Blogs

Business and Financial Services

Estate and Gift Tax Savings Strategies: Planning Opportunities for Preserving Wealth

Estate planning is not only about deciding who receives assets at death. For high-net-worth individuals, business owners, investors, and families with appreciating assets, a well-designed estate plan can also reduce estate tax, gift tax, generation-skipping transfer tax, income tax, and capital gains tax exposure. The right strategy depends on the size of the estate, the type of assets involved, family goals, charitable intent, liquidity needs, and applicable federal and state tax laws. In the…

May 6, 2026

Tax Law

Maximizing Year-End Charitable Giving and Gifting Strategies

As the year closes, a few deliberate moves before December 31 can deliver a powerful double benefit: current-year income-tax savings and longer-term estate planning advantages. With limits resetting on January 1, this is the moment to finalize transfers, confirm paperwork, and document your gifts. A well-designed combination of family gifts and charitable contributions can lower taxable income, reduce future estate exposure, and support people and causes you value. 1) Use the 2025 Annual Gift…

November 12, 2025

Business and Financial Services

Documentation and Recordkeeping: COVID-19 Paid Leave and Employer Paid Leave Tax Credits

On March 18, 2020, President Trump signed into law the Families First Coronavirus Response Act (“FFCRA”), which creates two new emergency paid leave requirements in response to the COVID-19 global pandemic. The FFCRA covers private employers with fewer than 500 employees and certain public employers. Overview of Paid Sick Leave Law Division E of the…

April 7, 2020

Business and Financial Services

Understanding the Available Tax Credits Under Families First Coronavirus Response Act

The Families First Coronavirus Response Act (“Act”) became law on March 18, 2020. The Act goes into effect on April 2, 2020 and will expire on December 31, 2020. Implications to employers and employees have been covered under separate BKK posts which can be found here . This post will provide employers with guidance on how the tax credits are expected to work. Family and Medical Leave As my colleague Doug Taylor recently discussed , the Act requires certain employers to provide twelve weeks of…

March 23, 2020

Tax Law

Obama Proposes Changes to Federal Tax Policy

In his State of the Union Address on January 20, the President outlined changes he would like to see made to federal tax policy. Among his proposed changes, President Obama suggested closing the stepped up basis “loophole” and increasing the top tax rate on capital gains and dividends from 23.8 percent to 28 percent. If such proposals become law, this could have major impacts on mid- and high-income Americans and their families. Currently gifts made at death receive a favorable “step up in…

February 2, 2015

Tax Law

1031 Exchanges with a Twist

Section 1031 exchanges can help real estate investors defer capital gains taxes, but the short identification window often makes it difficult to find replacement property that fits an investor’s goals. In this Bean, Kinney & Korman article published in the BKK Wills, Trusts & Estates Newsletter, Jonathan C. Kinney explains how investors have traditionally used tenant-in-common structures to pool capital, while also warning that those arrangements can become unstable when unanimous consent…

November 2, 2013

Tax Law

When You Thought It Was Safe to Go Back in the Water – Estate Tax Revisions

Federal estate tax changes in 2013 reduced uncertainty in some areas, but they also made clear that additional revisions could still be on the table. In this Bean, Kinney & Korman article published in the BKK Wills, Trusts & Estates Newsletter, Jonathan C. Kinney explains that the American Taxpayer Relief Act of 2012 set the federal estate, gift, and generation-skipping transfer tax exemption at $5.25 million per person, indexed for inflation, while increasing the top estate tax rate to 40…

August 1, 2013

Tax Law

Tales from the Cliff: Estate Planning Policy for 2013 and Beyond

The “fiscal cliff” legislation enacted at the beginning of 2013 created more certainty for estate planning than many practitioners expected, but it did not eliminate the need for continued planning. In this Bean, Kinney & Korman article published in the BKK Wills, Trusts and Estates Newsletter, the analysis explains that the American Taxpayer Relief Act of 2012 permanently set the federal estate, gift, and generation-skipping transfer tax exemption at $5 million per person, indexed for…

February 1, 2013

Tax Law

Tax Law: Important Tax Developments from the First Quarter of 2012

Several important tax law changes during the first quarter of 2012 affected payroll taxes, business tax planning, estate planning, and reporting obligations. In this Bean, Kinney & Korman article published in the BKK Business Law Newsletter, the analysis explains that Congress extended the two-percent payroll tax cut through the end of 2012, giving both employees and self-employed individuals additional tax relief for the year. The article also highlights several business-related tax…

July 1, 2012

Tax Law

Tax Law: Preparing for the New Tax on Investment Income

Beginning in 2013, higher-income taxpayers faced a new 3.8 percent tax on net investment income under the Affordable Care Act. In this Bean, Kinney & Korman article published in the BKK Business Law Newsletter, the analysis explains that the new tax would apply to interest, dividends, rents, royalties, annuities, passive business income, and capital gains for individuals with adjusted gross income above certain thresholds. The article notes that the thresholds were $200,000 for single…

May 1, 2012