strategy. We can help. Contact our Estate Planning team at 316-631-3131 to get started. Irrevocable Grantor Trusts (“IGTs”) – Sale to irrevocable grantor trust leverages the use of […]

To read this Alert in PDF format, click here.  In what is fast becoming an annual holiday tradition, Congress enacted a massive spending bill in the last week of the year that also includes provisions affecting the benefits employers offer to their employees. The “Consolidated Appropriations Act, 2021” includes, among […]